UAE, Oman Establish $35 Bln Investment Partnerships

  • 2024-04-23 01:19:00

UAE and Omani companies have signed deals worth 129 billion dirhams ($35.12 billion) in sectors including energy and transport during the Omani ruler's visit to the United Arab Emirates.

UAE President Sheikh Mohamed bin Zayed Al Nahyan and Sultan Haitham bin Tariq of Oman witnessed the announcement of several memoranda of understanding and agreements aimed at strengthening relations between the two countries to achieve further growth and prosperity.

The announcement was made as part of the official visit of Oman’s Sultan to the UAE.

The agreements were dominated by a 117 billion dirham industrial and energy "megaproject" grouping wind, solar projects and green metals production.

Abu Dhabi National Energy Co. (TAQA), Abu Dhabi Future Energy Company (Masdar), Emirates Global Aluminium (EGA), Emirates Steel Arkan (ESA), OQ Alternative Energy and Oman Electrical Transmission Co were among the companies involved, the ministry statement said.

Abu Dhabi's sovereign wealth fund ADQ also signed an agreement to set up a 660 million dirham technology-focused fund with the Oman Investment Authority, while the UAE and Oman signed an 11 billion dirham agreement to connect the countries by rail.

“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," UAE Minister of Investment Mohamed Hassan Alsuwaidi said.