UAE and Oman Sign $35 Billion Investment Deals

The UAE and Oman have taken a significant step towards enhancing their trade and economic relations with the recent signing of investment agreements totaling 129 billion dirhams ($35.12 billion). These deals, spanning various sectors such as renewable energy, green metals, railway, digital infrastructure, and technology investments, aim to further solidify the strong historical ties between the two nations.

In 2023, non-oil trade volumes between the UAE and Oman reached approximately 50 billion dirhams, underscoring the robust economic partnership that exists. The agreements signed mark a milestone in the bilateral relationship, with both countries expressing a shared vision of advancement and prosperity.

One of the key agreements involves an industrial and energy megaproject valued at 117 billion dirhams, focusing on renewable energy initiatives like solar and wind projects, as well as green metals production facilities. Companies such as Abu Dhabi National Energy Co., Abu Dhabi Future Energy Co., and Emirates Global Aluminium are among the signatories of this transformative project.

Additionally, a technology-focused fund worth 660 million dirhams was established through a partnership between Abu Dhabi Developmental Holding Co. and Oman Investment Authority. The UAE-Oman rail connectivity project, valued at 11 billion dirhams, aims to enhance transportation links between the two countries.

Furthermore, collaborative efforts in sectors like digital infrastructure, food security, and energy are set to receive a boost through agreements signed by key ministries and companies from both nations. The formation of a UAE-Oman alliance underscores the commitment to strengthening economic and trade relations for mutual benefit.

The UAE's Ministry of Investment highlighted that these agreements will not only bolster relations across key sectors but also contribute to socio-economic benefits, paving the way for a stable and prosperous future for both countries.