As part of its endeavours to strengthen and activate means of economic and investment cooperation with various countries of the world, the UAE, represented by the Ministry of Finance (MoF), signed an agreement to promote and protect mutual investments with Iraq.
The agreement, which was signed today morning at the ministry's headquarters in Abu Dhabi, aims to encourage foreign investment through providing an optimal investment environment, enhance economic cooperation, and secure a comprehensive balance between rights and obligations between investors and the host country, thereby stimulating business initiatives for sustainable economic development.
His Excellency Younis Haji Al Khoori, Undersecretary of Ministry of Finance, singed the agreement on behalf of the UAE, while Her Excellency Suha Al Najjar, President of Iraq's National Investment Commission (NIC) signed it on behalf of the Iraqi side, in the presence of senior officials from both parties.
His Excellency Younis Haji Al Khoori stressed on the importance of signing an agreement on mutual promotion and protection of investments with Iraq. His Excellency noted that this agreement reaffirms both countries' ambition to strengthen bilateral relations, and build mutual investment partnerships in various economic and financial fields - to encourage the growth of investments and achieve mutual benefits for both countries.
His Excellency said:
"Signing such agreements contributes to supporting the UAE's efforts to strengthen economic and trade ties with various countries of the world. They also reaffirm the country's keenness to protect Emirati investments abroad, and provide the appropriate environment to attract foreign investments in accordance with a legal and legislative system that is in line with best international practices. This helps enhance the UAE's competitiveness and investment attractiveness on the global competitiveness map."
The agreement protects both nations' investments from all non-commercial risks including nationalisation, confiscation, judicial seizures, and freezing; and it creates a conducive environment for mutual investments and licensing. It also covers transfer of profits and revenues in convertible currency and provides investors a just and immediate compensation for their investments in case of their appropriation for the public interest - in accordance with the approved law and provided that the compensation value is in accordance with the market value of the investment prior to its seizure.
The UAE, represented by the Ministry of Finance, has signed 103 bilateral agreements to protect and encourage investment with different countries around the world.
(Source: UAE Ministry of Finance)