Emirati and Omani businesses have signed a series of investment deals valued at Dh129 billion. The agreements cover the renewable energy, green metals, railway, and technology sectors.
The deals were announced during the UAE-Oman Business Forum, held on the sidelines of the visit of His Majesty Sultan Haitham bin Tariq, Sultan of Oman, to the UAE.
The agreements include an industrial and energy megaproject valued at Dh117 billion, encompassing renewable energy initiatives, including solar and wind projects, alongside green metals production facilities.
The Abu Dhabi National Energy Company (TAQA); Abu Dhabi Future Energy Company (Masdar); Emirates Global Aluminium (EGA); Emirates Steel Arkan (ESA); OQ Alternative Energy; and the Oman Electricity Transmission Company were all involved in this project.
In addition, the event saw the signing of a Dh660 million shareholder agreement between ADQ and OIA to launch a technology-focused fund, as well as a UAE-Oman railway connectivity project valued at Dh11 billion.
During the event, the UAE’s Ministry of Investment and Oman’s Ministry of Commerce and Industry and Investment Promotion also signed a cooperation agreement covering multiple sectors including digital infrastructure, food security, energy, transport and other areas of mutual interest.
Meanwhile, a partnership agreement between Etihad Rail, Mubadala and Oman’s Asyad Group was valued at Dh3 billion.
“The agreements signed today will serve to bolster relations across key sectors and foster socio-economic benefits, contributing towards a stable and prosperous future for both countries,” said Mohamed Hassan Al Suwaidi, Minister of Investment of the UAE.
The UAE-Oman business forum represents a major stride towards economic cooperation to drive growth and development through strategic investments between the two countries.
