Egypt and the Sultanate of Oman yesterday signed an agreement and a memorandum of understanding on the avoidance of double taxation and prevention of income and capital tax evasion, the Oman News Agency reported.

This came on the sidelines of the Sultan of Oman, Haitham Bin Tarik’s visit to Cairo.

The two sides have also signed an MoU on cooperation on financial policies and developments.

The agreement and the MoU were signed by the Egyptian Minister of Finance, Mohamed Maait, and his Omani counterpart, Sultan Bin Salem Al-Habsi, on the sidelines of the Egyptian-Omani Business Forum.

Al- Habsi affirmed that his country is keen “to build a solid partnership in the strategic economic sectors of interest to both countries, as well as endeavour to enhance investment and trade exchange efforts in a way that reflects the comparative advantage and competitive advantage between them, in order to achieve the desired economic integration.”

“The Omani-Egyptian partnership can be based on greater foundations of integrated work not only at the political, historical and cultural level, but also at the level of economic openness, trade exchange and investment cooperation,” he added.

In turn, the Egyptian minister said the two countries “are looking forward to raising inter-trade and joint investments.”

The Sultan of Oman arrived in Egypt on Sunday, on a two- day visit.