The United Arab Emirates and Israel have reached a preliminary agreement to avoid double taxation to boost investment between the two countries, the Emirates’ state news agency WAM reported on Thursday, the newspaper Alarabiya reports.
Emirates Deputy Finance Minister Younis Haji al-Khoori states:
– The Emirates is the first Arab country to conclude an agreement to protect and encourage investment with Israel.
– The first round of negotiations on an agreement to protect and encourage investment confirms the two countries’ efforts to build investment partnerships in different areas.
The agreement aims to protect investments against “non-commercial risks such as nationalization, confiscation, court seizures, asset freezes, establishment of licensed investments, transfers of profits and income in convertible currencies,” according to WAM.
“The agreement will mean, among other things, that there will be no interference in all investment-related issues, which will be a reasonable and immediate compensation to the investor in case of seizures under the law, without any discrimination and according to market value. of the investment. ” according to WAM.
Israel and the Emirates normalized their relations after US mediation announced in the White House on August 13 and signed in Washington on September 15. Read MIFF’s articles on the Abrahamic Agreements here. Also read MIFF’s article: Emirates lifting boycott of Israel – a slap in the face to BDS
The Emirates has around 100 double taxation agreements with most of its trading partners.
In a speech in the Knesset ahead of Thursday’s vote on ratification of the Abrahamic Accords with the Emirates, Israeli Foreign Minister Gabi Ashkenazi said Abu Dhabi is expected to send their first official delegation to Israel next week, writes The Algemeiner newspaper.
According to a source familiar with the planning, the Emirates delegation will arrive on Tuesday – the Emirates have not yet confirmed the news.
According to Foreign Minister Ashkenazi, agreements have been prepared which will allow, for example, direct flights with Israeli airlines to the Emirates, the opening of new markets for Israeli technology and the establishment of official Israeli representative offices in the Gulf.
– I hope that we will be able to sign some of the agreements next week and that we will soon see tourists and business people visiting both countries, walking the streets of Abu Dhabi and the beach, visiting Jerusalem, our capital, the beaches of Tel Aviv and the entire state of Israel, says Ashkenazi.