UAE and Oman Seal AED 129 Billion in Strategic Investments
In a significant development during the recent visit of His Majesty Sultan Haitham bin Tariq to the UAE, a UAE-Oman business forum concluded with the announcement of several strategic investment agreements valued at AED 129 billion. The forum, a testament to the deepening bilateral ties between the two nations, witnessed the presence of prominent officials from both countries.
His Highness Sheikh Hamed bin Zayed Al Nahyan, alongside a host of dignitaries including His Excellency Suhail bin Mohammed Faraj Faris Al Mazrouei, Minister of Energy and Infrastructure, and His Excellency Mohamed Hassan Alsuwaidi, Minister of Investment of the UAE, were in attendance at the forum. Key business figures from Oman included Engineer Ammar bin Sulaiman Al Kharusi, CEO of Invest Oman also participated.
The agreements span multiple sectors including renewable energy, green metals, railway and digital infrastructure, reflecting a broad commitment to sustainable and diversified economic growth. A highlight of the forum was the announcement of a monumental AED 117 billion industrial and energy megaproject. This initiative includes renewable energy projects like solar and wind, along with green metals production, involving major firms such as TAQA, MASDAR, Emirates Global Aluminium, and others.
His Excellency Mohamed Hassan Alsuwaidi commented on the significance of these partnerships, stating, “The UAE and Oman have strong historical relations, which are founded on shared values, goals, and principles. These agreements represent a major milestone in our bilateral ties, paving the way for us to leverage our collective strength to realise our shared vision of advancement and prosperity.”
Additional agreements include the establishment of a technology-focused fund between ADQ and Oman Investment Authority worth AED 660 million, and a AED 11 billion contract for a UAE-Oman rail connectivity project aimed at boosting trade and logistics.
His Excellency Alsuwaidi also highlighted the current trade dynamics, noting that non-oil trade volumes between the two nations reached approximately AED 51 billion in 2023, underscoring the importance of these new agreements in further enhancing socio-economic benefits for both countries.
