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UAE, Gambia sign agreement on mutual promotion, protection of investments

UAE, Gambia sign agreement on mutual promotion, protection of investments

ABU DHABI, 16th July, 2019 (WAM) — The UAE, represented by the Ministry of Finance, MoF, recently signed an agreement to encourage and protect mutual investments with the Gambia at the ministry's headquarters in Abu Dhabi.

Obaid Humaid Al Tayer, UAE's Minister of State for Financial Affairs, and Mamboury Njie, Gambia's Minister of Finance and Economic Affairs, signed the agreement in the presence of senior officials.

The agreement protects both nations’ investments from all non-commercial risks and creates a conducive environment for investments and licensing. It also covers the transfer of profits and revenues in convertible currency, granting MFN treatment for investors in the management, maintenance, and expansion of investments, with emphasis on non-interference in all investment-related subjects.

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. "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."

He 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 UAE, represented by the Ministry of Finance, has signed 93 bilateral agreements to protect and encourage investment with different countries around the world.

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