Qatar and the Sultanate of Oman have signed six agreements as a part of the countries’ ongoing efforts to strengthen bilateral relations within the Gulf Cooperation Council (GCC) region.
The Emir of Qatar, His Highness Sheikh Tamim bin Hamad Al Thani and Sultan of Oman, His Majesty Haitham bin Tarik witnessed the signing of an agreement on military cooperation that aims to enhance bilateral military cooperation, and agreement on avoiding double taxation and evasion on income taxes and capital levies.
The other key signings include, a Memorandum of Understanding (MoU) in the field of labor and developing human resources, a cooperation agreement in the investment field between Qatar Investment Authority and Oman Investment Authority, a cooperation agreement in the field of tourism and hospitality, and an agreement in the field of maritime transport and ports.
The agreements are expected to open wide opportunities for both countries, especially in an economic aspect which is one of the important pillars of Oman Vision 2040 and Qatar National Vision 2030, reinforced by legislative elements that stimulate investment and a facilitating, attractive, and encouraging infrastructure.
Oman, a country with a population of about 5 million people, has amassed significant debt since the 2014 oil price fall. It has lately begun a medium-term plan to restore its finances, which were again badly impacted by the COVID-19 pandemic. According to an October 2020 bond prospectus, Oman was in talks with some Gulf countries for financial assistance last year.
According to reports, relations between the Sultanate and the State of Qatar are steadily improving on all political, economic, cultural, and other levels, with the volume of Qatari investments in the Omani market reaching around $1 billion at the end of 2020, up from $925 million the previous year, and trade exchange increasing in recent years.
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