In line with a drive to further strengthen trade and investment cooperation opportunities with various countries around the world, the UAE, represented by the Ministry of Finance (MoF), recently signed an initial agreement to protect and encourage investments with Greece. This initial agreement mirrors the double taxation agreement signed between the two countries in January 2010 and amended in June 2013. Both of the agreements aim to provide a set of laws supportive of the economic balance and the reciprocal protection of investments between the two parties.

Commenting on the signing of the agreement, HE Younis Haji Al Khouri, Undersecretary of MoF: “We are delighted to have signed the initial draft of this agreement and we will work on completing all negotiations to reach the final agreement, which will be vital in terms of protecting UAE investments from all potential risks in Greece and for encouraging bilateral investment.

HE added: “MoF strives to continuously strengthen the bilateral relations between the UAE and various countries around the world, which is reflected by its commitment to provide all legal and administrative logistics to support the UAE investment sectors. This is achieved by signing these agreements and MoUs, which aim to protect and promote investment or to avoid double taxation on income.”

The signing of the agreement will provide a suitable investment environment to safeguard against non-commercial and political risks such as direct or indirect nationalisation confiscation and seizure, providing financial compensation in case investments were destroyed due to popular uprisings, conflicts or any action taken by the security force putting the investments to damage or destruction. In addition, it is important for both countries to respect their obligations towards the investors and the free convertibility of dividends and return on investments which are only possible with free and immediate currency exchange, including the revenues and profits on national airlines.

MoF has signed 44 agreements on the protection and promotion of investments with the UAE’s most important trading partners in an effort to strengthen its regional and global standing by creating a distinctive investment environment for both the private and public sector. It has also developed the air transport sector in addition to increasing volumes of trade exchange and tourism in order to achieve economic and social development. 

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