UAE And Oman Sign Deals Worth $35 Billion On State Visit

UAE And Oman Sign Deals Worth $35 Billion On State Visit

Emirati and Omani companies recently sealed deals totaling 129 billion dirhams ($35.12 billion) during Oman’s Sultan Haitham bin Tariq’s visit to the United Arab Emirates this week. These agreements cover several industries, including transport and energy, with a primary emphasis on an industrial and energy megaproject valued at 117 billion dirhams.

The involvement of such significant players as TAQA, Masdar, EGA, ESA, OQ Alternative Energy, and Oman Electrical Transmission Co. indicates a concentrated effort towards sustainable energy and industrial development.

The Oman Investment Authority and ADQ, the sovereign wealth fund of Abu Dhabi, also agreed to establish a 660 million dirham technology-focused fund. Another big agreement, valued at 11 billion dirhams, is to build rail infrastructure to link Oman and the United Arab Emirates.

Mohamed Hassan Alsuwaidi, the minister of investments, highlighted the significance of these agreements in encouraging reciprocal advancement and fortifying bilateral relations. He regarded them as a crucial step in achieving a common goal of progress and prosperity.

The recent joint ventures between Omani and Emirati organisations highlight a strategic alliance meant to promote sustainability, innovation, and economic expansion throughout the region.