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ABU DHABI / WAM
The UAE, represented by the Ministry of Finance, MoF, recently signed an agreement to encourage and protect mutual investments with the Gambia at the ministry’s headquarters in Abu Dhabi.
Obaid Humaid Al Tayer, UAE’s Minister of State for Financial Affairs, and Mamboury Njie, Gambia’s Minister of Finance and Economic Affairs, 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 the transfer of profits and revenues in convertible currency, granting MFN treatment for investors in the management, maintenance, and expansion of investments, with emphasis on non-interference in all investment-related subjects.
Al Tayer affirmed the UAE’s keenness to provide the optimal economic environment to attract foreign investments in accordance with a legal and Shari’a-compliant system that promotes international best practices and bolsters the country’s international network of relations through bilateral agreements. “Protecting UAE investments abroad from all non-commercial risks is a top priority for the Ministry of Finance, which we stress on including in all bilateral agreements signed with the various countries around the world.” He added, “Gambia is one of the UAE’s leading economic partners in the West African region.