Details of the partnership of 129 billion dirhams between Oman and the UAE

In a strategic move, Oman and the United Arab Emirates signed several investment agreements worth 129 billion dirhams, which will strengthen the cooperation between the two countries in various sectors.

This huge project includes renewable resource projects such as solar and wind projects, as well as green and environmentally friendly metal production facilities, and several companies, including Abu Dhabi National Energy Company, Emirates Global Aluminum, Oman Electricity Transmission Company, etc have signed it.

According to Gulf News, these agreements, which were signed during the “Oman and United Arab Emirates Business Forum”, will be the basis for extensive interactions in the following areas:

1. Renewable energy and green metals:

A massive industrial and energy project valued at AED 117 billion, encompassing renewable energy initiatives like solar and wind power plants, along with green metal production facilities. Major companies involved include Abu Dhabi National Energy Company (TAQA), Abu Dhabi Future Energy Company (MASDAR), Emirates Global Aluminium (EGA), Emirates Steel Arkan (ESA), OQ Alternative Energy, and Oman Electricity Transmission Company.

2. Common technology fund:

The establishment of a joint fund worth 660 million dirhams with a focus on technology by ADQ (United Arab Emirates) and Oman, this fund will pave the way for investment in innovative projects and the development of advanced technologies in both countries.

3. Rail connection between UAE and Oman:

The rail connection project between the United Arab Emirates and Oman is worth 11 billion dirhams. This project will facilitate the transportation of goods and passengers, and will help boost trade and communication between the two countries.

4. Cooperation in digital infrastructure, food security, transportation, and other areas of mutual interest:

A joint cooperation agreement between the United Arab Emirates and Oman, which covers the areas of digital infrastructure, food security, energy, transportation and other areas of mutual interest. This agreement will expand the cooperation between the two countries in various fields and will benefit the people of both countries.

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UAE Investment Minister: Agreements mark a new chapter in UAE-Oman ties

“Our shared values and goals pave the way for a brighter future”

Commenting on the landmark agreements, Mohamed Hassan Alsuwaidi, Minister of Investment of the United Arab Emirates, said: “The UAE and Oman enjoy deep-rooted historical relations founded on shared values, goals, and principles. These agreements represent a major milestone in our bilateral ties, as they pave the way for us to leverage our collective strength to realise our shared vision of advancement and prosperity. Today, we are witnessing the exchange of agreements that take our historical partnership to the next level as we move forward together towards a brighter future.”

References: UAE and Oman establish investment partnerships worth Dh129 billion | Markets – Gulf News