The UAE Ministry of Finance (MoF) has signed an agreement to promote and protect mutual investments with the Republic of Mozambique.
The agreement was signed by His Excellency Mohamed Bin Hadi Al Hussaini, Minister of State for Financial Affairs and His Excellency Carlos Alberto Fortes Mesquita, Minister of Industry and Commerce, Mozambique, in the presence of Mr. Abdullah Ahmed Al Obaidly, Director of Relations and International Financial Organizations and senior officials from MoF.
HE Al Hussaini emphasized the importance of signing an agreement with the Republic of Mozambique to promote and protect mutual investments in order to strengthen bilateral relations and expand means of joint cooperation across various economic and financial sectors, thereby encouraging investment growth and achieving mutual benefits in both countries’ interests.
Mohamed Hadi Al Hussaini Minister of State for Financial Affairs UAE
“Signing this agreement aims to achieve both countries’ leadership’s keenness to bolster strategic partnership to provide an optimal economic environment to attract foreign investments under a legal and legislative system that is in line with international best practices.”
The agreement protects both countries’ investments against any non-commercial risks, such as nationalization, confiscation, judicial seizures, and freezing, and it fosters mutual investment and licensing. It also covers the transfer of profits and revenues in convertible currency.
It will also grant national treatment following the State’s laws, and the most favored nation treatment with respect to management, maintenance and expansion of investments, as well as setting the dispute settlement procedures between the investor and the State, amicable solution, or local courts or international arbitration.
Moreover, the agreement provides investors immediate compensation for their investments in case of their appropriation for the public interest, in line with the approved law and provided that the compensation value is in accordance with the market value of the investment before its seizure.
