UAE and Oman Set up $35bn investment ties across diverse sectors

The UAE and Oman are expected to enhance their trade and economic relations through the signing of investment agreements totaling 129 billion dirhams ($35.12 billion). As stated in a press release, these deals include various industries such as renewable energy, sustainable metals, rail, digital infrastructure, and tech investments.

In recent years, economic relations between the UAE and Oman have remained strong, with non-oil trade reaching around 50 billion dirhams in 2023.

“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 realize our shared vision of advancement and prosperity,” said Mohamed Hassan Al-Suwaidi, UAE’s minister of investment.

One of the key deals inked by the two nations was a major industrial and energy project worth 117 billion dirhams. This project involves renewable energy efforts, such as solar and wind projects, in addition to facilities for producing green metals.

The agreement was signed by Abu Dhabi National Energy Co., Abu Dhabi Future Energy Co., Emirates Global Aluminium, Emirates Steel Arkan, OQ Alternative Energy, and Oman Electricity Transmission Co. Another deal worth 660 million dirhams was made between Abu Dhabi Developmental Holding Co. and Oman Investment Authority to create a fund focused on technology.

Both countries signed a rail connectivity project between UAE and Oman worth 11 billion dirhams. Furthermore, the Ministry of Investment and the Ministry of Commerce and Trade in the UAE also entered into an agreement with Oman’s Ministry of Investment Promotion to collaborate in various areas such as digital infrastructure, food security, and energy.