Tue. Dec 7th, 2021

Gulf states sign agreements covering a range of areas, including military cooperation and taxation while Haitham bin Tariq Al Said visits Qatar.

Oman and Qatar have signed agreements on military cooperation, taxation, tourism, ports, labor and investment while Oman wants to strengthen its debt-laden economy, state news agencies from both Gulf states said.

Oman is among the weakest financially of the Gulf oil producers. It has pursued wide-ranging reforms and austerity measures since Sultan Haitham bin Tariq Al Said took power almost two years ago following the death of his predecessor, who ruled for half a century.

The agreements were signed during a two-day state visit by Oman’s Sultan Haitham to the small but rich state of Qatar, one of the world’s top producers of liquefied natural gas (LNG).

The deals included an agreement on double taxation and tax evasion on income and capital taxes, and an investment cooperation agreement between sovereign wealth funds, the Qatar Investment Authority and the Oman Investment Authority, Qatar’s Amiri Diwan, the emir’s administrative office, said on Monday. said. .

Further details on the transactions were not immediately available.

Since the oil price crash in 2014, Oman, a country of about five million people, has accumulated large amounts of debt. It recently launched a medium-term plan to rectify its finances which was also hit by the COVID-19 pandemic.

Oman was in talks with some Gulf states for financial aid last year, according to an October 2020 bond prospectus.

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