UAE and Oman strengthen ties with high-speed rail deals and fight financial crimes

The United Arab Emirates and Oman signed various cooperation agreements on Wednesday.

The Financial Intelligence Unit of the United Arab Emirates and the National Financial Information Center of Oman have signed a Memorandum of Understanding on the exchange of information related to money laundering and financial terrorism. Abu Dhabi Stock Exchange and Muscat Stock Exchange have also signed an agreement on dual listing of shares between them. Government entities of both countries have signed additional agreements on shipping, logistics, environment, etc. Emirates News Agency reported.

The United Arab Emirates and Oman have also signed a $3 billion deal to build a railway linking the two countries. The Emirates and Oman will each hold 50% of the project. The train will travel at a speed of 200 km/h (125 mph), the official Oman News Agency reported.

This speed is often referred to as “higher speed”, which is less than the 250 km/h (155 mph) of “high speed” trains.

The agreements were reached during the visit of the President of the United Arab Emirates, Sheikh Mohammed bin Zayed Al Nahyan, to Oman.

Why is it important: The UAE prioritizes regional partnerships in its foreign policy. At the UN General Assembly this month, Emirati Minister of State for International Cooperation Reem Ebrahim Al Hashimy said the country’s strategy was based on “peace, prosperity and partnerships”. .

The Emirates recently signed free trade agreements with Israel, India and Indonesia to this end.

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 measures aimed at exposing those engaged in money laundering as well as the financing of terrorism and crime. The UAE has been embroiled in various controversies over sanctions evasion and money laundering in recent years.

Know more: Oman’s economy is currently doing well due to high oil prices and the implementation of tax reforms, Hassan Jivraj reported for Al-Monitor earlier this month.

Jose P. Rogers