The UAE and Bahrain kicked off the implementation of their bilateral Investment Promotion and Protection Agreement.
The agreement, which came into effect on Thursday, May 8, follows the completion of the required legal procedures by both sides, in accordance with the provisions of the agreement.
The move reflects the strong fraternal ties and the growing economic partnership between the two brotherly nations and reaffirms their commitment to enhancing investment cooperation in a way that serves the interests of investors from both sides and supports the sustainable development goals of both countries, the two countries said.
The agreement provides a comprehensive legal framework that ensures full protection for investments and strengthens mutual investor confidence by guaranteeing fair and equitable treatment and providing clear mechanisms for dispute resolution.
In light of the rapid developments in the digital economy, the agreement underscores the importance of enhancing cooperation between the two countries in areas related to digital trade, including data protection, privacy, cybersecurity, intellectual property rights, and electronic signatures and authentication.
It also promotes the exchange of best practices and the development of technical capacities.
Shaikh Salman bin Khalifa Al Khalifa, Bahrain’s Minister of Finance and National Economy, said the Kingdom of Bahrain places great importance on opening new avenues of cooperation with the United Arab Emirates, in light of the strong and longstanding fraternal relations between the two countries.
He said the bilateral agreements between the two brotherly nations play a vital role in advancing joint cooperation in line with the visions and aspirations of the top leaderships of the two countries.
He also highlighted his country’s continued efforts to strengthen investment cooperation at the regional and international levels, having signed nearly 40 agreements to promote and protect investments.
Mohamed bin Hadi Al Hussaini, UAE Minister of State for Financial Affairs, said the agreement’s entry into force reflects the shared will to deepen bilateral economic relations, and marks a new milestone on the path toward greater Gulf economic integration.
He added that it also reflects a flexible and forward-looking response to changes in the regional and global economic landscape, particularly in light of current global challenges that require intensified efforts to foster a more stable and attractive investment environment.
The minister said the agreement will contribute to enhancing the competitiveness of both economies, besides opening new horizons for high-quality investments, particularly in priority economic sectors.
He also said the agreement serves as a foundation for expanding the strategic partnership between the two countries by encouraging mutual investments, facilitating capital flows, and providing an investment environment based on transparency, fairness, and institutional integration.
