Mr. Younes Elkhory, Deputy Minister of Finance of UAE, and Ms. Soha Elnaggar, head of National Investment Commission of Iraq, signed an agreement on the protection and promotion of investment, at the ministry of finance headquarters in Abu Dhabi.

          According to this agreement, investment of UAE & Iraq will be protected against non- commercial risks such as: nationalization, confiscation, custody &freezing, The establishment and Authorization of mutual investments would be facilitated as well.

          The agreement guarantees their right to transfer profits & other investment revenues into a convertible currency, and grants fair compensation to the investor when requisitioned for necessary public interest purposes, provided that the compensation referred to were compatible with the existing market value of investment before the requisition.

          Mr. younes Elkhory, Deputy Minister of Finance of UAE, highlighted the importance of this agreement as a mean to build new investment partnerships between Iraq & UAE in various areas of economy and finance, thereby achieving mutual interests and strengthening bilateral relations.