UAE, Oman firms sign multi-sectoral deals worth Dhs129bn

Image credit: WAM

UAE and Oman companies have signed multi-sectoral deals worth $35.12bn (Dhs129bn) during Sultan Haitham bin Tariq’s state visit to the Emirates, according to state-run Emirates News Agency.

The deals, which span renewable energy, railway connectivity and investments in digital infrastructure and technology, were dominated by a Dhs117bn industrial and energy “megaproject” that encompasses renewable energy initiatives including solar and wind energy projects as well as green metals production.

“The UAE and Oman have strong historical relations that are founded on shared values, goals and principles,” Mohamed Hassan Al Suwaidi, the UAE Minister of Investment said, adding that the investment agreements represent a major milestone in the countries’ bilateral ties.

“The UAE distinguishes itself as one of the foremost nations globally in terms of investment and trade with the Sultanate of Oman, with non-oil trade volumes reaching approximately Dhs51bn in 2023.”

Abu Dhabi National Energy Company (TAQA), Abu Dhabi Future Energy Company (Masdar), Emirates Global Aluminium, Emirates Steel Arkan, OQ Alternative Energy and the Oman Electricity Transmission Company signed the deal.

Abu Dhabi wealth fund ADQ and Oman Investment Authority signed an agreement to set up the $180m technology-focused Jasoor Fund, as part of a broader framework agreement that was signed by the duo in 2022.

The fund seeks to bolster the digital economy in Oman as well as the wider Middle East region by supporting high-growth technology companies in sectors such as fintech, edtech, healthtech, cleantech, food and agriculture, and logistics.

The UAE and Oman also signed a Dhs11bn agreement to connect the two Gulf states by rail while Etihad Rail, Abu Dhabi’s Mubadala and Oman’s Asyad Group entered into a partnership agreement valued at Dhs3bn.

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