Saudi Arabia and Oman agreed on Tuesday to establish a joint investment fund to strengthen bilateral ties, as Riyadh seeks to counter Iranian and Qatari influence in the region.
The agreement was reached at a meeting between the Saudi interior minister Prince Abdulaziz bin Saud and his Omani counterpart, Yusuf bin Abdullah Alawi, in Muscat.
"The talks focused on strengthening trade ties between the two sides with a plan to establish an Oman-Saudi Arabia Investment Fund," a political source close to both governments told The National, adding that Prince Abdulaziz also discussed security issues and regional developments during two days of talks with Omani officials.
It comes after Saudi Arabia said last week it would invest US$120 million (Dh44.7m) in the development of Oman's Duqm port into a major industrial hub, which Muscat hopes will drive non-oil revenue.
“It is a clear sign here that Saudi Arabia needs to reach out to Oman through investments," said the source.
"The Saudis don't want Oman to side with Qatar, especially since the Qataris are now investing heavily in the sultanate. At the same time, Saudi Arabia feels it must contain Iran's influence on both Oman and Qatar."
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Saudi interior minister arrives in Muscat for talks
Exclusive: Oman looks to develop industrial and logistics parks in concession areas
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Qatar has agreed to invest $400m in Sohar port in the north-east of Oman, while its national airline, Qatar Airways, has moved all of its Dubai operations to Sohar International Airport.
Iran, meanwhile, is building a car manufacturing company in Duqm, in the east of the country, and a hospital in the northern Al Batnah region.
Saudi Arabia, the UAE, Bahrain and Egypt have been boycotting Qatar since June last year over its alleged support for extremists and interference in the affairs of its neighbours. Oman has remained a neutral player in the dispute.
Muscat also does not play a role in the Saudi-led coalition fighting in Yemen on behalf of the internationally recognised government of president Abdrabu Mansur Hadi. Pro-government and coalition forces are battling to regain full control of the country from Iran-backed Houthi rebels.
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COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
RESULTS
Time; race; prize; distance
4pm: Maiden; (D) Dh150,000; 1,200m
Winner: General Line, Xavier Ziani (jockey), Omar Daraj (trainer)
4.35pm: Maiden (T); Dh150,000; 1,600m
Winner: Travis County, Adrie de Vries, Ismail Mohammed
5.10pm: Handicap (D); Dh175,000; 1,200m
Winner: Scrutineer, Tadhg O’Shea, Ali Rashid Al Raihe
5.45pm: Maiden (D); Dh150,000; 1,600m
Winner: Yulong Warrior, Richard Mullen, Satish Seemar
6.20pm: Maiden (D); Dh150,000; 1,600m
Winner: Ejaaby, Jim Crowley, Doug Watson
6.55pm: Handicap (D); Dh160,000; 1,600m
Winner: Storyboard, Richard Mullen, Satish Seemar
7.30pm: Handicap (D); Dh150,000; 2,200m
Winner: Grand Dauphin, Gerald Mosse, Ahmed Al Shemaili
8.05pm: Handicap (T); Dh190,000; 1,800m
Winner: Good Trip, Tadhg O’Shea, Ali Rashid Al Raihe
DUNE%3A%20PART%20TWO
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The specs
Engine: Dual 180kW and 300kW front and rear motors
Power: 480kW
Torque: 850Nm
Transmission: Single-speed automatic
Price: From Dh359,900 ($98,000)
On sale: Now
Match info
Athletic Bilbao 0
Real Madrid 1 (Ramos 73' pen)
Nayanthara: Beyond The Fairy Tale
Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni
Director: Amith Krishnan
Rating: 3.5/5
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
ADCC AFC Women’s Champions League Group A fixtures
October 3: v Wuhan Jiangda Women’s FC
October 6: v Hyundai Steel Red Angels Women’s FC
October 9: v Sabah FA
Company%20Profile
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COMPANY%20PROFILE
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Business Insights
- Canada and Mexico are significant energy suppliers to the US, providing the majority of oil and natural gas imports
- The introduction of tariffs could hinder the US's clean energy initiatives by raising input costs for materials like nickel
- US domestic suppliers might benefit from higher prices, but overall oil consumption is expected to decrease due to elevated costs
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Match info:
Portugal 1
Ronaldo (4')
Morocco 0
Mental%20health%20support%20in%20the%20UAE
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Business Insights
- As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
- SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
- Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
MATCH DETAILS
Chelsea 4
Jorginho (4 pen, 71 pen), Azpilicueta (63), James (74)
Ajax 4
Abraham (2 og), Promes (20). Kepa (35 og), van de Beek (55)
A timeline of the Historical Dictionary of the Arabic Language
- 2018: Formal work begins
- November 2021: First 17 volumes launched
- November 2022: Additional 19 volumes released
- October 2023: Another 31 volumes released
- November 2024: All 127 volumes completed
More coverage from the Future Forum
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Farasan Boat: 128km Away from Anchorage
Director: Mowaffaq Alobaid
Stars: Abdulaziz Almadhi, Mohammed Al Akkasi, Ali Al Suhaibani
Rating: 4/5
COMPANY%20PROFILE
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Killing of Qassem Suleimani
Killing of Qassem Suleimani
UAE currency: the story behind the money in your pockets
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