During the state visit of Oman’s Sultan Haitham bin Tariq to the United Arab Emirates, Emirati and Omani companies have successfully sealed deals amounting to 129 billion dirhams ($35.12 billion) across various sectors, with a significant focus on energy and transport.
The UAE’s investment ministry revealed the details of the agreements on Tuesday, following the arrival of Sultan Haitham for a two-day state visit, during which he held discussions with UAE President Sheikh Mohammed bin Zayed Al Nahyan.
The highlight of the agreements was a colossal 117 billion dirham industrial and energy “megaproject,” encompassing wind and solar projects, as well as green metals production. Notable entities involved in this initiative include Abu Dhabi National Energy Co. (TAQA), Abu Dhabi Future Energy Company (Masdar), Emirates Global Aluminium (EGA), Emirates Steel Arkan (ESA), OQ Alternative Energy, and Oman Electrical Transmission Co, as stated by the ministry. However, specific details regarding these agreements were not disclosed.
Additionally, Abu Dhabi’s sovereign wealth fund ADQ inked an agreement to establish a 660 million dirham technology-focused fund with the Oman Investment Authority. Furthermore, a separate 11 billion dirham agreement was signed between the UAE and Oman to establish a rail connection between the two countries.
UAE Minister of Investment Mohamed Hassan Alsuwaidi expressed the significance of these agreements, emphasizing their role in advancing bilateral ties and working towards a shared vision of progress and prosperity.