08 Dec 2011
(MENAFN) UAE’s Finance Minsiter Obaid Humaid Al Tayer said that his country reached an agreement with Russia to exempt the Gulf state’s wealth funds and firms from taxation, Reuters reported.
He also said that the agreement between the two nations also supports trade and economic ties by addressing outstanding investment disputes and providing for the confidential transfer of data.
Before the agreement, UAE investors in Russia had to pay a 20 percent tax on stock profits, 15 percent on profits from interest, and 20 percent on capital gains.
Russia is seeking to lure investors partly because of heavy capital leakage pushed by instability in the global economy and domestic political unrest.
The Russian finance ministry recently expected capital outflow to hit USD85 billion, up from USD38.3 billion last year.
It is worth mentioning that UAE is home to Abu Dhabi Investment Authority (ADIA), ranked among the world’s largest sovereign wealth funds, with assets estimated at between USD400 billion and USD600 billion.
02 Jul 2025
BBK launches the largest-ever Al Hayrat Prizes, offering BD 5 million to over 2,000 winners
12 May 2025
Alsharifi: “Proud of our strategic partnership with the Royal Humanitarian Foundation”
04 May 2025
BBK offers exclusive Mortgage Loans for luxury villas and apartments on Reef Island
30 Apr 2025
BBK discloses its financial results for the first quarter ended 31st March 2025
25 Mar 2025
BBK’s General Assembly Approves 35% Cash Dividend Distribution to Shareholders
12 Mar 2025
Mr. Yaser Alsharifi completes Harvard Business School Presidents’ Program in Leadership
This website uses cookies to ensure you get the best experience and by clicking “I Accept” below, you consent to the use of cookies. Learn more