The UAE-Oman business forum has unveiled several investment memoranda and partnership agreements across multiple sectors.
This came on the sidelines of the visit to the UAE by His Majesty Sultan Haitham bin Tariq, Sultan of Oman The total value of these agreements amounts to $35 billion.
His Highness Sheikh Hamed bin Zayed Al Nahyan was present at the meeting, along with His Excellency Suhail bin Mohammed Faraj Faris Al Mazrouei, Minister of Energy and Infrastructure, His Excellency Mohamed Hassan Alsuwaidi, Minister of Investment of the UAE, His Excellency Ahmed bin Ali Al Sayegh, Minister of State; and Engineer Ammar bin Sulaiman Al Kharusi, CEO of Invest Oman.
Also in attendance were Sheikh Badr bin Abdullah Al Hinai, Chief of Media and Communications at Oman Investment Authority, Engineer Abdulaziz bin Saeed Al Shidhani, CEO of Green Hydrogen Company (Hydrom), and other officials and businessmen from both sides.
The investment 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.
The investment agreements include:
An industrial and energy megaproject valued at $32 billion, encompassing renewable energy initiatives 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,
A shareholder agreement to establish a technology-focused fund between ADQ and Oman Investment Authority, worth $180 million,
An agreement to award contracts for a UAE-Oman rail connectivity project, valued at $30 billion,
Mutual investment cooperation covers multiple sectors such as digital infrastructure, food security, energy, transport and other areas of mutual interest. The agreement was signed by the Ministry of Investment of the UAE and the Ministry of Commerce, Trade and Investment Promotion in the Sultanate of Oman,
A partnership agreement between Etihad Rail, Mubadala and Asyad Group of Oman. The total estimated value of the investment is $817 million,
A framework agreement for the formation of a UAE-Oman alliance to enhance bilateral economic and trade relations.
Mohamed Hassan Al Suwaidi UAE Minister of Investment
“The UAE and Oman have strong historical relations, which 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.”
Alsuwaidi added that, “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 $139 billion in 2023. 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.”
The UAE-Oman business forum underscored the commitment of both countries to promoting investment partnerships, representing a significant step towards enhancing economic cooperation aimed at driving development through strategic investments.
