UAE assures protection for Singaporean investors with new rules

Above all else, the agreement fosters non-discriminatory, fair and equitable treatment for Singapore investors and investments in the UAE, and vice versa.

According to a release by the Ministry of Trade and Industry, bilateral business and investment relations between Singapore and the United Arab Emirates were boosted with the signing of an Investment Guarantee Agreement.

The Agreement was signed by Minister of State for Trade and Industry and National Development, Lee Yi Shyan and His Excellency Obaid Humaid Al Tayer, UAE Minister of State for Financial Affairs.

Reaffirming the strong ties between both countries, Minister of State Lee Yi Shyan said, “The IGA signing reflects the desire of both countries to strengthen our already close cooperation in the economic and trade arenas. By strengthening our partnership, we can bring together our businesses not just in UAE and Singapore, but also the greater region of the Middle East and Asia Pacific”.

The agreement puts in place a framework where investors from both nations can be assured of protection when investing in the other country. Key features of the agreement include: (i) non-discriminatory, fair and equitable treatment for Singapore investors and investments in the UAE, and vice versa; (ii) prompt, adequate and effective compensation in the event of expropriation; (iii) guarantee of free transfers of capital, proceeds and other funds related to investments; and (iv) access to international arbitral tribunals in the event of any investor-to-state disputes.

The UAE is part of the Gulf Cooperation Council which signed its firstever Free Trade Agreement with Singapore on 15 December 2008. The GCCSingapore FTA is currently pending ratification by Saudi Arabia and Kuwait. Total bilateral trade between the GCC and Singapore grew by 27.8% from 2009 to S$43.2 billion in 2010.

The UAE is our second largest trading partner in the GCC, and our largest export market in the region. The UAE was Singapore’s 18th ranked trading partner in 2010 with bilateral trade amounting to S$13.9 billion, an increase of 19.7% from 2009.

Singaporean firms have secured projects in the UAE in sectors ranging from wastewater management to design consultancy for hotels and resorts. In 2009, Singapore’s Direct Investment Abroad (DIA) stock into the UAE stood at S$1.4 billion, a 31.9% increase over 2008’s figure. Conversely, with FDI stock of about S$1.8 billion at the end of 2009, the UAE is Singapore’s second largest direct investor from the GCC, after Saudi Arabia.

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