UAE & Oman Establish AED 129 Billion Investment Alliances

During the state visit of His Majesty Sultan Haitham bin Tariq of Oman to the UAE, a significant stride in bilateral relations was marked by the convening of a UAE-Oman business forum. This event followed the auspicious witnessing of multiple agreements by His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, and His Majesty Sultan Haitham.

Under the keen eyes of dignitaries including His Highness Sheikh Theyab bin Mohamed bin Zayed Al Nahyan and His Highness Sheikh Hamed bin Zayed Al Nahyan, Chairman of the Office of Development and Martyrs’ Families Affairs at the Presidential Court, several UAE and Omani entities inked collaborative ventures across various domains. These pacts, ranging from renewable energy to digital infrastructure, further solidify the commitments outlined between the Ministry of Investment of the UAE and the Ministry of Commerce, Trade, and Investment Promotion of Oman.

The UAE-Oman joint business forum, graced by His Highness Sheikh Hamed bin Zayed Al Nahyan, Managing Director of the Abu Dhabi Investment Authority (ADIA), saw the exchange of agreements valued at approximately AED 129 billion. This substantial commitment underscores the dedication of both nations to fortify economic ties, paving the way for strategic investments to spur economic growth.

Several groundbreaking investment agreements have been inked, including a monumental AED 117 billion industrial and energy megaproject featuring renewable energy and green metals production by key players like TAQA, MASDAR, and EGA. ADQ and Oman Investment Authority have established an AED 660 million technology-focused fund, while a UAE-Oman rail connectivity project worth AED 11 billion is set to transform transportation. Collaboration across digital infrastructure, food security, and energy sectors is facilitated by both countries' ministries. Additionally, strategic shareholding partnerships and alliances aim to bolster bilateral economic and trade relations.

His Excellency Mohamed Hassan Alsuwaidi, Minister of Investment of the UAE, said: “The UAE and Oman have strong historical relations 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. Today, we are witnessing the exchange of agreements that take our historical partnership to the next level as we move together towards a brighter future.”

These agreements underscore the UAE's prominence as a key economic partner for Oman, with non-oil trade volumes soaring to approximately AED 50 billion in 2023. The collaborative efforts forged through these pacts promise to yield socio-economic dividends, steering both nations towards a future marked by stability and prosperity.