UAE and Oman Forge Investment Partnerships Valued at AED129 Billion to Enhance Cross-Sector Collaboration – Business – Economy and Finance

The UAE and Oman have solidified their economic ties with the announcement of multiple agreements worth a staggering AED129 billion at a business forum held today. The event, which took place during the visit of His Majesty Sultan Haitham bin Tariq, Sultan of Oman, to the UAE, saw the participation of key officials and business leaders from both countries.

Among the agreements signed were a range of initiatives spanning renewable energy, green metals, railway connectivity, and investments in digital infrastructure and technology. These agreements are in line with the strategic partnerships between the UAE’s Ministry of Investment and Oman’s Ministry of Commerce and Industry and Investment Promotion.

Notable agreements include a massive AED117 billion industrial and energy megaproject focusing on renewable energy and green metals production, as well as an AED660 million shareholder agreement for a technology-focused fund. Additionally, a UAE-Oman railway connectivity project valued at AED11 billion and an investment cooperation agreement covering various sectors were also announced.

Mohamed Hassan Al Suwaidi, Minister of Investment of the UAE, highlighted the significance of these agreements in strengthening the bilateral ties between the two countries. He emphasized the shared vision of advancement and prosperity that these agreements aim to realize, paving the way for enhanced economic cooperation and mutual benefits.

The UAE-Oman business forum serves as a testament to the commitment of both nations towards fostering investment partnerships and driving economic growth through strategic investments. With non-oil trade volumes already reaching approximately AED51 billion in 2023, these agreements are set to further bolster relations and contribute to a stable and prosperous future for both countries.