Essay on Internal Auditor

646 Words Oct 28th, 2009 3 Pages
Economic Phenomena

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1. Summary of Valuation

A balancing act

Sep 15th 2009
From the Economist Intelligence Unit ViewsWire

Oman preserves friendly ties with both Iran and the West

The Omani ruler, Sultan Qaboos bin Said al-Said, was the first head of state to visit Iran after the controversial re-election of Mahmoud Ahmadinejad in June. His discussions included a proposal for Iran to pump gas to the Gulf Arab state, some of which could be exported using Oman's liquefied natural gas (LNG) facilities. At the same time, Oman is one of the longest-standing and most reliable allies of the West in the Middle East, and it is said to be close to finalising a major order to upgrade its air force with Eurofighter Typhoons.
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In the mid-1980s Oman signed a contract with British Aerospace (as the company was then known) to buy eight Tornado aircraft. However, an oil price crash in 1986 led to questions over whether such a sophisticated aircraft was affordable and suitable for a small air force such as Oman's, and the contract was cancelled. Oman subsequently purchased from British Aerospace a fleet of 15 Hawk jets, which it has been operating since the 1980s.
The sultanate has a long history of association with the British military and defence industry, which stretches back to military assistance provided by the UK to overcome a rebellion in the north of Oman, in the late 1950s. The current sultan trained as an officer at the Royal Military Academy Sandhurst in the UK and served in the British Army in the early 1960s. A small number of serving British forces personnel are still seconded to Oman's military, although the days when the UK posted a contract officer are now effectively over. Since the 1980s, however, the US has increased military ties with Oman. It has an agreement with the sultanate for the pre-positioning of support equipment for 26,000 personnel at Masirah, Thumrait and Seeb airports, and an agreement for the use of these airports as bases. In early June Oman signed a contract with Lockheed Martin for the purchase of a C-130 Super Hercules plane, which will join the three C-130Hs that were purchased in the early 1980s. The new aircraft has the

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