UAE and Oman Strengthen Trade and Economic Ties with Multi-Billion Dirham Investment Deals
In a move set to bolster their economic relationship, the UAE and Oman have signed investment deals worth a staggering 129 billion dirhams ($35.12 billion). These agreements span across various sectors, including renewable energy, green metals, railway, digital infrastructure, and technology investments.
Strong Historical Relations Pave the Way for Milestone Agreements
With non-oil trade volumes reaching approximately 50 billion dirhams in 2023, the economic ties between the UAE and Oman have remained resilient. UAE’s Minister of Investment, Mohamed Hassan Al-Suwaidi, emphasized the significance of these agreements in enhancing bilateral ties and realizing a shared vision of advancement and prosperity.
Mega Industrial and Energy Project Among Major Agreements
One of the key agreements signed is an industrial and energy megaproject valued at 117 billion dirhams. This project encompasses renewable energy initiatives, including solar and wind projects, and green metals production facilities. The signatories of this deal include prominent entities like Abu Dhabi National Energy Co., Abu Dhabi Future Energy Co., and Emirates Global Aluminium.
Focus on Technology and Rail Connectivity
Another significant agreement worth 660 million dirhams was signed to establish a technology-focused fund between Abu Dhabi Developmental Holding Co. and Oman Investment Authority. Additionally, a UAE-Oman rail connectivity project valued at 11 billion dirhams was inked, showcasing the commitment to enhancing infrastructure and connectivity.
Alliance Formation and Socio-Economic Benefits
The formation of a UAE-Oman alliance to boost economic and trade relations was announced, further solidifying the commitment to cooperation. The UAE’s Ministry of Investment highlighted that these agreements will not only strengthen key sectors but also bring socio-economic benefits, paving the way for a stable and prosperous future for both nations.