Dubai: The UAE, represented by Ministry of Finance, signed an agreement to encourage and protect mutual investments with Gambia at the ministry’s headquarters in Abu Dhabi. Obaid Humaid Al Tayer, UAE Minister of State for Financial Affairs, and Mamboury Njie, 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 and creates a conducive environment for investments and licensing. It also covers transfer of profits and revenues in convertible currency, granting MFN [most favoured nation] treatment for investors in the management, maintenance and expansion of investments, with emphasis on non-interference in all investment-related subjects.
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 has signed 93 bilateral agreements to protect and encourage investment with different countries around the world.