UAE and Hungary to strengthen economic, investment relations

UAE and Hungary to strengthen economic, investment relations

UAE and Hungary to strengthen economic, investment relations

2 hours ago

Younis Haji Al Khoori and Osama Naffa after signing the agreement.

As part of its endeavours to strengthen and activate means of economic and investment cooperation with various countries of the world, the UAE, represented by the Ministry of Finance (MoF), signed an agreement to promote and protect mutual investments with Hungary.

The agreement, which was signed on Thursday morning at the ministry's headquarters in Abu Dhabi, aims to enhance economic cooperation, provide an optimal investment environment, and secure a comprehensive balance between rights and obligations between investors and the host country, thus stimulating business initiatives for sustainable economic development.

Younis Haji Al Khoori, Undersecretary of Ministry of Finance, singed the agreement on behalf of the UAE, while Osama Naffa, Hungarian Ambassador to the UAE signed it on behalf of the Hungarian side, in the presence of senior officials from MoF.

The agreement protects both nations' investments from all non-commercial risks including nationalisation, confiscation, judicial seizures, and freezing; and it creates a conducive environment for mutual investments and licensing. It also covers transfer of profits and revenues in convertible currency and provides investors a just and immediate compensation for their investments in case of their