Search Site

Trends banner

TomTom cuts 300 jobs

The firm said it was realigning its organization as it embraces AI.

Aldar nets $953m in sales at Fahid

Aldar said 42 percent of the buyers are under the age of 45.

Qualcomm to Alphawave for $2.4 bn

The deal makes Alphawave the latest tech company to depart London.

Equinor signs $27 bn gas deal

The 10-year contract was signed with Centrica.

ADNOC Drilling secures $1.15bn contract

The contract for two jack-up rigs begins in the second quarter.

UAE, Hungary sign agreement to boost economic cooperation, investment protection

    • The agreement protects both nations’ investments from all non-commercial risks including nationalization, confiscation

    • It also covers the transfer of profits and revenues in convertible currency

    The UAE and Hungary have signed an agreement aimed at enhancing economic cooperation and provide an optimal investment environment among other things.

    Signed by the UAE’s ministry of finance, the agreement also aims at securing a comprehensive balance between rights and obligations between investors and the host country, thus stimulating business initiatives for sustainable economic development.

    The agreement protects both nations’ investments from all non-commercial risks including nationalization, confiscation, judicial seizures, and freezing and creates a conducive environment for mutual investments and licensing.

    It also covers the transfer of profits and revenues in convertible currency and provides investors with just and immediate compensation for their investments in case of their appropriation for the public interest – following the approved law and provided that the compensation value is per the market value of the investment before its seizure.

    Younis Haji Al Khoori, Under-Secretary of Ministry of Finance, said UAE was keen to protect the UAE investments abroad and provide the optimal economic environment to attract foreign investments following a legal and legislative system that is in line with international best practices.

    “Hungary is one of the UAE’s leading economic partners in the Central and Eastern European Countries (CEECs). This agreement underscores both nations’ efforts to bolster bilateral relations, enhance cooperation in the economic and financial sectors, and encourage the growth of mutual investments,” he said.

    The UAE, represented by the Ministry of Finance, has signed 101 bilateral agreements to protect and encourage investment with different countries around the world. ​These agreements support the country’s efforts to establish international partnerships to achieve common goals in line with the sustainable development goals, which represent a roadmap for establishing cooperation at an international level.