Jersey and United Arab Emirates sign business deal
Senator Ian Gorst and UAE finance minister His Excellency Mohammed Bin Hadi Al Husseini signed the treaty in Dubai
At a glance
Jersey and the United Arab Emirates sign a new business deal - a bilateral investment treaty - to protect investors' money in both territories
It has taken three years to reach the agreement over the document
Jersey senator Ian Gorst said it was important Jersey built ties with more countries following Brexit
- Published
Jersey and the United Arab Emirates (UAE) have struck a new business deal, Jersey's government has said.
It has taken officials since 2018 to reach an agreement over the bilateral investment treaty (BIT), which protects investors' money in both Jersey and the UAE.
The States of Jersey said it hoped the BIT, the first of its kind for the island, signed in Dubai, would lead to more investment in the island.
Some Jersey politicians have criticised the island's relations with the UAE - which comprises of seven sheikhdoms run by ruling families - because of concerns about human rights.
The minister responsible, Senator Ian Gorst, said it was important Jersey built ties with more countries following Brexit.
The government said such treaties were international agreements "that help facilitate increased flows of investments from investors of one jurisdiction into the territory of the other jurisdiction".
Senator Gorst said it was "vital that Jersey can broaden its own treaty network post-Brexit ... which support the growth in investment between both jurisdictions".
UAE finance minister His Excellency Mohammed Bin Hadi Al Husseini, who also signed the treaty, said it "reaffirms both countries’ leaderships’ ambition to strengthen economic and investment cooperation in various economic and financial fields".