Gulf states signal agreements protecting a spread of areas together with army cooperation and taxation as Haitham bin Tariq Al Mentioned visits Qatar.
Oman and Qatar have signed agreements on army cooperation, taxation, tourism, ports, labour and funding as Oman seeks to invigorate its debt-burdened financial system, the state information businesses of each the Gulf states stated.
Oman is among the many weakest financially of the Gulf oil producers. It has been pursuing wide-ranging reforms and austerity measures since Sultan Haitham bin Tariq Al Mentioned took energy virtually two years in the past following the dying of his predecessor who dominated for half a century.
The agreements had been signed throughout a two-day state go to by Oman’s Sultan Haitham to the small however rich state of Qatar, one of many world’s prime producers of liquefied pure fuel (LNG).
— Qatar Information Company (@QNAEnglish) November 22, 2021
The offers included an settlement on double taxation and tax evasion on revenue and capital taxes, and an funding cooperation settlement between sovereign wealth funds the Qatar Funding Authority and the Oman Funding Authority, stated Qatar’s Amiri Diwan, the executive workplace of the emir, on Monday.
Additional particulars on the offers weren’t instantly out there.
For the reason that oil worth crash in 2014, Oman, a rustic of round 5 million folks, has collected massive quantities of debt. It not too long ago launched into a medium-term plan to repair its funds that had been additionally hit by the COVID-19 pandemic.
Oman was in talks final yr with some Gulf nations for monetary assist, in line with an October 2020 bond prospectus.