UAE, Oman establish investment partnerships worth AED129 billion to deepen multi-sectoral cooperation

UAE, Oman establish investment partnerships worth AED129 billion to deepen multi-sectoral cooperation

ABU DHABI, 23rd April, 2024 (WAM) — A UAE-Oman Business Forum took place today, which saw the announcement of multiple agreements worth AED129 billion. The event was held on the sidelines of the visit of His Majesty Sultan Haitham bin Tariq, Sultan of Oman, to the UAE.

Present at the forum were H.H. Sheikh Hamed bin Zayed Al Nahyan; Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure; Mohamed Hassan Al Suwaidi, Minister of Investment; Ahmed Ali Al Sayegh, Minister of State; Ammar Al Kharusi, CEO of Invest Oman; Sheikh Bader Al Hinai, Media and Communications Chief at Oman Investment Authority (OIA); Abdulaziz Al Shidhani, Managing Director of Hydrom; and a number of officials and business leaders from both countries.

The agreements span renewable energy; green metals; railway connectivity; and investments in digital infrastructure and technology, in line with the agreements signed between the UAE’s Ministry of Investment and Oman’s Ministry of Commerce and Industry and Investment Promotion. These included:

1- An industrial and energy megaproject valued at AED117 billion, encompassing renewable energy initiatives, including wind such as solar and wind projects, alongside green metals production facilities. The signatories included 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.

2- An AED660 million shareholder agreement to launch a technology-focused fund, signed by ADQ and OIA.

3- An agreement on a UAE-Oman railway connectivity project, valued at AED11 billion.

4- An investment cooperation agreement covering multiple sectors including digital infrastructure, food security, energy, transport and other areas of mutual interest. The agreement was signed by the UAE’s Ministry of Investment and Oman’s Ministry of Commerce and Industry and Investment Promotion.

5- A partnership agreement between Etihad Rail, Mubadala and Oman’s Asyad Group with a total investment value of AED3 billion.

6- A framework agreement to form a UAE-Oman alliance focused on enhancing bilateral economic and trade relations.

Mohamed Hassan Al Suwaidi, Minister of Investment of the UAE, said, “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 realise our shared vision of advancement and prosperity.

“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. The agreements signed today will serve to bolster relations across key sectors and foster socio-economic benefits, contributing towards a stable and prosperous future for both countries.”

The UAE-Oman business forum was held to reaffirm the strong commitment of both countries to investment partnerships valued at around AED129 billion, and represents a major stride towards economic cooperation to drive growth and development through strategic investments between the two countries.

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