UAE, Oman Forge $35bn Investment Partnerships

UAE and Oman Cement Dh129 Billion Investment Alliance Across Diverse Sectors

In a landmark development set to redefine the economic landscape of the region, the United Arab Emirates (UAE) and Oman have embarked on a transformative journey of economic cooperation, forging investment partnerships totaling Dh129 billion ($35.12 billion) across a spectrum of vital sectors. This monumental collaboration, announced in the wake of Oman’s Sultan Haitham’s esteemed state visit to the UAE, marks a watershed moment in bilateral relations, heralding an era of unprecedented synergy and shared prosperity between the two nations.

Pioneering Industrial and Energy Megaproject

At the forefront of this strategic alliance lies the creation of an industrial and energy megaproject valued at an astounding Dh117 billion. This visionary initiative is poised to revolutionize the energy landscape, encompassing groundbreaking ventures in solar and wind energy projects, alongside the establishment of cutting-edge green metal production units. Spearheaded by distinguished entities such as Abu Dhabi National Energy Company (Taqa), Masdar, Emirates Global Aluminium, Emirates Steel Arkan, Oman’s OQ Alternative Energy, and Oman Electricity Transmission Company, this megaproject stands as a testament to the unwavering commitment of both nations towards sustainable development and innovation-driven growth.

Technological Prowess Fuels Investment Fund

In a bid to harness the transformative potential of technology and drive digital innovation, the UAE and Oman have unveiled plans to establish a pioneering technology-focused fund valued at Dh660 million. This fund is poised to serve as a catalyst for technological breakthroughs and entrepreneurial endeavors in Oman and the broader Middle East and North Africa (MENA) region. With stalwarts such as Abu Dhabi holding company ADQ and Oman’s sovereign wealth fund Oman Investment Authority at its helm, this initiative holds the promise of fostering a vibrant ecosystem of innovation and entrepreneurship, propelling the region towards digital leadership on the global stage.

Revolutionizing Transportation Infrastructure

In a testament to their shared vision for seamless connectivity and infrastructure development, the UAE and Oman have embarked on ambitious plans to enhance rail connectivity through a transformative UAE-Oman rail connectivity project valued at Dh11 billion. Complemented by a strategic shareholding partnership between Etihad Rail, Mubadala, and Omani Asyad Group Company worth Dh3 billion, this initiative seeks to establish a robust rail network spanning over 300 kilometers, bolstering trade facilitation and promoting economic integration across borders. This visionary endeavor underscores the commitment of both nations towards fostering sustainable infrastructure solutions and enhancing regional connectivity for the benefit of future generations.

Charting a Path Towards Prosperity

As Sultan Haitham’s historic visit to the UAE underscores the deep-rooted bonds of friendship and collaboration between the two nations, the agreements forged during this momentous occasion pave the way for a future defined by shared prosperity and mutual advancement. With a steadfast focus on unlocking new avenues for growth and development across key sectors, the UAE and Oman are poised to emerge as beacons of economic resilience and innovation in the global arena. The Ministry of Investment reiterates the unwavering commitment of both nations towards realizing their shared vision of a prosperous and sustainable future, underpinned by the principles of cooperation, solidarity, and mutual respect.