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During Sultan Haitham bin Tariq’s visit to the UAE, a UAE-Oman business forum convened, unveiling various investment memorandums and partnership agreements spanning multiple sectors. These agreements collectively amount to AED 129 billion.
Present at the meeting were His Highness Sheikh Hamed bin Zayed Al Nahyan, along with dignitaries such as Minister of Energy and Infrastructure Suhail bin Mohammed Faraj Faris Al Mazrouei, Minister of Investment Mohamed Hassan Alsuwaidi, Minister of State Ahmed bin Ali Al Sayegh, and Invest Oman CEO Engineer Ammar bin Sulaiman Al Kharusi. Also in attendance were officials and businessmen from both countries.
The investment agreements encompass renewable energy, green metals, railway, and digital infrastructure and technology investments, aligning with the commitments outlined between the UAE’s Ministry of Investment and Oman’s Ministry of Commerce, Trade, and Investment Promotion.
These agreements include:
– An industrial and energy megaproject valued at AED 117 billion, focusing on renewable energy initiatives like solar and wind projects, alongside green metals production facilities. Signatories include EGA, ESA, TAQA, MASDAR, OQ Alternative Energy, as well as Oman Electricity Transmission Company.
– A shareholder agreement to establish a technology-focused fund between ADQ and Oman Investment Authority, valued at AED 660 million.
– An accord has been reached to allocate contracts for a UAE-Oman railway connectivity initiative, with a total worth of AED 11 billion.
– Mutual investment cooperation across various sectors such as digital infrastructure, food security, energy, and transport, signed by the Ministry of Investment of the UAE and the Ministry of Commerce, Trade, and Investment Promotion in Oman.
– A partnership agreement between Etihad Rail, Mubadala, and Asyad Group of Oman, estimated at AED 3 billion.
– A framework agreement has been established to forge a UAE-Oman alliance aimed at bolstering bilateral economic and trade relations.
Minister Alsuwaidi emphasized the significance of these agreements, stating that they mark a milestone in bilateral ties, leveraging collective strength to realize shared visions of advancement and prosperity. He highlighted the UAE’s distinction in investment and trade with Oman, with non-oil trade volumes reaching approximately AED 51 billion in 2023. These agreements aim to strengthen relations across key sectors, contributing to socio-economic benefits and a stable future for both nations.
The UAE-Oman business forum reaffirmed the commitment to promoting investment partnerships, signifying a significant stride towards enhancing economic cooperation through strategic investments. |
