On Monday, Oman’s Sultan Haitham bin Tarik has paid a two-day official visit to Qatar. This visit has been the second foreign trip of Oman’s Sultan since he assumed power last year. Upon his arrival at Doha International Airport, Sultan Haitham was welcomed by the Qatari Emir Sheikh Tamim bin Hamad Al Thani.
The two leaders discussed means of developing and cementing ties between Muscat and Doha as well as ways of development to achieve the interests and aspirations of the two nations, the statement expressed. The latest regional and international developments were also on the agenda during the bilateral meeting between the two leaders.
Following the meeting, it was announced that six memorandums of understanding (MoUs) were signed on different fields, including military cooperation, taxation, tourism, ports, labor, and investment.
Prevention of double taxation and tax evasion on income and capital taxes as well as investment cooperation between sovereign wealth funds of the two countries are among the deals.
The visit and agreements come as Oman looks for ways to rehabilitate its economy. As the financially weakest country in the Gulf region, Oman tries to implement reforms and austerity measures to overcome its economic turndown.
As a country with a population of about 5 million people, Oman has accrued significant debt since the 2014 oil price fall. It has lately begun a medium-term plan to repair its economy, which was also badly impacted by the COVID-19 pandemic.
Last year, the country engaged in talks with some of its Gulf neighbors for financial help.