The United Arab Emirates and Oman signed a series of investment agreements valued at AED129 billion during a business forum held yesterday.
The forum, organised alongside His Majesty Sultan Haitham bin Tariq of Oman’s visit, lays the groundwork for deeper cooperation across multiple sectors, it was shared.
The investment agreements span renewable energy, green metals, railway, and digital infrastructure and technology investments, furthering the commitments outlined in the agreements between the Ministry of Investment of the UAE and the Ministry of Commerce, Trade and Investment Promotion of the Sultanate of Oman.
The investment agreements include:
- An industrial and energy megaproject valued at AED117 billion, encompassing renewable energy initiatives such as solar and wind projects, alongside green metals production facilities. The signatories of which include Abu Dhabi National Energy Company (TAQA), Abu Dhabi Future Energy Company (MASDAR), Emirates Global Aluminium (EGA), Emirates Steel Arkan (ESA), OQ Alternative Energy, and Oman Electricity Transmission Company;
- A shareholder agreement to establish a technology-focused fund between ADQ and Oman Investment Authority worth AED 660 million;
- An agreement to award contracts for a UAE-Oman rail connectivity project valued at AED 11 billion;
- A mutual investment cooperation covering multiple sectors such as digital infrastructure, food security, energy, transport and other areas of mutual interest. The agreement was signed by the Ministry of Investment of the UAE and the Ministry of Commerce, Trade and Investment Promotion in the Sultanate of Oman;
- A partnership agreement between Etihad Rail, Mubadala and Asyad Group of Oman. The total estimated value of the investment is AED 3 billion;
- A framework agreement for a UAE-Oman alliance to enhance bilateral economic and trade relations.
His Excellency Mohamed Hassan Alsuwaidi, Minister of Investment of the UAE, commented: “The UAE and Oman have strong historical relations, which are founded on shared values, goals and principles. The agreements represent a major milestone in our bilateral ties, as they pave the way for us to leverage our collective strength to realize our shared vision of advancement and prosperity.”
Adding: “The UAE distinguishes itself as one of the foremost nations globally in terms of investment and trade with the Sultanate of Oman, with non-oil trade volumes reaching approximately AED 51 billion in 2023. The agreements signed today will serve to bolster relations across key sectors and enhance socio-economic benefits, contributing towards a stable and prosperous future for both countries.”