Kazakhstan ratifies the investment protection agreement with the UAE

ASTANA – KAZINFORM – Head of State has 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 encouragement and mutual protection of investments”.
The agreement is concluded for 10 years, with an optional extension for additional 10-year periods. The sides can terminate the Agreement by notifying in writing the other party 1 year before the end of a 10-year period.
In the same time, Senators have ratified the Agreement between the Government of the Republic of Kazakhstan and the Government of the United Arab Emirates on encouragement and mutual protection of investments.

The document provides for encouragement and creation of favorable conditions, as well as protection and security for the investors in the two countries’ territories.

As per the law, the investments of one side cannot be nationalized, expropriated, seized in the territory of the second country, except for the measures taken for public purposes, in a non-discriminatory manner and in compliance with the legal proceeding, with payment of adequate, prompt and effective compensation.

The agreement provides for the creation of a legal framework for cooperation by guaranteeing the rights of investors in their investment activities.
According to the agreement, investments of a side cannot be nationalized, expropriated, or requisitioned on the territory of the other side, with exceptions being the measures taken for public purposes, in a non-discriminatory manner, in accordance with due process of law, with adequate, prompt and effective compensation.