The UAE held the second round of negotiations with Russia over an agreement on the avoidance of double taxation on income and capital, as the Arab world's second-largest economy aims to strengthen trade and investment ties with Moscow.
The UAE’s negotiations team was headed by Younis Al Khoori, undersecretary of the Ministry of Finance, along with representatives from the Abu Dhabi Investment Authority and Mubadala Investment Company, the Ministry of Finance said in a statement on Monday.
“The negotiations on the double taxation agreement are of paramount importance, as we aim to eliminate the barriers that hinder economic co-operation between Russia and the UAE,” Mr Al Khoori said.
“The Ministry of Finance aims to expand its network of double taxation avoidance agreements pertaining to income, to promote the UAE’s competitiveness and grow its trade and investment relations with all trade partners.
“To date, the UAE has finalised and signed 142 double taxation avoidance agreements.”
Double taxation avoidance agreements provide several advantages, including promoting development goals and diversifying national income sources, addressing challenges of cross-border trade and investment flows as well as providing full protection from double taxation, according to the Ministry of Finance.
On the sidelines of the negotiations, Mohamed Al Hussaini, UAE Minister of State for Financial Affairs, met Alexey Sazanov, Russia's state secretary and deputy minister of finance, and Timur Zabirov, Russia's ambassador to the UAE, to discuss efforts to further enhance co-operation between the two countries in areas of mutual interest.
“We reiterate the importance of co-ordination and constructive dialogue with the Russian Federation to strengthen our strategic partnerships and expand horizons for economic, financial and trade-related joint action,” Mr Al Hussaini said.
The UAE is seeking to develop closer trade and investment relations with partners around the world.
It is working towards signing 26 Comprehensive Economic Partnership Agreements as it seeks to diversify its economy, Abdulla bin Touq, Minister of Economy, said in March.
The UAE has already signed Cepas with India, Israel, Indonesia, Turkey and Cambodia and is close to finalising agreements with Kenya.
And the UAE is already investing in Russia. In 2021, Abu Dhabi’s strategic investment arm Mubadala has acquired 1.9 per cent stake in petrochemicals company Sibur for an undisclosed amount, marking the fund’s largest investment in Russia.
In the same year, Mubadala also bought a 2.6 per cent stake in Russian aluminium company En+, which is listed on the Moscow Stock Exchange, with global depositary receipts listed on the London Stock Exchange.
Mubadala has also joined forces with the Russian Direct Investment Fund to form a $7 billion co-investment platform.
COMPANY PROFILE
Company name: BorrowMe (BorrowMe.com)
Date started: August 2021
Founder: Nour Sabri
Based: Dubai, UAE
Sector: E-commerce / Marketplace
Size: Two employees
Funding stage: Seed investment
Initial investment: $200,000
Investors: Amr Manaa (director, PwC Middle East)
DUBAI%20BLING%3A%20EPISODE%201
%3Cp%3E%3Cstrong%3ECreator%3A%20%3C%2Fstrong%3ENetflix%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3EKris%20Fade%2C%20Ebraheem%20Al%20Samadi%2C%20Zeina%20Khoury%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%202%2F5%3C%2Fp%3E%0A
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
UAE currency: the story behind the money in your pockets
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
OIL PLEDGE
At the start of Russia's invasion, IEA member countries held 1.5 billion barrels in public reserves and about 575 million barrels under obligations with industry, according to the agency's website. The two collective actions of the IEA this year of 62.7 million barrels, which was agreed on March 1, and this week's 120 million barrels amount to 9 per cent of total emergency reserves, it added.
The biog
Hobbies: Salsa dancing “It's in my blood” and listening to music in different languages
Favourite place to travel to: “Thailand, as it's gorgeous, food is delicious, their massages are to die for!”
Favourite food: “I'm a vegetarian, so I can't get enough of salad.”
Favourite film: “I love watching documentaries, and am fascinated by nature, animals, human anatomy. I love watching to learn!”
Best spot in the UAE: “I fell in love with Fujairah and anywhere outside the big cities, where I can get some peace and get a break from the busy lifestyle”
ESSENTIALS
The flights
Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.
The hotels
Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.
The tours
A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages.
Bio:
Favourite Quote: Prophet Mohammad's quotes There is reward for kindness to every living thing and A good man treats women with honour
Favourite Hobby: Serving poor people
Favourite Book: The Alchemist by Paulo Coelho
Favourite food: Fish and vegetables
Favourite place to visit: London
Killing of Qassem Suleimani
TO A LAND UNKNOWN
Director: Mahdi Fleifel
Starring: Mahmoud Bakri, Aram Sabbah, Mohammad Alsurafa
Rating: 4.5/5
