Qatar and Oman authenticated contracts on taxation, tourism, military cooperation, ports, labour, and investments on 22nd November 2021 (Monday) as the latter sought out to replenish its economy that was fraught with debt, state news agencies of both the Arab countries stated.
The Qatar-Oman Collaboration
Oman has been facilitating broad-ranging reformations and stern measures since Sultan Haitham Bin Tariq Al Saeed came into power almost two years ago, after his predecessor Sultan Qaboos passed away.
The contracts were authenticated during a two-day state duty call by Oman’s Sultan Haitham to the minor but wealthy state of Qatar, one of the globe’s major manufacturers of liquified natural as (LNG).
The Oman Civil Oder of the First Class was bequeathed to the governor of Qatar, Sheikh Tamim bin Hamad al-Thani.
The Oman Civil Order is one of the most eminent honours of Oman and is bestowed upon kings and heads of state, whose nations have illustrious relationships with Oman. It is also bequeathed to luminaries who relish the reverence of the Sultan.
The agreements include a contract on tax evasion and double taxation on capital taxes and income, and an investment collaboration agreement between the sovereign wealth funds of the two nations – the Oman Investment Authority and the Qatar Investment Authority, stated Amiri Diwan, the administrative officer of Qatar.
More elaborate details on the agreements were not revealed.
Ever since the oil price crash in 2014, Oman, a nation that encompasses and inhabits around 5 million people, has amassed massive amounts of debt. Oman recently boarded on a medium-tenure plan to replenish its fiscal needs that were massively affected owing to the COVID19 pandemic.
In 2020, Oman facilitated discussions with some Arab nations for monetary aid, according to a bond prospectus released in October 2020.