Arab News, Tue, Apr 23, 2024 | Shawwal 14, 1445
UAE and Oman establish $35bn investment partnerships across multiple sectors
UAE, Oman:
Trade and economic ties between the UAE and Oman are set to further strengthen
thanks to the signing of investment deals worth 129 billion dirhams ($35.12
billion).
According to a press statement, these agreements
cover multiple sectors, including renewable energy, green metals, railway,
digital infrastructure, and technology investments.
Economic ties between the UAE and Oman have
remained robust in recent years, with non-oil trade volumes reaching
approximately 50 billion dirhams in 2023.
“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,” said Mohamed Hassan Al-Suwaidi, UAE’s minister of investment.
One of the major agreements signed by both
countries was an industrial and energy megaproject valued at 117 billion
dirhams. This project encompasses renewable energy initiatives, including solar
and wind projects, alongside green metals production facilities.
The deal’s signatories included Abu Dhabi National
Energy Co., Abu Dhabi Future Energy Co., and Emirates Global Aluminium, as well
as Emirates Steel Arkan, OQ Alternative Energy, and Oman Electricity
Transmission Co.
Another agreement, valued at 660 million dirhams,
was signed between Abu Dhabi Developmental Holding Co. and Oman Investment
Authority to establish a technology-focused fund.
A UAE-Oman rail connectivity project, valued at 11
billion dirhams, was also inked by both countries.
Additionally, UAE’s Ministry of Investment and the
Ministry of Commerce and Trade signed another deal with Oman’s Ministry of
Investment Promotion to cooperate in multiple sectors, including digital
infrastructure, food security, and energy.
Etihad Rail, Mubadala, and Omani Asyad Group Co.
signed a shareholding partnership valued at 3 billion dirhams.
Both countries also announced the formation of a
UAE-Oman alliance to enhance bilateral economic and trade relations.
The UAE’s Ministry of Investment, in the press
statement, further noted that the signing of these agreements will serve to
bolster relations across key sectors and foster socio-economic benefits,
contributing toward a stable and prosperous future for both countries.