January 9, 2023

The President of the Republic of Kazakhstan has ratified an agreement with the UAE on investment protection

The Head of State signed the Law of the Republic of Kazakhstan “On ratification of the Agreement between the Government of the Republic of Kazakhstan and the Government of the United Arab Emirates on the promotion and mutual protection of investments,” the Press Service of Akorda reports.

The agreement provides for the promotion and creation of favorable conditions, as well as protection and security for investors in the territories of the two states. The document regulates the free transfer of payments related to investments.

According to the law, investments of one party cannot be nationalized, expropriated, requisitioned on the territory of the second country. The exception is measures taken for public purposes, in a non-discriminatory manner, in accordance with due legal procedure, with the payment of adequate, prompt and effective compensation.

The agreement is concluded for 10 years, can be automatically extended for another ten-year periods and remains in force until one year before the expiration of the initial or any subsequent ten-year period from the date of written notification by either party of the intention to terminate the agreement.

The text of the Law is published in the press.