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The United Arab Emirates and Oman signed several cooperation agreements today.
The UAE Financial Intelligence Unit and Oman’s National Financial Information Centre have signed a memorandum of understanding on the exchange of information related to money laundering and financial terrorism. The Abu Dhabi Stock Exchange and the Muscat Stock Exchange also signed an agreement for the dual listing of their shares.Government agencies of the two countries signed additional agreements on shipping, logistics, environment, etc. Emirates News Agency report.
The UAE and Oman also signed a $3 billion deal to build a railway linking the two countries. The UAE and Oman will each own 50% of the project.The train will run at 200 km/h (125 mph), official Oman News Agency report.
This speed is often referred to as “high-speed” and is lower than the 250 km/h (155 mph) for “high-speed” trains.
The deals were reached during a visit to Oman by UAE President Sheikh Mohamed bin Zayed Al Nahyan.
Why it matters: The UAE prioritizes regional partnerships in its foreign policy.At the UN General Assembly this month, Reem Ebrahim Al Hashimy, UAE Minister of State for International Cooperation, said the country’s strategy is based on On “Peace, Prosperity and Partnership”.
Emirates recently signed Free trade agreement To do this, work with Israel, India and Indonesia.
The money laundering memorandum also represents the UAE’s continued efforts to clean up its bad reputation in this regard. In August, the country’s central bank announced A series of new initiatives Aims to expose those involved in money laundering and the financing of terrorism and crime. In recent years, the UAE has been embroiled in various sanctions-busting and money-laundering disputes.
understand more: Oman’s economy is doing well now due to high oil prices and fiscal reforms, Hassan Jivraj Reporting for Al-Monitor Earlier this month.
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