Latest news with #InvestmentAgreement
Arabian Business
09-05-2025
- Business
- Arabian Business
UAE, Bahrain enforce investment protection pact to strengthen bilateral economic ties
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.
Zawya
08-05-2025
- Business
- Zawya
UAE, Bahrain announce entry into force Investment Promotion and Protection Agreement
ABU DHABI - The United Arab Emirates and the Kingdom of Bahrain announced the entry into force of the Investment Promotion and Protection Agreement, signed between the governments of both countries, effective 8th May 2025. This follows the completion of the required legal procedures by both sides, in accordance with the provisions of the agreement. This step 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 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. This represents a qualitative step towards creating a modern and advanced investment environment that aligns with the aspirations of both countries in supporting digital transformation and enhancing economic competitiveness. Sheikh Salman bin Khalifa Al Khalifa, Minister of Finance and National Economy, affirmed that Bahrain places great importance on opening new avenues of cooperation with the UAE, in light of the strong and longstanding fraternal relations between the two countries. He noted that bilateral agreements between the two brotherly nations play a vital role in advancing joint cooperation in line with the visions and aspirations of His Majesty King Hamad bin Isa Al Khalifa of Bahrain and President His Highness Sheikh Mohamed bin Zayed Al Nahyan, who embody a model of fraternal relations rooted in deep ties and a shared history. He added that Bahrain continues to strengthen investment cooperation at the regional and international levels, having signed nearly 40 agreements to promote and protect investments, which contribute to economic growth and open new doors to promising opportunities. For his part, Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, affirmed that 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. He highlighted the importance of continued coordination between the relevant authorities in both countries to activate and follow up on the implementation of the agreement to ensure the achievement of its intended objectives. Al Hussaini noted that the agreement will contribute to enhancing the competitiveness of both economies and opening new horizons for high-quality investments, particularly in priority economic sectors. He further emphasised that 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. He concluded that the agreement is one of the key pillars that reflects the shared vision of both nations for a diversified, competitive, and innovation-driven economy.
Zawya
08-05-2025
- Business
- Zawya
UAE and Bahrain announce entry into force of the investment promotion and protection agreement
Abu Dhabi, The United Arab Emirates and the Kingdom of Bahrain announced the entry into force of the Investment Promotion and Protection Agreement, signed between the governments of both countries, effective Thursday, 8 May 2025. This follows the completion of the required legal procedures by both sides, in accordance with the provisions of the agreement. This step 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 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. This represents a qualitative step towards creating a modern and advanced investment environment that aligns with the aspirations of both countries in supporting digital transformation and enhancing economic competitiveness. His Excellency Shaikh Salman bin Khalifa Al Khalifa, Minister of Finance and National Economy, affirmed that 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. His Excellency noted that bilateral agreements between the two brotherly nations play a vital role in advancing joint cooperation in line with the visions and aspirations of His Majesty King Hamad bin Isa Al Khalifa, King of the Kingdom of Bahrain, and his brother His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates—may God protect them both—who embody a model of fraternal relations rooted in deep ties and a shared history. He added that the Kingdom of Bahrain continues to strengthen investment cooperation at the regional and international levels, having signed nearly 40 agreements to promote and protect investments, which contribute to economic growth and open new doors to promising opportunities. For his part, His Excellency Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, affirmed that 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. His Excellency highlighted the importance of continued coordination between the relevant authorities in both countries to activate and follow up on the implementation of the agreement to ensure the achievement of its intended objectives. He noted that the agreement will contribute to enhancing the competitiveness of both economies and opening new horizons for high-quality investments, particularly in priority economic sectors. He further emphasised that 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. His Excellency concluded that the agreement is one of the key pillars that reflects the shared vision of both nations for a diversified, competitive, and innovation-driven economy.
Zawya
21-04-2025
- Business
- Zawya
Why Base Titanium is not selling its assets to Kenyans?
Base Titanium, which closed its mining operations in Kenya last December, has hired South Africa-based auctioneer WH Auctions to sell its movable assets in Kwale. The auction, scheduled for May 14-15 through webcast bidding, has excluded Kenyan companies and will feature at least 300 lots of mining, construction, plant and electrical equipment, with lots 1 to 199 on the first day and lots 200 to 325 on the second day.'All assets are located on-site at Base Titanium's mine in Kwale, Kenya, and viewing is available strictly by appointment only to arrange a site visit,' the auctioneer said in the announcement. No Kenyan company is eligible to participate in the bidding as all assets are for export only, and buyers are responsible for managing and paying for all export permits, customs clearance, logistics and transport from the site. All payments will be made in US dollars.'This is a rare opportunity for global buyers in Africa, the Middle East, Asia and beyond to access a large, well-curated fleet of industrial equipment that is rarely available on the open market,' the auctioneer said. Base Titanium defended the exclusion of local buyers, saying they have the right to choose who they sell to.'Whilst some assets are being sold, both domestically and internationally, in all circumstances, it is important to note that these assets are private property, and Base Titanium has the constitutional right to dispose of them as it sees fit,' the firm told The EastAfrican.'The company wishes to clarify that, under the Investment Agreement with the Kenyan government, specialised mining and processing equipment imported for the Kwale Mine was exempt from customs duty, excise duty, and VAT. These exemptions are designed to support the large capital investment required to build projects like the Kwale Mine and are not unique to the mining sector.'In line with applicable legislation, selling equipment imported under such exemptions domestically triggers a requirement to pay duty. This would require the Kenya Revenue Authority to assign a value to each item and then calculate the applicable duties owing before authorising local disposal. This process often results in valuations that make the sale of these assets in the domestic market uneconomical.'To ensure compliance and meet closure timelines, Base Titanium has opted to sell certain assets to the international market through an international auction managed by a trusted African leader in asset disposal and extensive mine sector experience. This approach aligns with market availability, as demand for equipment to service the mineral sands industry lies overseas,' it added. Base Titanium, a Kenyan subsidiary of Australian firm Base Resources, has been operating in Kwale for over a decade and concluded its mining operations in December 2024 due to the depletion of commercially viable ore. The company has been acquired by an American firm, Energy Fuels, in a cash-and-stock deal valued at $240 million. Energy Fuels is a uranium and critical minerals producer, and the deal is said to be strategic in creating 'a global critical minerals business.'The company made its last bulk shipment in Mombasa in February, marking the end of 11 years of titanium ore export from Kenya. Base Titanium has been Kenya's biggest mineral exporter since it entered the country, and the company's exploration and future investment decisions will, however, be determined by the government's actions on the issuance of licences. Base accounts for 65 percent of Kenya's mineral exports. In 2023, it paid about $15.5 million in mineral royalties to the government.
