The visit of Saudi Crown Prince Mohammed bin Salman to Oman could bring a financial windfall to the sultanate with projects worth $10 billion – ranging from oil and gas to the maritime sector – an Omani government official said on Tuesday.
Prince Mohammed arrived in Muscat on Monday to start his tour of GCC countries and is expected to leave Oman on Tuesday for the United Arab Emirates.
According to state-owned Oman Television, hours before Prince Mohammed’s arrival in Muscat, Saudi and Omani officials signed 13 agreements.
“The Saudi and Omani officials, under the Saudi Arabia-Oman Business Council, signed 13 agreements to set up projects in Oman to invest in oil, gas, tourism, green energy, maritime, logistics, ports, telecommunications and an industrial zone,” Oman Television reported on Tuesday.
Oman Television did not say how much the total cost of the projects would amount to, but one of the Omani officials who was involved in the signing revealed the value.
“The contract signings for these projects are worth $10 billion, which is a big boost for the Omani economy at a time when Oman needs the cash flow to diversify the economy away from oil income,” the official told The National.
Oman has embarked on an ambitious economic development plan – Vision 2040 – to wean its economy off oil revenues and introduce medium-term measures to rein in its debt, which has grown in recent years.
The Saudi crown prince held talks with Sultan Haitham bin Tarek, which officials said were focused on ongoing nuclear negotiations between Iran and the West, resolving regional conflicts and increasing co-operation between their countries.
Foreign diplomats said they expected Oman to reap the benefit of its role as a mediator on regional conflicts, including Yemen.
“We were expecting this project windfall because Oman has been working tirelessly as a mediator for both Iran and Yemen and will continue on this path in the future until a peaceful settlement is found,” a foreign diplomat told The National.
Gulf Co-operation Council (GCC) Secretary General Nayef Falah Al Hajraf said the timing of the Saudi royal's tour plays an important role in strengthening ties among Gulf nations ahead of the GCC summit next week.
"The Gulf tour reinforces hopes, aspirations and close ties which connect the GCC states," he said in a statement.
Roads and refineries
Oman and Saudi Arabia this year announced the construction of a motorway linking the two neighbours through the Empty Quarter desert region.
The motorway, more than 700 kilometres long, will start from Ibri, a town in south-west Oman, and end in Alkwifriah in Al Ahsa, eastern Saudi Arabia.
Abdullah Saud Al Anzi, the kingdom's ambassador to Muscat, said the motorway would be opened soon.
Oman Television also said that Saudi Arabia will invest in projects in Duqm in central Oman, where the sultanate has its biggest economic zone.
The biggest project in Duqm is a 230,000 barrel per day oil refinery, which is expected to be completed during the first quarter of 2023. It is a 50-50 joint venture between Oman’s state-owned OQ and Kuwait Petroleum International.
Prince Mohammed’s tour will take in all five fellow members of the Gulf Co-operation Council – Oman, the UAE, Bahrain, Qatar and Kuwait.
It will be his first visit to Qatar since the AlUla summit in January ended a rift in the GCC and re-established ties between Doha on the one hand, and Saudi Arabia, the UAE and Bahrain.
Saudi Arabian state media reported that the tour would be focused on ways to enhance co-ordination between GCC states and measures to strengthen the work of the regional body, before the leaders’ summit in mid-December.
OPINIONS ON PALESTINE & ISRAEL
UAE currency: the story behind the money in your pockets
Cryopreservation: A timeline
- Keyhole surgery under general anaesthetic
- Ovarian tissue surgically removed
- Tissue processed in a high-tech facility
- Tissue re-implanted at a time of the patient’s choosing
- Full hormone production regained within 4-6 months
Financial considerations before buying a property
Buyers should try to pay as much in cash as possible for a property, limiting the mortgage value to as little as they can afford. This means they not only pay less in interest but their monthly costs are also reduced. Ideally, the monthly mortgage payment should not exceed 20 per cent of the purchaser’s total household income, says Carol Glynn, founder of Conscious Finance Coaching.
“If it’s a rental property, plan for the property to have periods when it does not have a tenant. Ensure you have enough cash set aside to pay the mortgage and other costs during these periods, ideally at least six months,” she says.
Also, shop around for the best mortgage interest rate. Understand the terms and conditions, especially what happens after any introductory periods, Ms Glynn adds.
Using a good mortgage broker is worth the investment to obtain the best rate available for a buyer’s needs and circumstances. A good mortgage broker will help the buyer understand the terms and conditions of the mortgage and make the purchasing process efficient and easier.
Elvis
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UAE currency: the story behind the money in your pockets
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Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
SPECS
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Global state-owned investor ranking by size
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1.
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United States
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2.
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China
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3.
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UAE
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4.
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Japan
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5
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Norway
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6.
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Canada
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7.
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Singapore
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8.
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Australia
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9.
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Saudi Arabia
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10.
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South Korea
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Pros%20and%20cons%20of%20BNPL
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The biog
Favourite films: Casablanca and Lawrence of Arabia
Favourite books: Start with Why by Simon Sinek and Good to be Great by Jim Collins
Favourite dish: Grilled fish
Inspiration: Sheikh Zayed's visionary leadership taught me to embrace new challenges.
Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
Dirham Stretcher tips for having a baby in the UAE
Selma Abdelhamid, the group's moderator, offers her guide to guide the cost of having a young family:
• Buy second hand stuff
They grow so fast. Don't get a second hand car seat though, unless you 100 per cent know it's not expired and hasn't been in an accident.
• Get a health card and vaccinate your child for free at government health centres
Ms Ma says she discovered this after spending thousands on vaccinations at private clinics.
• Join mum and baby coffee mornings provided by clinics, babysitting companies or nurseries.
Before joining baby classes ask for a free trial session. This way you will know if it's for you or not. You'll be surprised how great some classes are and how bad others are.
• Once baby is ready for solids, cook at home
Take the food with you in reusable pouches or jars. You'll save a fortune and you'll know exactly what you're feeding your child.
More from Rashmee Roshan Lall
About Krews
Founder: Ahmed Al Qubaisi
Based: Abu Dhabi
Founded: January 2019
Number of employees: 10
Sector: Technology/Social media
Funding to date: Estimated $300,000 from Hub71 in-kind support
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