UAE, Oman Ink Historic $35 Billion Investment Pact

UAE, Oman Ink Historic $35 Billion Investment Pact

By Staff Writer, 23 April 2024

In a landmark move aimed at bolstering bilateral ties, the United Arab Emirates (UAE) and Oman have cemented an investment partnership valued at a staggering 129 billion dirham ($35.12 billion).

The agreement, inked during the ongoing visit of Oman's Sultan Haitham bin Tariq to the UAE, signifies a strategic commitment to collaboration across various sectors.

Outlined by the UAE's Ministry of Investment, the comprehensive agreements span a wide array of domains, including renewable energy, green metals, railway infrastructure, and digital technology investments.

Among the key highlights are:

  1. 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.
  2. Establishment of a technology-focused fund by ADQ and Oman Investment Authority, worth Dh660 million.
  3. A UAE-Oman rail connectivity project valued at Dh11 billion.
  4. 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.
  5. A shareholding partnership between Etihad Rail, Mubadala and Omani Asyad Group Company. The total estimated value of the investment is Dh3 billion.
  6. The formation of a UAE-Oman alliance to enhance bilateral economic and trade economic relations.

The investment partnership signifies a significant milestone in the longstanding relationship between the UAE and Oman, marking a strategic leap forward in mutual cooperation and economic development.

As both nations chart a course towards sustainable growth, the alliance is poised to unlock new opportunities and propel regional prosperity.

Source: Gulf News

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