UAE, Oman ink deals worth Dh129b

The agreements span renewable energy; green metals; railway connectivity; and investments in digital infrastructure and technology…reports Asian Lite News

A UAE-Oman Business Forum took place yesterday, which saw the announcement of multiple agreements worth AED129 billion. The event was held on the sidelines of the visit of His Majesty Sultan Haitham bin Tariq, Sultan of Oman, to the UAE.

Present at the forum were H.H. Sheikh Hamed bin Zayed Al Nahyan; Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure; Mohamed Hassan Al Suwaidi, Minister of Investment; Ahmed Ali Al Sayegh, Minister of State; Ammar Al Kharusi, CEO of Invest Oman; Sheikh Bader Al Hinai, Media and Communications Chief at Oman Investment Authority (OIA); Abdulaziz Al Shidhani, Managing Director of Hydrom; and a number of officials and business leaders.

The agreements span renewable energy; green metals; railway connectivity; and investments in digital infrastructure and technology, in line with the agreements signed between the UAE’s Ministry of Investment and Oman’s Ministry of Commerce and Industry and Investment Promotion. These included:

1- An industrial and energy megaproject valued at AED117 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 the Oman Electricity Transmission Company.

2- An AED660 million shareholder agreement to launch a technology-focused fund, signed by ADQ and OIA.

3- An agreement on a UAE-Oman railway connectivity project, valued at AED11 billion.

4- An investment cooperation agreement covering multiple sectors including digital infrastructure, food security, energy, transport and other areas of mutual interest. The agreement was signed by the UAE’s Ministry of Investment and Oman’s Ministry of Commerce and Industry and Investment Promotion.

5- A partnership agreement between Etihad Rail, Mubadala and Oman’s Asyad Group with a total investment value of AED3 billion.

6- A framework agreement to form a UAE-Oman alliance focused on enhancing bilateral economic and trade relations.

Mohamed Hassan Al Suwaidi, 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.

“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 AED51 billion in 2023. The agreements signed today will serve to bolster relations across key sectors and foster socio-economic benefits, contributing towards a stable and prosperous future for both countries.”

The UAE-Oman business forum was held to reaffirm the strong commitment of both countries to investment partnerships valued at around AED129 billion, and represents a major stride towards economic cooperation to drive growth and development through strategic investments between the two countries.

The Sultan of Oman has also met His Highness Sheikh Mohammed bin Rashid Al Maktoum at Qasr Al Watan in Abu Dhabi yesterday. The two leaders discussed ways to strengthen relations between the two countries across sectors, within the framework of the broader goal of enhancing progress and prosperity in the UAE and Oman, and the region.

Sheikh Mohammed welcomed Sultan Haitham and his delegation, and highlighted the strategic importance of the visit in bolstering the historical relations between the two nations. He said that the strong ties between the UAE and Oman fostered by the late Sheikh Zayed bin Sultan Al Nahyan and Sultan Qaboos bin Said continue to thrive under their legacy.

His Majesty Sultan Haitham expressed his keenness to deepen the strategic partnership between the UAE and Oman through further cooperation across government and private sectors and greater economic, commercial, and cultural exchanges, drawing strength from the enduring historical bonds between the two countries. This, His Majesty said, aligns with the shared goals to enhance Gulf Cooperation Council initiatives to advance sustainable development and strengthen the role of countries in the region on the global stage.

The discussions covered the development of bilateral relations, with a focus on economic opportunities, especially in trade, investment and tourism.

The leaders also discussed new avenues for expanding cooperation to support development goals and exchanging expertise in governmental excellence and human capital training.

Further, the meeting addressed regional and international developments and explored solutions to overcome challenges in the Middle East to foster peace, security, and stability which are critical to sustainable development. Both leaders affirmed their commitment to continuing their dialogue to advance prosperity and development in their nations and the region.

The meeting was also attended by ministers, dignitaries and senior officials from both countries.

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