UAE-Oman sign AED129bn Multi-Sector Investment Agreements
The economic partnership between the United Arab Emirates and Oman has taken a significant leap forward with the recent signing of a series of investment agreements amounting to an impressive AED129 billion.
These agreements, encompassing various sectors, mark a pivotal moment in the effort to strengthen economic cooperation between the two Gulf nations.
Sheikh Hamed bin Zayed Al Nahyan, the Managing Director of the Abu Dhabi Investment Authority (ADIA), made the announcements during the UAE-Oman Business Forum in Abu Dhabi.
At the forefront of these agreements is a monumental AED117 billion industrial and energy project focusing on renewable energy endeavors like solar and wind power initiatives, alongside the establishment of green metals production facilities. Companies such as 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 have joined hands to propel this ambitious venture forward.
In addition to the energy-centric deals, both countries have agreed to collaborate across a spectrum of sectors. These include the formation of a technology-focused fund between ADQ and the Oman Investment Authority valued at AED 660 million, contracts for a UAE-Oman rail connectivity project totaling AED 11 billion, and a broad-ranging mutual investment cooperation covering digital infrastructure, food security, energy, transport, and other mutually beneficial areas. Furthermore, a framework agreement has been established to foster a UAE-Oman alliance aimed at enhancing bilateral economic and trade relations.
These agreements come against the backdrop of a state visit by the Sultan and Prime Minister of Oman, Haitham bin Taiq, to the UAE, underscoring the significance of the occasion. The UAE stands as one of Oman's prominent trade and investment partners, with non-oil trade volumes reaching approximately AED51 billion in 2023. It is anticipated that these new agreements will not only fortify relations across critical industries but also generate socio-economic advantages for both nations.
Mohamed Hassan Alsuwaidi, UAE Minister of Investment, hailed the agreements as a significant milestone, emphasizing their role in advancing shared visions of progress and prosperity. He expressed confidence that the collaborative efforts embodied in these agreements will contribute to a stable and prosperous future for both countries, underscoring the enduring strength of their strategic and economic partnership.
