UAE and Oman Sign Multi-Sector Investment Deals

24 April 2024

UAE and Oman Sign Multi-Sector Investment Deals

UAE, Oman sign multi-sector investment deals worth AED129bn

The UAE and Oman have recently inked several investment agreements valued at AED129 billion, showcasing a significant stride in their economic collaboration.

The United Arab Emirates and Oman have strengthened their trade and economic ties with various multi-sector agreements. These agreements were announced during the UAE-Oman Business Forum held in Abu Dhabi, graced by the presence of Sheikh Hamed bin Zayed Al Nahyan, Managing Director of the Abu Dhabi Investment Authority (ADIA).

Mega Energy and Industrial Project

At the core of these agreements is an AED117 billion industrial and energy megaproject, emphasizing renewable energy initiatives such as solar and wind power projects, alongside green metals production facilities. Key signatories include 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.

Diversified Investments Across Key Sectors

Beyond energy, both nations have agreed to collaborate across diverse sectors:

  • A shareholder agreement to establish a technology-focused fund between ADQ and Oman Investment Authority, valued at AED 660 million.
  • An agreement to award contracts for a UAE-Oman rail connectivity project, valued at AED 11 billion.
  • Mutual investment cooperation covering digital infrastructure, food security, energy, transport, and other mutual interests, signed by the Ministry of Investment of the UAE and the Ministry of Commerce, Trade and Investment Promotion in Oman.
  • A framework agreement for the formation of a UAE-Oman alliance to enhance bilateral economic and trade relations.

These agreements signify a significant boost in UAE-Oman ties, fostering socio-economic benefits for both nations. The recent state visit by Sultan and Prime Minister of Oman Haitham bin Taiq to the UAE further underscores the importance of this collaboration.

The UAE is a leading trade and investment partner for Oman, with non-oil trade volumes reaching approximately AED51 billion in 2023. These new agreements are poised to strengthen relations across key industries.

“The agreements signed today will serve to bolster relations across key sectors and enhance socio-economic benefits, contributing towards a stable and prosperous future for both countries.” – Mohamed Hassan Alsuwaidi, UAE Minister of Investment

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24 April 2024

UAE and Oman Sign Multi-Sector Investment Deals

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