This week, activities around economic integration in the Gulf surged at the World Government Summit, all aimed at boosting development and diversifying the sources of income. Deals were signed to address double taxation and additional levies, paving the way for a smoother flow of goods, services, and capital in the Gulf states. 

To eliminate double taxation, additional taxes, indirect taxes, and tax evasion while addressing the challenges of cross-border trade and investment flows, the UAE has signed agreements with Kuwait, Bahrain, Egypt, and the World Bank.

“These agreements stem from the Ministry of Finance’s commitment to achieving transparency and fairness and enhancing the national economy through strengthening strategic partnerships,” said Mohamed Hadi Al Hussaini, the Minister of State for Financial Affairs, UAE. 

The UAE also cemented its ties with the World Bank through a renewed technical support agreement, facilitating access to expertise for federal and local entities. “Partnership turns ambitions into action,” said World Bank President Ajay Banga, highlighting the pact’s significance. 

Ministers from Bahrain, Kuwait, and Egypt praised the agreements, underscoring their positive impact on citizens and investors. 

Shaikh Salman bin Khalifa Al Khalifa, Bahrain’s Minister of Finance and National Economy, emphasized that the agreement to promote and safeguard investments and prevent double taxation is part of the concerted efforts to advance economic, trade, and investment cooperation between the UAE and Bahrain. 

Dr. Anwar Al Mudhaf, Kuwait’s Minister of Finance and Minister of State for Economic Affairs and Investments, expressed optimism that the pact with the UAE will positively impact citizens and investors from both nations. 

Dr. Mohamed Maait, Egypt’s Minister of Finance, underscored that the additional agreement to eliminate double taxation and curb tax evasion fosters collaborative opportunities for joint investments. 

Also speaking at a panel discussion at the summit, GCC Secretary-General Jassim Al-Budaiwi emphasized the collective effort towards regional economic integration, citing pioneering economic visions adopted by member states. 

Diversification and human capital development are at the heart of the GCC’s economic vision. Al-Budaiwi outlined goals like financial sustainability, eco-friendly progress, and leveraging private sector participation.

The Innovation By Design Summit is in Doha on April 24. Attendance at the summit is by invitation only. Delegates can register here to receive their exclusive invite.