Agreement worth AED117 billion to propel renewable energy and green metal megaprojects
In a landmark event, the UAE-Oman Business Forum recently convened, coinciding with the visit of His Majesty Sultan Haitham bin Tariq, Sultan of Oman, to the Emirates. The forum witnessed the announcement of multiple agreements worth a staggering AED129 billion ($35.12 billion). The forum underscored the commitment of both nations to foster investment partnerships and drive economic growth across multiple sectors.
The agreements encompass investments in multiple sectors including renewable energy, green metals, railway connectivity and digital infrastructure and technology. Moreover, they fall in line with the agreement the UAE’s Ministry of Investment and Oman’s Ministry of Commerce and Industry and Investment Promotion previously signed.
Multiple officials from both countries participated in the event in addition to a number of business leaders from both countries.
Key agreements
The agreements the UAE and Oman recently signed include:
- Industrial and energy megaproject: Valued at AED117 billion, this ambitious project encompasses renewable energy initiatives, including solar and wind projects and the production of green metals. Signatories include prominent entities such as TAQA, Masdar, EGA, ESA, OQ Alternative Energy, and the Oman Electricity Transmission Company.
- Technology-focused fund: Oman and the UAE inked a shareholder agreement worth AED660 million to launch the technology-focused fund (Jasoor Fund). This underscores their commitment to innovation and digital transformation.
- Railway connectivity project: Both parties reached an agreement worth AED11 billion for a UAE-Oman railway connectivity project.
- Investment cooperation agreement: The agreement covers multiple sectors including digital infrastructure, food security, energy, and transport. Hence, it signifies a comprehensive approach to economic collaboration. The UAE’s Ministry of Investment and Oman’s Ministry of Commerce and Industry and Investment Promotion signed the agreement which lays the foundation for mutual growth and development.
- Partnership agreement: Etihad Rail, Mubadala, and Oman’s Asyad Group forged a partnership agreement with a total investment value of AED3 billion.
- UAE-Oman alliance: The two parties signed a framework agreement to form a UAE-Oman alliance. This alliance focuses on enhancing bilateral economic and trade relations.
Read: IMF projects MENA region’s GDP to grow 2.7 percent in 2024
Vision for advancement
Mohamed Hassan Al Suwaidi, Minister of Investment of the UAE, emphasized the significance of these agreements in strengthening bilateral ties and advancing common goals. With non-oil trade volumes between the UAE and Oman reaching approximately AED51 billion in 2023, these agreements will bolster relations across key sectors and drive socio-economic benefits for both nations.
The UAE-Oman business forum reaffirmed the strong commitment of both countries to strategic investment partnerships worth around AED129 billion. Moreover, it represents a significant stride towards economic cooperation and development through investments between the two nations.
For more news on the economy, click here.