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Presidential Decree 107/21, of 29 April 2021, enacting the Agreement on the Promotion and Reciprocal Protection of Investments between the Government of the Republic of Angola and the Government of the United Arab States (the “Agreement”), came into force on its date of publication, 29 April 2021.
The Agreement aims to strengthen the economic relations between the Government of the Republic of Angola and the Government of the United Arab Emirates (hereinafter “States”) by creating private investment-friendly conditions in both States.
The Agreement’s entry into force will afford private investors of both States greater protection when implementing their investments in the territory of the relevant State.
The following are among the most important guarantees provided under the Agreement:
- Any damages or losses caused by (i) war or any other armed conflict, (ii) civil unrest, (iii) national state of emergency, (iv) revolution, (v) riots or similar events in the territory of the State where the Investment is being implemented will be compensated.
- Investors are entitled not to have their investment directly or indirectly Expropriated or Nationalized, save if the Expropriation or Nationalization is (i) in the public, (ii) non-discriminatory, (iii) in accordance with the due legal procedure, and (iv) supplemented with an immediate, adequate and effective compensation; and
- Investors are entitled to transfer their investment amount to and from the country of investment swiftly, equitably and in a non-discriminatory manner.
The Agreement does not apply to concessions and other rights granted by natural resources-related laws or contracts/agreements.
The Agreement will remain in force for 10 years and may be extended for equal periods, unless terminated earlier by either State.