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"Encouraging and protecting investments" between Saudi Arabia and Iraq will enter into force DinarDailyUpdates?bg=330099&fg=FFFFFF&anim=1

"Encouraging and protecting investments" between Saudi Arabia and Iraq will enter into force

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"Encouraging and protecting investments" between Saudi Arabia and Iraq will enter into force Empty "Encouraging and protecting investments" between Saudi Arabia and Iraq will enter into force

Post by claud39 on Fri Jan 17, 2020 10:09 am

"Encouraging and protecting investments" between Saudi Arabia and Iraq will enter into force




"Encouraging and protecting investments" between Saudi Arabia and Iraq will enter into force 1024


Riyadh - Mubasher: The Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, issued a decision approving an agreement between the Kingdom and the Republic of Iraq regarding the promotion and mutual protection of investments.


The decision published in the official newspaper, "Umm Al-Qura", today, Friday, No. 297, stipulates that the provisions of that agreement do not apply to subsidies or grants provided by one of the parties exclusively to local investors and local investments or any condition related to the receipt of these subsidies or grants or continued receipt .


The agreement includes in its clauses that each contracting party encourages the investments of the other contracting party as much as possible, and allows the entry of such investments, taking into account the rights of the contracting party hosting the investment in exercising its powers in accordance with its applied legislation including legislation related to ownership, control and control of foreign investment projects .


The terms of the agreement included granting each contracting party the investors of the other contracting party treatment no less favorable than that granted in similar circumstances - to its investors or the investors of another country that is not a party to this agreement in relation to resorting to the judiciary, administrative courts and committees of all degrees of their competence, whether that is to demand rights Those investors or defend them .


The agreement also stipulated the commitment of the investors of each of the contracting parties to employ the local workforce in the investment projects established in the host country according to its legislation .

According to the terms of the agreement, each contracting party shall facilitate entry procedures and issuance of entry and temporary or permanent residence visas - according to its legislation - to persons of natural character who enjoy the nationality of the other contracting party who wish to enter and remain in the first contracting party for the purpose of establishing investment activities .


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claud39
claud39
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