UAE and Oman establish investment partnerships worth Dh129 billion
Memorandums span renewable energy, green metals, railway, and technology investments
Abu Dhabi: After His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, and Sultan Haitham bin Tariq, Sultan of Oman, witnessed the announcement of multiple agreements, a UAE-Oman business forum was convened today as part of Sultan Haitham’s state visit to the UAE.
Following the signings on Monday in the presence of Sheikh Theyab bin Mohamed bin Zayed Al Nahyan, Chairman of the Office of Development and Martyrs’ Families Affairs at the Presidential Court; and Sheikh Hamed bin Zayed Al Nahyan, Managing Director of the Abu Dhabi Investment Authority (ADIA), several UAE and Omani companies entered into investment and collaboration agreements across various sectors. These agreements span renewable energy, green metals, railway, and digital infrastructure and technology investments, furthering the commitments outlined in the agreements between the Ministry of Investment of the UAE and the Ministry of Commerce, Trade and Investment Promotion of the Sultanate of Oman.
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The UAE-Oman joint business forum was held in the presence of Sheikh Hamed, to exchange agreements with an estimated total value of Dh129 billion.
The investment agreements include:
- An industrial and energy megaproject valued at Dh117 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 Oman Electricity Transmission Company.
- Establishment of a technology-focused fund by ADQ and Oman Investment Authority, worth Dh660 million.
- A UAE-Oman rail connectivity project valued at Dh11 billion.
- Cooperation over multiple sectors, notably digital infrastructure, food security, energy, transport and other areas of mutual interest. The agreement was signed by the UAE Ministry of Investment and the Ministry of Commerce, Trade and Investment Promotion in the Sultanate of Oman.
- A shareholding partnership between Etihad Rail, Mubadala and Omani Asyad Group Company. The total estimated value of the investment is Dh3 billion.
- The formation of a UAE-Oman alliance to enhance bilateral economic and trade economic relations.
Mohamed Hassan Alsuwaidi, 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. Today, we are witnessing the exchange of agreements that take our historical partnership to the next level as we move forward together towards a brighter future.”