Obaid Humaid Al Tayer Heads UAE Delegation In Tel Aviv, Signs Four Agreements


Obaid Humaid Al Tayer heads UAE delegation in Tel Aviv, signs four agreements

ABU DHABI, (UrduPoint / Pakistan Point News / WAM - 20th Oct, 2020) To establish frameworks for economic and investment cooperation, and facilitate trade between the United Arab Emirates and Israel, Obaid bin Humaid Al Tayer, Minister of State for Financial Affairs, today headed the UAE delegation in the Israeli capital, Tel Aviv.

The delegation included Abdullah bin Touq Al Marri, Minister of Economy, Omar Saif Ghobash, UAE Assistant Minister of Foreign Affairs and International Cooperation for Cultural Affairs, Younis Haji Al Khoori, Undersecretary of the Ministry of Finance, MoF, and Majid Ali Omran, the Advisor to the Minister of Finance.

On the sidelines of the visit that came after the historic peace signing between the two countries, Obaid Al Tayer signed four agreements on behalf of the UAE, namely the agreement on the Promotion and Protection of Investments, the MoU on Mutual Economic Cooperation, the agreement on the Declaration of Intent on Establishing Cooperation in the Area of Financial Services, and the MoU on Cooperation in the fields of Improvement and Development of Science and Advanced Technology.

These agreements were signed with the Minister of Finance, Israel Katz, in the presence of Younis Haji Al Khoori, and a number of officials from both sides.

Al Tayer indicated that signing these agreements comes from the desire of both countries to create an attractive investment climate, within a legal framework, that attracts mutual investments, and opens new horizons that lay the foundations for economic, trade and investment partnerships in various vital areas of common interest.

He said: "I express my gratitude and appreciation to Israeli Prime Minister, Benjamin Netanyahu, for hosting and welcoming the UAE delegation here in Tel Aviv. The historic peace accord signed was the first step taken towards achieving security and stability in the region, and a means to provide more opportunities for future generations."

He added: "Signing the agreement on the promotion and protection of investments between the UAE and Israel contributes to the protection and enhancement of investment partnerships by providing investment guarantees that protect non-commercial risks. This will encourage all governmental, semi-governmental and private sectors in the two countries to build strategic partnerships."

Since the signing of the historic peace accord between the UAE and Israel, the two parties have taken many steps to strengthen bilateral cooperation in various vital areas of mutual interest. There is a preliminary agreement between both countries to soon start negotiations on Double Taxation Avoidance Agreement.