Agreement about hosting overseas ruler (5)

I believe the answer is:

emeer

I'm a little stuck... Click here to teach me more about this clue!

'overseas ruler' is the definition.
'emeer' can be an answer for 'ruler' (emeer is a kind of ruler). I'm unsure of the 'overseas' bit.

'agreement about hosting' is the wordplay.
'hosting' says the answer is hidden in the clue (I've seen 'hosts' mean this).
'about' says the letters should be written in reverse.
'reeme' is hidden within 'agreement'.
'reeme' written backwards gives 'EMEER'.

Can you help me to learn more?

(Other definitions for emeer that I've seen before include "Leader of Arabs" , "independent ruler" , "Prince" , "Islamic title" , "Meryl -, US actress" .)

I've seen this clue in The Independent.

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