Memorandums span renewable energy, green metals, railway, and digital infrastructure and technology investments
Abu Dhabi, UAE, 23 April 2024 – After His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, and His Majesty Sultan Haitham bin Tariq, Sultan of Oman, witnessed the announcement of multiple agreements, a UAE-Oman business forum was convened today as part of His Majesty Sultan Haitham’s state visit to the UAE.
Following the signings on Monday in the presence of His Highness Sheikh Theyab bin Mohamed bin Zayed Al Nahyan, Chairman of the Office of Development and Martyrs’ Families Affairs at the Presidential Court; and His Highness Sheikh Hamed bin Zayed Al Nahyan, several UAE and Omani companies entered into investment and collaboration agreements across various sectors. These agreements span renewable energy, green metals, railway, and digital infrastructure and technology investments, furthering the commitments outlined in the agreements between the Ministry of Investment of the UAE and the Ministry of Commerce, Trade and Investment Promotion of the Sultanate of Oman.
The UAE-Oman joint business forum was held in the presence of HH Sheikh Hamed bin Zayed Al Nahyan, Managing Director of the Abu Dhabi Investment Authority (ADIA), to exchange agreements with an estimated total value of AED 129 billion, underscoring the commitment of both countries and representing a significant step towards enhancing economic cooperation aimed at driving economic development through strategic investments.
The investment agreements include:
- An industrial and energy megaproject valued at AED117 billion, encompassing renewable energy initiatives, including wind such as 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 Oman Electricity Transmission Company.
- Establishment of a technology-focused fund by ADQ and Oman Investment Authority, worth AED 660 million.
- A UAE-Oman rail connectivity project, valued at AED 11 billion.
- Cooperation over multiple sectors, notably digital infrastructure, food security, energy, transport and other areas of mutual interest. The agreement was signed by the UAE Ministry of Investment and the Ministry of Commerce, Trade and Investment Promotion in the Sultanate of Oman.
- A shareholding partnership between Etihad Rail, Mubadala and Omani Asyad Group Company. The total estimated value of the investment is AED 3 billion.
- The formation of a UAE-Oman alliance to enahance bilateral economic and trade economic relations.
His Excellency Mohamed Hassan Alsuwaidi, Minister of Investment of the UAE, said: “The UAE and Oman have strong historical relations that are founded on shared values, goals and principles. 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. 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 distinguishes itself as one of the foremost nations globally in terms of investment and trade with the Sultanate of Oman, with non-oil trade volumes reaching approximately AED 50 billion in 2023. 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.
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