ABU, DHABI: A three-member ministerial team, together with the Chief Executive Officer of the Eswatini Investment Promotion Authority (EIPA), Sibani Mngomezulu, met with UAE officials to conclude investment negotiations.
Eswatini seeks to tap into the investment potential of the UAE, one of the world’s largest oil exporters, with petroleum revenues playing an important role in its economic development.
The ministers comprised Finance Minister Neal Rijkenberg, Commerce Trade and Industry Minister Manqoba Khumalo and Foreign Affairs Minister Pholile Shakantu.
Also engaged in the negotiations were Eswatini Ambassador to the UAE Sifiso Dlamini, Counsellor Nonhlanhla Dlamini and Ministry of Foreign Affairs’ Zandile Dlamini.
The team met with Dr. Hamid Nasir (Economic Expert) and Mr. Mohamed, an official of the Ministry of Finance of the UAE. The meeting took place at the UAE Ministry of Finance offices.
The negotiations focused on reaching an agreement on avoiding double taxation and preventing fiscal evasion with respect to income and capital taxes. They also involved protection of investments.
In recent years, the UAE has been diversifying its economy away from oil. It has transformed itself from an oil-dependent economy to a diversified powerhouse. While oil and gas still contribute significantly, the country has made substantial strides in sectors like tourism, finance, real estate and technology.
The strategic location of the UAE has made it a major global trade hub, with world-class ports and airports. Dubai, in particular, has emerged as a leading global tourist destination, attracting millions of visitors annually and positioned itself as a major financial centre with a thriving banking and investment sector.
The country is investing heavily in technology and innovation, aiming to become a knowledge-based economy. The UAE continues to be a magnet for foreign investment, boosting its economic prospects.
The negotiations are expected to culminate in a signing today, witnessed by His Majesty the King, who is in the UAE, to strengthen bilateral ties between the two countries.
Discussion about this post