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COLOMBO: Sri Lanka and the UAE have signed an agreement to strengthen economic ties during President Anura Kumara Dissanayake’s first visit to the Middle East, his office said on Thursday as the island nation seeks to attract more foreign investment.

Dissanayake, who secured the country’s top job in September, returned to Colombo on Thursday after addressing the main session of the 2025 World Government Summit in Dubai and meeting with other world leaders, including UAE Prime Minister Mohammed bin Rashid Al-Maktoum.

The UAE visit was his third international presidential trip, after India and China.

In Dubai, Sri Lanka and the UAE reached an agreement on reciprocal promotion and protection of investments, the president’s media division said in a statement.

“The purpose of this agreement is to facilitate and strengthen foreign investments between the two nations by ensuring investor rights protection, promoting economic cooperation, and establishing comprehensive investment protection mechanisms, dispute resolution frameworks, and policy structures,” it said.

The deal was signed by Sri Lanka’s Foreign Minister Vijitha Herath and the UAE’s Minister of State for Financial Affairs Mohamed Bin Hadi Al-Hussaini.

It is expected to “contribute to strengthening global economic partnerships and creating opportunities for exploring new investment prospects in Sri Lanka.”

The island nation of 22 million people is still struggling to emerge from the 2022 economic crisis — the worst since its independence in 1948 — and the austerity measures imposed under a bailout deal with the International Monetary Fund.

Under Dissanayake, Sri Lanka’s new left-leaning government is working to fulfill his campaign promises of sweeping reforms, including to revive the economy.

Its latest deal with the UAE is part of the country’s “commitment to enhancing Foreign Direct Investment (FDI) and fostering a more attractive investment landscape,” the president’s media division said.

In 2019, the UAE was the 8th largest source of FDI in Sri Lanka.

M. Shiham Marikar, secretary-general of the National Chamber of Exporters of Sri Lanka, said the agreement offers “substantial benefits” for Sri Lankan businesses.

“This partnership is a vital step toward fostering economic growth, securing foreign investments, and strengthening trade relations between Sri Lanka and the UAE,” Marikar told Arab News.

“One of the most significant advantages is enhanced market access to the UAE and the broader Middle Eastern region … The agreement also paves the way for new partnerships and joint ventures, particularly in high-potential sectors like tourism and real estate. Moreover, Sri Lankan businesses, especially SMEs, will benefit from greater access to foreign capital, funding opportunities, and new markets.”

MUNICH: An Afghan asylum seeker was arrested after a suspected car ramming attack injured at least 28 people in the southern German city of Munich on Thursday, police said.
The incident comes on the eve of a high-profile international conference in Munich and amid an election campaign in which immigration and security have been key issues after a spate of similar attacks.
A passenger car drove into a street demonstration of striking workers from the Verdi trade union near the city center and was then shot at by officers, said the deputy head of Munich police Christian Huber.
The driver, a 24-year-old Afghan asylum seeker, was arrested at the scene, Huber said.
Earlier a fire service spokesman told AFP that several of those hurt were “seriously injured, some of them in a life-threatening condition.”
The state premier of Bavaria Markus Soeder told a press conference that the incident was “just terrible” and that “it looks like this was an attack.”
Soeder’s Bavarian CSU party and its national sister party the CDU have demanded tougher curbs on migration after a series of similar attacks which have shocked the country.
“This is not the first incident... we must show determination that something will change in Germany,” Soeder said. “This is further proof that we can’t keep going from attack to attack.”
The ground at the scene of the incident was littered with items including glasses, shoes, thermal blankets and a pushchair.
Eyewitness Alexa Graef said she was “shocked” after seeing the car drive into the crowd “which looked deliberate.”
“I hope it’s the last time I see anything like that,” she said.
An eyewitness who was among the striking workers told the local BR42 website that he “saw a person lying under the car” after it drove into the crowd.
The president of the Verdi union Frank Werneke said in a statement: “We are deeply upset and shocked at the awful incident during a peaceful demonstration by our Verdi colleagues.”
The incident comes a day before the city is due to host the high-profile Munich Security Conference.
US Vice President JD Vance and Ukrainian President Volodymyr Zelensky are among those arriving on Thursday to attend the two-day security meet.
The latest suspected attack comes amid an already inflamed debate on immigration after several similar incidents, most recently in the Bavarian city of Aschaffenburg last month.
Two people were killed in a knife attack including a two-year-old child.
After that attack a 28-year-old Afghan man was arrested whom authorities say has a history of mental illness.