15/07/20

JERSEY: Investment treaty to develop ties with UAE.

As published on jerseyeveningpost.com, Tuesday 14 July, 2020.

Representatives from Jersey and the United Arab Emirates took part in a webinar yesterday to discuss economic co-operation as part of the recovery from the Covid-19 crisis.

Later this year the two jurisdictions are due to sign a bilateral investment treaty, which is an agreement setting out the terms of private investment by individuals and companies in two states, in a bid to strengthen their business ties.

A double-taxation treaty, which avoids duplication of tax in two different jurisdictions, has already been signed between the pair.

External Relations Minister Ian Gorst, who hosted the event, said that Jersey and the UAE had a long-standing relationship.

‘Jersey’s relationship with the UAE goes back to 2001 when Jersey Finance set up its first office promoting international financial services there,’ he said.

‘And I’ve been privileged to visit the UAE on a number of occasions. I’m pleased that this has led to a growing relationship and we look forward to hopefully signing a bilateral investment treaty later this year.’

The UAE ambassador to the United Kingdom, His Excellency Mansoor Abulhoul, attended the webinar and called for international co-operation in business to emerge from the current economic crisis.

He said: ‘We’re all looking forward to getting back to normal life, particularly those of us in this group today. We’re so focused on building prosperity. We can do that by maximising opportunities to trade, to invest, to co-operate between different jurisdictions around the world. That is particularly true with a partner like Jersey, a jurisdiction we already have a remarkable relationship with.’

Speakers at the event included Jersey Finance chief executive Joe Moynihan, Digital Jersey chief executive Tony Moretta and Jersey Business chief executive Graeme Smith.