UAE And Oman Announce AED 129 Billion In Investment Partnerships To Boost Economic Cooperation

Today marked a significant milestone in the economic partnership between the UAE and Oman, as multiple agreements totaling AED129 billion were announced at the UAE-Oman Business Forum. This event, held on the sidelines of His Majesty Sultan Haitham bin Tariq's visit to the UAE, underscored the deep-rooted ties and shared ambitions of both nations towards advancement and prosperity.

Among the dignitaries present 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; and leaders from key organizations such as Invest Oman and Oman Investment Authority (OIA). The forum showcased the UAE's and Oman's commitment to fostering economic growth through strategic investments in sectors critical for future development.

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The agreements signed at the forum span several sectors, including renewable energy, green metals, railway connectivity, and digital infrastructure. Notably, an industrial and energy megaproject valued at AED117 billion aims to bolster renewable energy initiatives and green metals production. This project involves major entities such as Abu Dhabi National Energy Company (TAQA), Masdar, Emirates Global Aluminium (EGA), and others.

Additionally, a technology-focused fund worth AED660 million was launched through a shareholder agreement between ADQ and OIA. Another highlight was the AED11 billion agreement on UAE-Oman railway connectivity, promising to enhance trade and mobility between the two countries.

Investment cooperation covering various sectors and a partnership agreement involving Etihad Rail, Mubadala, and Oman's Asyad Group with a total investment value of AED3 billion were also among the key deals announced. Furthermore, a framework agreement aimed at forming a UAE-Oman alliance was signed to boost economic and trade relations.

Mohamed Hassan Al Suwaidi highlighted the significance of these agreements, stating they mark a major milestone in UAE-Oman bilateral ties. He emphasized the strong historical relations based on shared values and goals, which these agreements aim to further strengthen.

The UAE stands out as a leading nation in investment and trade with Oman, with non-oil trade volumes reaching approximately AED51 billion in 2023. These newly signed agreements are expected to enhance relations across key sectors, contributing to socio-economic benefits for both countries.

The UAE-Oman business forum not only reaffirmed the commitment of both nations to their investment partnership but also represented a significant step towards economic cooperation. Through these strategic investments, both countries aim to drive growth and development, paving the way for a stable and prosperous future.

In essence, the forum and its outcomes highlight the dynamic nature of UAE-Oman relations. The agreements signed today are set to play a pivotal role in shaping the economic landscape of both nations, fostering an environment ripe for innovation, sustainability, and mutual prosperity.

With inputs from WAM