Obaid Humaid Al Tayer Meets With Jersey’s External Relations Minister

ABU DHABI, (UrduPoint / Pakistan Point News / WAM - 14th Nov, 2018) Obaid Humaid Al Tayer, Minister of State for Financial Affairs, met with the External Relations Minister of Jersey, Ian Gorst at the Ministry of Finance’s premises in Dubai, and discussed the draft convention on the protection and promotion of investment, strengthening of joint work and enhancement of bilateral relations between the countries in various fields, primarily financial services.

Al Tayer highlighted the importance of the meeting in evaluating the results of the avoidance of double taxation agreement signed by both parties, establishing organisational and legislative frameworks and studying the protection and promotion of investment agreement. "The Ministry of Finance is expanding the UAE’s global tax relations, strengthening economic and investment cooperation with various countries, protecting the UAE’s investments from non-commercial risks, and facilitating the transfer of profits and returns," he said.

He added, "This meeting is an important platform to review ways to strengthen bilateral relations between both countries and initiate negotiations on the agreement on the protection and promotion of investment. The agreement will achieve significant returns for both countries, particularly in establishing investments and licensing, while protecting them from non-commercial risks such as nationalization, confiscation, judicial secure and pre-emption.

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Agreements on the protection and promotion of investment provide national treatment with regards to managing, maintaining and expanding the investments. These agreements also ensures a fair and immediate compensation for the investment in the cases of acquisition for public interest. This is in adherence with the law and with no discrimination if the authorisation was according to the investment market value before its acquisition. These agreements also ensure the transfer of profits and other returns in a freely convertible Currency.

The Jersey Financial Services Commission established a representative office in Dubai in 2011 and the UAE signed a bilateral agreement on the avoidance of double taxation with Jersey in April 2016.

The ministry will continue its efforts to strengthen cooperation and relations with various countries as part of its commitment to facilitate and enhance investment opportunities in the UAE, which in turn will increase the country’s GDP.