Oman, Qatar signal agreements throughout sultan’s go to to Doha

Gulf states signal agreements protecting a spread of areas together with navy cooperation and taxation as Haitham bin Tariq Al Said visits Qatar.

Oman and Qatar have signed agreements on navy 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 mentioned.

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 Said took energy almost two years in the past following the demise 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 gasoline (LNG).

The offers included an settlement on double taxation and tax evasion on earnings and capital taxes, and an funding cooperation settlement between sovereign wealth funds the Qatar Investment Authority and the Oman Investment Authority, mentioned Qatar’s Amiri Diwan, the executive workplace of the emir, on Monday.

Further particulars on the offers weren’t instantly accessible.

Since the oil worth crash in 2014, Oman, a rustic of round 5 million individuals, has accrued giant 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 international locations for monetary assist, in line with an October 2020 bond prospectus.