Abu Dhabi, UAE – Oman and United Arab Emirates (UAE) signed several agreements and memoranda of understanding worth RO13.5bn aimed at enhancing economic ties on Tuesday.

The signing ceremony took place at Emirates Palace Hotel in Abu Dhabi during the visit of His Majesty Sultan Haitham bin Tarik to the UAE.

The agreements span renewable energy, green metals, railway, and digital infrastructure and technology investments.

On the occasion, Mohamed Hassan al Suwaidi, Emirati Minister of Investment, 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 these pave the way for us to leverage our collective strength to realise our shared vision of advancement and prosperity.”

The agreements include: 

• An industrial and energy megaproject valued at RO12.2bn encompassing renewable energy initiatives, including solar and wind projects, alongside green metals production facilities. The signatories included Abu Dhabi National Energy Company, Abu Dhabi Future Energy Company (MASDAR), Emirates Global Aluminium, Emirates Steel Arkan, OQ Alternative Energy and Oman Electricity Transmission Company.
• Establishment of technology-focused Jusoor Fund by Abu Dhabi Developmental Holding Company (ADQ) and Oman Investment Authority represented by IHCA Group, worth RO69mn.
• Cooperation in multiple sectors, notably digital infrastructure, food security, energy, transport and other areas of mutual interest. This agreement was signed by the UAE Ministry of Investment and the Ministry of Commerce, Trade and Investment Promotion of Oman.
• A shareholding partnership between Etihad Rail, Mubadala and Omani Asyad Group Company.
• Formation of an alliance between Oman and the UAE to enhance bilateral economic and trade relations.

Representatives from Oman, including Abdulsalam bin Mohammed al Murshidi, President of Oman Investment Authority, Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion, and Dr Ahmed bin Hilal al Busaidi, Ambassador of Oman to the UAE, attended the signing ceremony, alongside officials from relevant authorities.

From the UAE side, Sheikh Hamed bin Zayed al Nahyan, Managing Director of Abu Dhabi Investment Authority, Suhail al Mazrouei, Minister of Energy and Infrastructure, and Mohammed bin Hadi al Hussaini, Minister of State for Financial Affairs, and others were present.