The UAE and Oman exchange investment partnerships worth 129 billion dirhams to enhance cooperation in multiple sectors
In the presence of His Highness Sheikh Hamed bin Zayed Al Nahyan and during the Emirati-Omani Business Forum..
The UAE and Oman exchange investment partnerships worth 129 billion dirhams to enhance cooperation in multiple sectors
ABU DHABI, 23 APRIL / WAM / Today, on the sidelines of the visit of His Majesty Sultan Haitham bin Tariq, Sultan of Oman, to the sister country, the Emirati-Omani Business Forum was organized, during which a number of memorandums of understanding, agreements, and investment partnerships worth 129 billion dirhams in several fields were announced.
The forum was attended by His Highness Sheikh Hamed bin Zayed Al Nahyan, His Excellency Suhail bin Mohammed Faraj Faris Al Mazrouei, Minister of Energy and Infrastructure, His Excellency Mohammed Hassan Al Suwaidi, Minister of Investment, His Excellency Ahmed bin Ali Al Sayegh, Minister of State, and Engineer Ammar bin Sulaiman Al Kharousi, CEO of Invest in Oman. Sheikh Badr bin Abdullah Al Hinai, Head of Communications at the Oman Investment Authority, Engineer Abdulaziz bin Saeed Al Shaythani, CEO of the green hydrogen company “Hydrome”, and a number of officials and businessmen in both brotherly countries.
The agreements included renewable energy projects; green minerals; and railway connectivity; And investments in digital infrastructure and technology, in light of the agreements signed between the Ministry of Investment in the UAE and the Ministry of Commerce, Industry and Investment Promotion in the Sultanate of Oman, which included:
1- A huge industrial and energy project worth 117 billion dirhams that includes renewable energy and energy production projects, including wind and solar energy projects, in addition to green metal factories, which was signed by the Abu Dhabi National Energy Company “Taqa”; Abu Dhabi Future Energy Company “Masdar”; Emirates Global Aluminum Company “EGA”; Emirates Steel Company Arkan “ESA”; OQ Alternative Energy Company; And the Oman Electricity Transmission Company.
2 – A shareholders’ agreement to launch a technology-focused fund between ADQ and the Oman Investment Authority at a value of 660 million dirhams.
3 – An agreement to award contractors for the railway link project between the Sultanate of Oman and the UAE, worth 11 billion dirhams.
4 – A bilateral investment cooperation agreement covering multiple sectors, including digital infrastructure, food security, energy, transportation, and other areas of common interest between the Ministry of Investment in the UAE and the Ministry of Commerce and Investment Promotion in the Sultanate of Oman to enhance investments and facilitate bilateral trade between the two countries.
5 – A partnership agreement between Etihad Rail Company, Mubadala Company, and Omani Asyad Group Company, with a total investment value of 3 billion dirhams.
6 – A framework agreement to form an Emirati-Omani alliance that focuses on strengthening bilateral trade and economic relations.
His Excellency Mohammed Hassan Al Suwaidi, Minister of Investment, said: “The UAE and the Sultanate of Oman have historical relations characterized by close ties, which served as a basic foundation for mutual cooperation. The agreements signed today represent an important step that will pave the way for further development by harnessing our efforts together to achieve our common vision for economic growth.” And prosperity for both countries.”
His Excellency added that the UAE is emerging as one of the world’s leading countries in the field of investment and trade with the Sultanate of Oman, as the volume of non-oil trade will reach approximately 51 billion dirhams in 2023, and the agreements signed today will strengthen relations in key sectors and provide beneficial results. On society and economic growth towards a stable and prosperous future between the two countries.
The holding of the Emirati-Omani Business Forum comes to confirm the great commitment of both countries in investment partnerships amounting to approximately 129 billion dirhams, and represents an important step towards economic cooperation to drive growth and development through strategic investments between the two brotherly countries.
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