The agreement is one of the first between the UAE and Israel. File photo
The United Arab Emirates (UAE) and Israel and have reached a bilateral agreement that will give incentives and protection to investors who make investments in each other's countries, both finance ministries said on Sunday.
The agreement is one of the first between the UAE and Israel after they agreed to normalise relations in August.
It is also the first such agreement Israel has forged with an Arab country and will become the 37th such treaty for Israel, with the 36 others mainly Western countries. The last was signed with Japan in 2017.
The UAE has signed 99 investment protection treaties and this one with Israel would strengthen economic ties, encourage competition and increase the attractiveness of investments between the two countries, UAE Finance Ministry Undersecretary Younis Haji Al Khoori said in a statement.
Under the deal, which still needs to be signed by both finance ministers, investors would be protected from arbitrary changes in regulation and political situations and they will be able to transfer funds out of country if needed — a framework the Israeli ministry said would put investors' minds at ease.
The UAE finance ministry said the agreement would protect investments from non-commercial risks such as “nationalisation, confiscation, judicial seizures, freezing assets, establishing licensed investments, and transferring profits and revenues in convertible currencies.”
Israeli Finance Ministry chief economist Shira Greenberg said the agreement would benefit the private sector while promoting competition in the Israeli economy.
Last week, the UAE and Israel reached a preliminary agreement on a separate deal that would avoid double taxation.
The Ministry of Finance (MoF) signed an agreement to encourage and protect investments between the UAE and the Hong Kong Government, as part of the ministry’s efforts to protect the nation’s investments abroad and to attract foreign investments.
A black-and-white banner declaring a strike replaced the usually illuminated billboard over Gaza City's central Omar al-Mukhtar street.
The UAE has strongly condemned a plan by Israeli premier to annex a third of the occupied West Bank, should he return to office following a general election next week.
The Forum will kick-off in Dubai on 15th September 2019, with more than 300 government officials, business leaders, investors and entrepreneurs participating. The one-day conference aims to strengthen the flow of trade and investment between the UAE and Bangladesh.
The convoy arrived in the Gaza Strip through the Rafah Border Crossing, and is the largest medical support of its kind provided by the UAE to Gaza since the outbreak of the pandemic.
Dr. Khalid Omar Al Midfa discussed challenges of the media industry with attendees at the meeting, exploring ways to expand the sector’s role in the UAE’s development.
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Thick fog continued to form for the second day in a row across various parts in the country on Thursday. The fog lasted for 12 hours and a half in several areas of the country on Thursday, as it started at exactly 10 pm and continued until 10:30am, because of the country being affected by surface high-pressure systems, accompanied with a ridge of upper air high pressure, according to the National Centre for Meteorology (NCM).