UAE, Oman establish investment partnerships worth AED 129 billion

The UAE and Oman have agreed to establish investment partnerships worth AED 129 billion.

Multiple agreements were announced during the UAE-Oman Business Forum in Abu Dhabi on Tuesday, which was held on the sidelines of the visit of Oman's Sultan Haitham bin Tariq to the UAE.

The latest deals span renewable energy, green metals, railway connectivity, digital infrastructure and technology sectors.

1. An industrial and energy megaproject valued at AED 117 billion, encompassing renewable energy initiatives, including solar and wind projects, alongside green metals production facilities.
   • The signatories included 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.
2. An AED 660 million shareholder agreement to launch a technology-focused fund, signed by ADQ and OIA.
3. An agreement on a UAE-Oman railway connectivity project, valued at AED 11 billion.
4. An investment cooperation agreement covering multiple sectors including digital infrastructure, food security, energy, transport and other areas of mutual interest.
   • The agreement was signed by the UAE's Ministry of Investment and Oman's Ministry of Commerce and Industry and Investment Promotion.
5. A partnership agreement between Etihad Rail, Mubadala and Oman's Asyad Group worth AED 3 billion.
6. A framework agreement to form a UAE-Oman alliance focused on enhancing bilateral economic and trade relations.

"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," said Mohamed Hassan Al Suwaidi, UAE's Minister of Investment.

The value of non-oil trade between the UAE and Oman reached nearly AED 51 billion in 2023.