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NEWS:
Malta & the United Arab Emirates sign Double Taxation Treaty 20/3/2006
In March, 2006, Maltese Foreign Minister
Michael Frendo and H.E. Dr. Mohammed Khirbash, Minister of State for Finance
and Industry of United Arab Emirates signed an Agreement for the Avoidance
of Double Taxation.
The signing ceremony took place at the Ministry of Finance and Industry in
Abu Dhabi after bilateral talks between Minister Michael Frendo and Minister
Khirbash.
“We are very happy to sign this Avoidance of Double Taxation Agreement with
the Emirates” commented Minister Frendo after the signing ceremony, “because
this strengthens the framework for increased trade, investment and business
opportunities between the two countries.”
Malta and the UAE also agreed for Malta to establish a consulate in Dubai.
According to a statement from the Dubai Chamber of Commerce and Industry (DCCI),
these measures come as part of Malta's efforts to consolidate its economic
relations with the region after it established a trade centre in Dubai last
April.
This statement came after a seminar on business with Malta hosted by DCCI
attended by the Maltese Ambassador, businessmen from the UAE and a Maltese
delegation to the emirates to establish commercial relations. DCCI Director
General Abdul Rahman Ghanim Al Mutaiwee hailed the Maltese moves in
fostering economic ties with the emirates invited Maltese businessmen to
consider Dubai as a distribution centre for their products to the Arabian
Gulf Region.
Mutaiwee said that trade with Malta has witnessed an evident growth, as it
rose from US$10 million in 1997 to US$22 million in 2001. The Maltese
Ambassador Saviour Gauci said the trade centre in Dubai will pave the way
for strong business relations between Malta and the Arabian Gulf. Malta has
further plans to consolidate its relations with the Arabian Gulf Region
through Dubai, which will include participation of 14 companies in the Big 5
exhibition in Dubai next November.
Malta External Trade Corporation (METCO) opened a representative office in
the Gulf, widely considered as the next major destination for Maltese
exporters and traders, after the North African Maghreb region. Like in the
North African region, many Maltese businesses are eyeing the potential of
Malta serving as a stepping stone for European companies to the lucrative
region – particularly in light of Malta’s approaching full EU membership.
Malta and the UAE maintain strong business relations, with total trade
between the two countries through Dubai ports increasing from USD10 million
in 1997 to USD21.5 million in 2001 - a 109 per cent increase in just five
years.
Abdul Rahman Al Mutaiwee, director general of the Dubai Chamber of Commerce
and Industry, commented at a recent Dubai-based conference on ‘Doing
Business with Malta’, "Trade between Dubai and Malta is expected to reach
new heights in the coming years after the opening of Malta Trade Centre in
Dubai.
"It will also be a catalyst for activating the flow of direct and indirect
joint investment in the UAE and Malta. Dubai and Malta can play similar
roles in boosting trade utilising their comprehensive infrastructure,
services and facilities services to penetrate the traditional regions in
Europe, Asia and Africa," Al Mutaiwee said.
He added, "We extend an open invitation to Maltese companies, specialised
institutions and agencies to take advantage of the facilities available in
Dubai and to establish distribution centres in Dubai and in Dubai Free
Zones."
Al Mutaiwee expressed the Dubai Chamber’s commitment to co-operate with the
Malta External Trade Corporation, the Malta Trade Centre in Dubai and with
potential investors and businessmen with a view to accelerating the pace of
UAE investment in and trade with Malta.
Malta and the UAE are also expected to be signing a civil defence agreement
that would help the two countries boost co-operation in fighting sea
pollution and containing disasters.
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