UAE, Portugal sign heads of agreement on investments promotion

Lisbon - July 7, 2011 (WAM) - The United Arab Emirates and the Republic of Portugal yesterday signed heads of agreements on protection and promotion of investments. The document calls for protection of investments in the two countries against different types of commercial risks such as nationalisation and allowing free transfer of profits and revenues. It also provides for dispute settlement mechanism.
In January, the two countries signed a bilateral agreement on avoidance of double taxation.
The UAE has signed so far 35 investments protection and promotion with key trade partner states, including European Union members, Southeast Asian countries, former Soviet Union republics and Arab countries. - Emirates News Agency, WAM