UAE, Oman establish investment partnerships worth Dhs129 billion

A UAE-Oman Business Forum took place on Tuesday, which saw the announcement of multiple agreements worth Dhs129 billion. The event was held on the sidelines of the visit of His Majesty Sultan Haitham Bin Tariq, Sultan of Oman, to the UAE.

Present at the forum were Sheikh Hamed Bin Zayed Al Nahyan; Suhail Bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure; Mohamed Hassan Al Suwaidi, Minister of Investment; Ahmed Ali Al Sayegh, Minister of State; Ammar Al Kharusi, CEO of Invest Oman; Sheikh Bader Al Hinai, Media and Communications Chief at Oman Investment Authority (OIA); Abdulaziz Al Shidhani, Managing Director of Hydrom; and a number of officials and business leaders from both countries.

The agreements span renewable energy; green metals; railway connectivity; and investments in digital infrastructure and technology, in line with the agreements signed between the UAE’s Ministry of Investment and Oman’s Ministry of Commerce and Industry and Investment Promotion. These included: An industrial and energy megaproject valued at Dhs117 billion, encompassing renewable energy initiatives, including wind such as solar and wind projects, alongside green metals production facilities. The signatories included Abu Dhabi National Energy Company (TAQA); Abu Dhabi Future Energy Company (Masdar); Emirates Global Aluminium (EGA); Emirates Steel Arkan (ESA); OQ Alternative Energy; and the Oman Electricity Transmission Company.

A Dhs660 million shareholder agreement to launch a technology-focused fund, signed by ADQ and OIA.

An agreement on a UAE-Oman railway connectivity project, valued at Dhs11 billion.  An investment cooperation agreement covering multiple sectors including digital infrastructure, food security, energy, transport and other areas of mutual interest. The agreement was signed by the UAE’s Ministry of Investment and Oman’s Ministry of Commerce and Industry and Investment Promotion.

A partnership agreement between Etihad Rail, Mubadala and Oman’s Asyad Group with a total investment value of Dhs3 billion.

A framework agreement to form a UAE-Oman alliance focused on enhancing bilateral economic and trade relations.

Mohamed Hassan Al Suwaidi, Minister of Investment of the UAE, said, “The UAE and Oman have strong historical relations that are founded on shared values, goals and principles. The 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.

“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 Dhs51 billion in 2023. The agreements signed today will serve to bolster relations across key sectors and foster socio-economic benefits, contributing towards a stable and prosperous future for both countries.”

The UAE-Oman business forum was held to reaffirm the strong commitment of both countries to investment partnerships valued at around Dhs129 billion, and represents a major stride towards economic cooperation to drive growth and development through strategic investments between the two countries.

 Ahmed Al Musawa Al Hashemi, CEO of Hafeet Rail, affirmed that the railway project between the Sultanate of Oman and the United Arab Emirates has entered into the implementation phase today.

He said that several tangible steps have been made, starting with the signing of the partnership agreement between stakeholders, and the awarding of major contracts for the project to a UAE-Omani alliance comprising companies from both countries operating as one team.

Al Hashemi, speaking to the Emirates News Agency (WAM) on the sidelines of the joint UAE-Oman Business Forum in Abu Dhabi, emphasised that the project will yield numerous economic and social benefits. He highlighted that the railways operate with high efficiency in terms of safety and security and are among the most sustainable means of transportation environmentally.

He affirmed his expectations that the UAE-Oman railway project will serve as a catalyst for further cooperation in various economic and industrial sectors, noting its direct impact on passenger movement between the two countries, further boosting tourism and ties between their peoples.

He added that the railway line in this project extends from the existing network in the UAE, specifically from the Al Wathba area to the city and port of Sohar, passing through diverse geographical areas from desert to mountainous and valley regions, and running alongside Jebel Hafeet, from which the joint venture company Hafeet Rail derives its name. The joint UAE-Omani Business Forum today witnessed the unveiling of the new brand identity of Hafeet Rail, which was previously known as “Oman and Etihad Rail Company”.

Faisal bin Abdullah Al Rawas, Chairman of the Oman Chamber of Commerce and Industry (OCCI), said the UAE-Oman Business Forum affirms the historic relationship between the two countries, noting that several agreements have been signed that will help drive economic growth and provide more job opportunities in both countries, and boost bilateral trade exchange.

WAM