HE Obaid Humaid Al Tayer, Minister of State for Financial Affairs and HE Pierre Gramegna, Luxembourg's Minister of Finance, today signed a protocol to amend the agreement on the avoidance of double taxation and prevention of fiscal evasion on income and capital between the United Arab Emirates and Luxembourg. The signing was held today at the Ministry’s headquarters in Abu Dhabi in the presence of HE Younis Haji Al Khouri, Undersecretary of the UAE Ministry of Finance (MoF); HE Khalid Ali Al Bustani, Assistant Undersecretary of International Financial Relations Sector at MoF; Majid Ali Omran, Director of MoF’s International Financial Relations Department along with members of the Grand Duchy of Luxembourg’s delegation.

The signing of this Protocol aimed at amending the agreement between the two countries that was initially signed in November 2005. The amendments see the addition of new provisions that were determined based on MoF’s suggestions in addition to the inclusion of entities and funds that were not included in the original agreement. These entities include the Abu Dhabi Investment Authority (ADIA), the Central Bank of the UAE, Abu Dhabi Investment Council (ADIC), Abu Dhabi National Energy Company PJSC (TAQA), International Petroleum Investment Company (IPIC), Mubadala Development Company and the Investment Corporation of Dubai. The Protocol also offers the opportunity of adding any new government entity to the agreement through official letters received from the UAE Ministry of Foreign Affairs.

On the sidelines of this meeting, the two parties signed a Memorandum of Understanding on cooperation in the field of Islamic banking services. This MoU was signed following MoF’s suggestion and in recognition of the two countries’ growing role in the field of Islamic banking which has become part of the global financial system.

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