UAE And Oman Seal Dh129 Billion Deals To Boost Sectoral Cooperation

In a landmark move that underscores the deepening economic ties between the UAE and Oman, a series of significant investment agreements were announced during the state visit of His Majesty Sultan Haitham bin Tariq to the UAE, Sultan of Oman. Witnessed by The President His Highness Sheikh Mohamed bin Zayed Al Nahyan and His Majesty Sultan Haitham, these agreements cover a broad spectrum of sectors including renewable energy, green metals, digital infrastructure, and railway connectivity, with a combined estimated value of Dh129 billion.

The announcement followed the signings on Monday, in the presence of notable figures such as His Highness Sheikh Theyab bin Mohamed bin Zayed Al Nahyan and His Highness Sheikh Hamed bin Zayed Al Nahyan, further illustrating the commitment of both nations to foster economic development through strategic investments. The UAE-Oman business forum, which convened today, was a platform for these agreements to be exchanged, marking a significant step towards enhancing the economic cooperation between the two countries.

Among the most notable agreements is an industrial and energy megaproject with a footprint in renewable energy sectors such as solar and wind, alongside green metals production facilities. This project, valued at Dh117 billion, includes partnerships with leading companies such as Abu Dhabi National Energy Company (TAQA), Abu Dhabi Future Energy Company (MASDAR), Emirates Global Aluminium (EGA), and others. Additionally, a technology-focused fund worth Dh660 million was established by ADQ and Oman Investment Authority, aimed at bolstering the technological infrastructure and capabilities of both nations.

A crucial aspect of the agreements is the UAE-Oman rail connectivity project, valued at Dh11 billion, which promises to enhance transport and logistics operations between the two countries. Furthermore, cooperation across multiple sectors, including digital infrastructure and food security, was solidified through an agreement between the UAE Ministry of Investment and Oman's Ministry of Commerce, Trade and Investment Promotion.

Mohamed Hassan Alsuwaidi, Minister of Investment of the UAE, emphasized the significance of these agreements, stating, "The UAE and Oman have strong historical relations that are founded on shared values, goals and principles. Today, we are witnessing the exchange of agreements that take our historical partnership to the next level as we move forward together towards a brighter future."

The UAE is one of the leading nations globally in terms of investment and trade with Oman, with non-oil trade volumes reaching approximately Dh50 billion in 2023. These newly signed agreements are expected to further strengthen the bilateral relations between the UAE and Oman, paving the way for enhanced socio-economic benefits and contributing towards a stable and prosperous future for both countries.

The strategic nature of these investments not only highlights the strong bilateral ties between the UAE and Oman but also showcases the commitment of both nations to drive forward their economies through sustainable and forward-thinking initiatives. As these projects unfold, they are set to create a lasting impact on the economic landscape of both countries, fostering growth and prosperity in the years to come.