The UAE and Gambia signed an agreement to boost investments between the two countries and protect investments from all non-commercial risks.
“The investor will be compensated fairly and immediately on their investment in the event of expropriation in public interest, and in accordance with the law, without discrimination, provided that the value of the compensation is according to the market value of the investment before the seizure,” the Ministry of Finance said in a statement on Tuesday.
The agreement signed by Obaid Humaid Al Tayer, Minister of State for Financial Affairs of the UAE and Mamboury Njie, the Minister of Finance and Economic Affairs of Gambia, also covers transfer of profits and revenues in convertible currency, among other things.
The UAE has signed 93 bilateral agreements to protect and encourage investment with different countries around the world.
Mr Al Tayer said protecting UAE investments abroad from all non-commercial risks is a top priority.
“Gambia is one of the UAE’s leading economic partners in the West African region," Mr Al Tayer said. "This agreement underscores the two nations' efforts to enhance cooperation in the economic and financial sectors, and encourage the growth of mutual investments.”
