Reading Time: 2 minutes
Oman Investment Authority (OIA) and several of its companies held consultative meetings with their UAE counterparts to discuss the promising investment opportunities available within diverse sectors. This coincides with the visit of His Highness Sheikh Mohamed bin Zaid, President of the UAE, and his meeting with His Majesty Sultan Haitham bin Tariq in line with the shared vision of the leadership of both countries. Both sides are striving toward the consolidation of their bilateral relationships and issues of the common good, the realization of the aspirations and hopes of the two nations for a more prosperous future, and a reflection on their historical, cultural, and economic ties. These meetings were concluded by signing a number of agreements and MoUs which will effectively augment the economic and commercial cooperation between the two countries.
OIA and ADQ revealed the signing of an agreement valued at OMR 1 billion that will potentially stimulate investments in priority sectors in both countries. Furthermore, the two parties identified initial investment opportunities worth OMR 3 billion and agreed to proceed with the feasibility studies. These opportunities will focus on new projects across the targeted sectors in the Sultanate of Oman including sectors such as hydrogen, wind energy, aluminium, green steel, water and electricity production and transmission lines, food, health and pharmaceuticals, transportation and services, and infrastructure and logistics.
His Excellency Abdul Salam Al-Murshidi, President of Oman Investment Authority, pointed out that these agreements relay OIA efforts to attract foreign investments to the targeted sectors identified by the 10th Five-Year Development Plan which is expected to make significant strides in economic diversification and increase the total income of the Omani economy. He further asserted that cooperation with UAE will not be limited to exploring common investment opportunities and the realization of mutual interests, but will extend further to knowledge sharing in order to cement their investment and collaborative relationships.
From his side, His Excellency Mohamed Hassan Al-Suwaidi, Managing Director and CEO of ADQ stated that the agreement with OIA was a reflection of the deeply rooted historical ties between Oman and UAE which underscores the mutual cooperation and paves the way for further investments in various major sectors in Sultanate of Oman.