Somalia Investment Promotion Office (SOMINVEST) team led by Director Mohamed Dubo had a meeting with Dr. Alaa Aboelwafa, the head of Arab League’s investment and economic cooperation for Arab States, in Cairo and discussed the ongoing negotiations relating to the new Arab investment agreement.
Discussions focused on the on-going negotiations relating to the new Arab Investment Agreement that is expected to impact on intra Arab States investment engagements.
The Unified Agreement for the Investment of Arab Capital in the Arab States was signed on 26 November 1980 in Amman, Jordan, during the Eleventh Arab Summit Conference. It entered into force on 7 September 1981. The draft statutes of the Arab Investment Court came into force on 22 February 1988. The member States of the League of Arab States are Algeria, Bahrain, Comoros, Djibouti, Egypt, Iraq, Jordan, Kuwait, Lebanon, Libyan Arab Jamahiriya, Mauritania, Oman, Palestine, Qatar, Saudi Arabia, Syrian Arab Republic, Somalia, Sudan, Tunisia, the United Arab Emirates and Yemen.
The agreement has been ratified by all member States of the League except Algeria and the Comoros.
The agreement aims to strengthen relations and improve cooperation in various areas between signatory Arab countries, while also respecting and preserving their sovereignty.
