Astana, Kazakhstan – Oman and Kazakhstan have signed a preliminary agreement to establish a strategic partnership and create a joint investment fund, marking a step forward in bilateral economic cooperation.

The agreement was signed last week at the Council of Ministers in Astana in the presence of H H Sayyid Theyazin bin Haitham Al Said, Deputy Prime Minister for Economic Affairs, and Olzhas Bektenov, Prime Minister of Kazakhstan. The signing took place during H H Sayyid Theyazin’s official visit to Kazakhstan, which concluded on Friday.

Under the agreement, Oman Investment Authority (OIA) and Kazakhstan’s sovereign wealth fund Samruk-Kazyna will form an equal partnership to set up a joint investment platform. Capital contributions will be shared equally.

The proposed fund will focus on developing and investing in opportunities in both countries, with emphasis on manufacturing, healthcare, renewable energy, logistics and mining, alongside other priority sectors.

H H Sayyid Theyazin said the agreement marks a strategic milestone in relations between the two countries and reflects a shared commitment to economic integration and long-term cooperation.

He said the partnership is expected to expand joint investments in priority sectors, support sustainable growth and enhance connectivity between the two markets, in line with Oman Vision 2040.

Abdulsalam bin Mohammed Al Murshidi, President of OIA, described the agreement as part of OIA’s strategy to build partnerships with sovereign wealth funds and global investment institutions.

He said the deal represents OIA’s 11th strategic partnership, strengthening its role in advancing Oman’s economic diplomacy and expanding international investment links.

Nurlan Zhakupov, Chairman of the Management Board of Samruk-Kazyna, said the agreement would open prospects for bilateral investment.

“We intend to jointly invest in promising projects and existing companies, primarily in Kazakhstan and Oman, across key sectors such as industry, healthcare, energy, consumer sector, logistics and mining, as well as other strategic areas of mutual interest,” he said.

OIA has previously established joint investment partnerships with sovereign funds and institutions in countries including Turkey, Qatar, Brunei, Uzbekistan, India, Vietnam, Spain, Pakistan, China and Azerbaijan.

Officials said the new partnership is expected to increase bilateral investment flows and support economic diversification in both Oman and Kazakhstan.