UAE Ministry of Finance signed agreements on encouragement and protection of investments, double taxation avoidance, with Kuwait and Bahrain

The UAE Ministry of Finance inked agreements with Kuwait, Bahrain, the World Bank, and Egypt on the promotion and defence of investments and the avoidance of double taxation. The signings were held under the topic of "Shaping Future Governments" on the fringes of the World Governments Summit (WGS) 2024 in Dubai.

The agreements seek to further development objectives, diversify the UAE's national revenue streams, prevent double taxation, extra taxes, indirect taxes, and tax evasion, and deal with the difficulties associated with cross-border investment and trade flows. The agreements also take into consideration tax issues, stay up to date with developments in the financial and economic sectors throughout the world, new financial instruments, transfer pricing techniques, and promote capital flows and the interchange of products and services.

In order to benefit from the technical support services offered by the World Bank, federal and local entities in the nation must sign agreements for technical support services, which are facilitated by the ministry's second renewal with the World Bank Group. This agreement covers payable advisory services between the United Arab Emirates and the International Bank for Reconstruction and Development. This is the agreement's second renewal; it was first signed in 2014 and was then renewed in 2019. WBG President Ajay Banga and Mohamed Hadi Al Hussaini signed the deal.