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Kazakhstan and United Arab Emirates signet an agreement on promotion and mutual protection of investments

Kazakhstan and United Arab Emirates signet an agreement on promotion and mutual protection of investments

As part of the meeting of the Head of State of the Republic of Kazakhstan Nursultan Nazarbayev to United Arab Emirates, the Minister of Investment and Development of the Republic of Kazakhstan Zhenis Kassymbek and the Minister of State for Financial Affairs of the United Arab Emirates Obaid bin Humaid Al Tayer signed the Agreement between the Governments of the Republic of Kazakhstan and the United Arab Emirates on promotion and mutual protection of investments.

This landmark event will help to create a good basis for implementation of major joint investment projects.

The agreement contains unprecedented requirements for investments on provision of an additional guarantee against expropriation and nationalization for each investment project under a separate agreement.

As part of this Agreement, a joint project is being developed to build a large petrochemical facility (in Atyrau region) for production of polyethylene jointly with the emirate company Mubadala Investment Company (Borealis).

This agreement will help to create favourable conditions for Kazakhstani and Emirates investors and ensure long-term stability and the two countries.

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