The UAE and Oman announced multiple agreements on various sectors, including digital infrastructure and technology between the two countries, in the presence of UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan and His Majesty Sultan Haitham bin Tariq, Sultan of Oman, who was in UAE for a state visit.
Several UAE and Omani companies entered into investment and collaboration agreements, encompassing digital infrastructure and technology, renewable energy, green metals, railway 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.
Also Read: Oman-IX Set to Accelerate the Sultanate’s Global Interconnectivity
The UAE-Oman joint business forum was held in the presence of HH Sheikh Hamed bin Zayed Al Nahyan, Managing Director of the Abu Dhabi Investment Authority (ADIA), to exchange agreements with an estimated total value of AED 129 billion (USD 35 billion), underscoring the commitment of both countries and representing a significant step towards enhancing economic cooperation aimed at driving economic development through strategic investments.
The investment agreements include:
- Cooperation over digital infrastructure and other sectors such as food security, energy, transport and other areas of mutual interest.
- Establishment of a technology-focused fund by ADQ and Oman Investment Authority, worth AED 660 million. Also Read: Vodafone Oman: Pioneering Oman’s Digital Transformation
- 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.
- A UAE-Oman rail connectivity project, valued at AED 11 billion.
- A shareholding partnership between Etihad Rail, Mubadala and Omani Asyad Group Company. The total estimated value of the investment is AED 3 billion.
- The formation of a UAE-Oman alliance to enahance bilateral economic and trade economic relations.
His Excellency Mohamed Hassan Alsuwaidi, Minister of Investment of the UAE, said, “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.”
Also Read: Omantel, AWS Develop Sovereign Cloud in Oman
The UAE distinguishes itself as one of the foremost nations globally in terms of investment and trade with Oman, with non-oil trade volumes reaching approximately AED 50 billion in 2023. The new agreements aims to contribute towards a stable and prosperous future for both countries.
