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UAE, Israel Sign Agreement on Economic, Trade Cooperation

The UAE and Israeli flags. WAM
The UAE and Israeli flags. WAM
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UAE, Israel Sign Agreement on Economic, Trade Cooperation

The UAE and Israeli flags. WAM
The UAE and Israeli flags. WAM

UAE’s Minister of Foreign Affairs and International Cooperation Sheikh Abdullah bin Zayed Al Nahyan and his Israeli counterpart, Yair Lapid, signed on Wednesday an agreement on economic and trade cooperation.

Sheikh Abdullah and Lapid met in Abu Dhabi and agreed on several areas of cooperation, a joint statement said.

The signed agreement "reflects the two governments' commitment to the development of economic relations and the free flow of commodities and services, as well as cooperation in the fields of exhibitions, the exchange of expertise and knowledge, the exchange of delegations, cooperation between chambers of commerce, the promotion of joint research and development, and agro technologies."

The parties agreed on establishing a joint economic committee tasked with implementing the agreement to remove barriers and increase bilateral trade, said the statement.

Sheikh Abdullah and Lapid also looked forward to signing a free trade agreement, saying they have started discussions on this matter.

"Both ministers discussed ways to further explore means to increase investments in each other's economies, infrastructure, and science and technologies, thereby bringing together the ingenuity and spirit of innovation and vision of both countries’ peoples and leaderships," the statement added.

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S&P Upgrades Oman’s Credit Rating with 'Stable Outlook'

A gas production field in the Sultanate of Oman. (Reuters)
A gas production field in the Sultanate of Oman. (Reuters)
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S&P Upgrades Oman’s Credit Rating with 'Stable Outlook'

A gas production field in the Sultanate of Oman. (Reuters)
A gas production field in the Sultanate of Oman. (Reuters)

Global credit rating agency Standard & Poor’s (S&P) upgraded Oman’s credit rating to ‘BBB-’ with a stable outlook, hoping the country’s public finances will continue to strengthen.
“The outlook on the long-term ratings is stable,” the agency said.
The stable outlook balances the potential benefits of the government's fiscal and economic reform program against the economy's structural susceptibility to adverse oil price shocks.
S&P also noted that Oman’s fiscal position remains highly dependent on oil price movements, but resilience against shocks has strengthened.
Oil prices settled higher on Friday but fell on the week as investors weighed expectations for higher global supply against fresh stimulus from top crude importer China.
Brent crude futures settled up 38 cents, or 0.53%, at $71.89 per barrel. Front-month US West Texas Intermediate crude futures settled up 51 cents, or 0.75%, at $68.18.
On a weekly basis, Brent settled down around 3%, while WTI fell by around 5%.
In early May, the International Monetary Fund (IMF) said Oman’s near- to medium-term outlook is favorable and risks to the outlook are broadly balanced.
It expressed hope that a decline in oil prices and economic reforms would continue in the medium term.
On Saturday, S&P expressed optimism it could raise Oman’s ratings over the next two years if reforms lead to steady growth in Oman's GDP per capita supported by continued momentum in non-oil growth.
It then expected the government's fiscal and economic reform momentum will continue over 2024-2027 on condition of reducing external debt levels and accumulating liquid assets.
Last week, the Central Bank of Oman (CBO) reduced its repo rate for local banks by 50 basis points, bringing it down to 5.5% in line with other Gulf central banks’ decisions to cut their key interest rates after the Federal Reserve decreased US rates by half a percentage point.
S&P said it anticipates that the CBO will continue following the US Federal Reserve's interest rate policy.
The agency added, “We expect Oman will maintain its currency peg, supported by its accumulated government external assets of about 30% of GDP.”