UAE And Oman Forge Investment Partnerships Valued At AED129 Billion

A UAE-Oman Business Forum on Tuesday witnessed the announcement of multiple agreements worth AED129 billion. The event was held on the sidelines of Sultan of Oman Sultan Haitham bin Tariq's visit to the UAE.

The multiple partnership agreements cover various areas, including renewable energy, green metals, railway connectivity, and investments in digital infrastructure and technology, WAM reported.

The agreements were signed between the UAE's Ministry of Investment and Oman's Ministry of Commerce and Industry and Investment Promotion.

One of the agreements is valued at AED 117 billion based on an industrial and energy megaproject, focusing on renewable energy initiatives such as solar and wind projects alongside green metals production facilities.

Companies like Abu Dhabi National Energy Company (TAQA), Abu Dhabi Future Energy Company (Masdar), Emirates Global Aluminium (EGA), Emirates Steel Arkan (ESA), OQ Alternative Energy and the Oman Electricity Transmission Company are involved in this project.

Another AED 660 million agreement, focusing on technology, was signed between Abu Dhabi Developmental Holding Company (ADQ) and Oman Investment Authority (OIA). The UAE-Oman railway connectivity project agreement worth AED11 billion was also signed.

Furthermore, a deal was made between the UAE and Oman to work together on building digital networks, food security, energy, transport, and other areas of mutual interest. This agreement was signed by the UAE's Ministry of Investment and Oman's Ministry of Commerce and Industry and Investment Promotion.

A partnership agreement worth AED 3 billion was also signed between Etihad Rail, Mubadala, and Oman's Asyad Group while another agreement focused on enhancing bilateral economic and trade relations between both nations were also signed.

Sheikh Hamed bin Zayed Al Nahyan, Managing Director of the Abu Dhabi Investment Authority; Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure; Mohamed Hassan Al Suwaidi, Minister of Investment; Ahmed Ali Al Sayegh, Minister of State and several officials and business leaders from both countries were present at the event.

Also in attendance were Ammar Al Kharusi, CEO of Invest Oman; Sheikh Bader Al Hinai, Media and Communications Chief at Oman Investment Authority (OIA) and Abdulaziz Al Shidhani, Managing Director of Hydrom.

"The UAE and Oman have strong historical relations that 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," Al Suwaidi said.

"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 AED51 billion in 2023," he added.