Abu Dhabi: The United Arab Emirates, represented by the Ministry of Finance (MoF), signed an agreement to encourage and protect mutual investments with Gambia on 15 July at the ministry's headquarters in Abu Dhabi. H.E. Obaid Humaid Al Tayer, Minister of State for Financial Affairs of the UAE, and H.E. Mamboury Njie, the Minister of Finance and Economic Affairs of Gambia, signed the agreement in the presence of senior officials.
The agreement protects both nations’ investments from all non-commercial risks andcreates a conducive environment for investments and licensing. It also covers transfer of profits and revenues in convertible currency, granting MFN treatment for investors in themanagement, maintenance and expansion of investments, with emphasis on non-interference in all investment-related subjects.
H.E. Obaid Humaid Al Tayer affirmed the UAE's keenness to provide the optimal economic environment to attract foreign investments in accordance with a legal and Shari'a-compliant system that promotes international best practices and bolsters the country’s international network of relations through bilateral agreements. H.E. said: “Protecting UAE investments abroad from all non-commercial risks is a top priority for the Ministry of Finance, which we stress on including in all bilateral agreements signed with the various countries around the world.”
H.E. added: “Gambia is one of the UAE’s leading economic partners in the West African region. This agreement underscores the two nations' efforts to enhance cooperation in the economic and financial sectors, and encourage the growth of mutual investments.”
According to the agreement, the investor will be compensated fairly and immediately on their investment in the event of expropriation in public interest, and in accordance with the law, without discrimination, provided that the value of the compensation is according to the market value of the investment before the seizure.
The United Arab Emirates, represented by the Ministry of Finance, has signed 93 bilateral agreements to protect and encourage investment with different countries around the world.
-Ends-
Evita Karam
Associate, Integrated Media
T +9712 449 4457 ext 5871
M +971 50 4120310
E ekaram@webershandwick.com
www.webershandwickmena.com
Weber Shandwick MENA, 2nd floor, Building 3, Twofour54, PO Box 77943, Abu Dhabi, UAE
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
