The UAE and Oman have formalized investment agreements amounting to $35.12 billion (129 billion dirhams). These agreements span a diverse spectrum of sectors including renewable energy, green metals, railway infrastructure, digital technologies, and more, signaling a robust commitment to mutual economic growth and regional prosperity.
The ceremony, graced by eminent figures from both nations, underscored the strength of UAE-Oman relations, rooted in shared values and visions. Mohamed Hassan Al-Suwaidi, the UAE’s Minister of Investment, described the event as a pivotal juncture. “The agreements represent a major milestone in our bilateral ties, as they pave the way for us to leverage our collective strength to realize our shared vision of advancement and prosperity,” remarked Al-Suwaidi.
Central to the agreements is an expansive industrial and energy megaproject valued at 117 billion dirhams. This initiative will foster renewable energy projects, including solar and wind, and green metal production, involving key entities such as Abu Dhabi National Energy, Abu Dhabi Future Energy, Emirates Global Aluminium, alongside Emirates Steel Arkan, OQ Alternative Energy, and Oman Electricity Transmission.
The technology sector also received a significant boost with the creation of a 660 million dirham fund between Abu Dhabi Developmental Holding and the Oman Investment Authority, targeted at catalyzing digital innovation.
The collaboration extends to infrastructure, with an 11 billion dirham investment in a rail connectivity project poised to streamline trade and logistics between the two nations. Complementary to this, a strategic pact involving UAE’s Ministry of Investment, the Ministry of Commerce and Trade, and Oman’s Ministry of Investment Promotion focuses on enhancing cooperation across digital infrastructure, food security, and energy sectors.
Further strengthening economic ties, Etihad Rail, Mubadala, and Omani Asyad Group established a 3 billion dirham shareholding partnership, reinforcing the collaborative economic framework.
These strategic agreements transcend mere economic benefits, promising substantial socio-economic upliftment for both nations. By establishing such profound cooperative ventures, the UAE and Oman not only solidify their economic interdependence but also position themselves as exemplars of regional partnership and development.
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