Parliament will decide next Tuesday whether to approve an agreement with the United Arab Emirates (UAE) aimed at boosting investments and strengthening economic ties. Signed in Dubai on 11 February 2024, the Financial and Economic Affair
TDT | Manama
Email: mail@newsofbahrain.com
Parliament will decide next Tuesday whether to approve an agreement with the United Arab Emirates (UAE) aimed at boosting investments and strengthening economic ties.
Signed in Dubai on 11 February 2024, the Financial and Economic Affairs Committee has backed the draft law, viewing it as a step to solidify Bahrain’s role as a key investment hub.
The Ministry of Finance and National Economy notes that Bahrain has signed 38 similar agreements globally. UAE investments in Bahrain total around BD487 million, with over 110 UAE company branches locally. Bahraini exports to the UAE exceed $1 million annually, and UAE investors are involved in property, stocks, and business licences in Bahrain.
The Bahrain Chamber of Commerce and Industry also supports the agreement.
If approved, the agreement would apply to both past and future investments, excluding ongoing disputes. It would take effect 30 days after both nations complete their internal processes and last for ten years, automatically renewing unless one side opts out with a year's notice.
The Financial and Economic Affairs Committee has unanimously endorsed the proposal, and Parliament’s decision next week will shape the future of these economic ties.
