ABU DHABI, (Pakistan Point News - 27th Oct, 2019) Obaid Humaid Al Tayer, Minister of State for Financial Affairs, met this morning with Ueli Maurer, President of the Swiss Confederation and Minister of Finance, and his accompanying delegation at the St. Regis Abu Dhabi. The meeting took place alongside the Swiss delegation’s official visit to the UAE, which was headed by Maurer, that took place from 26th to 27th October, and aimed at deepening the UAE-Swiss ties and dialogue.
Ahmed Ali Al Sayegh, Minister of State and Executive Chairman of Abu Dhabi Global Market, ADGM, Abdulaziz Al Ghurair, Chairman of the UAE Banks Federation, Younis Haji Al Khoori, Under-Secretary of MoF, Saif Hadef Al-Shamsi, Assistant Governor of the Central Bank, Bryan Stirewalt, Chief Executive of Dubai Financial Services Authority, DFSA, and a number of representatives of the Ministry of Foreign Affairs and International Cooperation attended the meeting.
The Swiss delegation included Massimo Baggi, Ambassador of Switzerland to the UAE, Daniela Stoffel Delprete, State Secretariat for International Financial Matters, Federal Department of Finance of Switzerland, Maya Tissafi, Ambassador, Assistant State Secretary, middle East and North Africa Division, Ministry of Foreign Affairs, Peter Minder, Head of Communication, Federal Department of Finance, Switzerland, and Vincent Pasquier, Counselor and Deputy Head of Mission, Embassy of Switzerland to the UAE.
Al Tayer praised the bilateral relations, stressing the need to develop and consolidate them in all fields, especially the economic and financial sector.
He said, "The Ministry of Finance is keen to strengthen bilateral cooperation and strategic partnership with Switzerland, which has witnessed growth over the past years at various levels, especially economic, financial and trade. With its attractive investment structure, the UAE is an important regional hub for many Swiss banks and financial institutions."
Meeting participants dealt with means of enhancing opportunities and areas of cooperation between the two countries and reviewing the latest developments with regards to economic and financial relations, including discussing tax matters, cross-border financial services and market access. They also reviewed laws and policies governing the functioning of local financial markets, bilateral cooperation frameworks in regulating financial markets, as well as promoting local financial centers.
The UAE signed a bilateral investment treaty with Switzerland in November 1998. It also signed a double taxation agreement in October 2011. The country has been hosting the Swiss business Council since its establishment in 1996, which plays an important role in promoting economic relations. Swiss direct investments in the UAE amounted to US$3,580 million in 2018. There are 88 Swiss commercial companies, 192 Swiss commercial agencies and 13,835 Swiss trademarks registered in the UAE.
