Astana, Kazakhstan – His Majesty Sultan Haitham bin Tarik and President Kassym-Jomart Tokayev of the Republic of Kazakhstan witnessed a ceremony at the Palace of Independence in the capital Astana on Tuesday for the exchange of several documents.

The two countries signed five agreements and ten  memoranda of understanding (MoUs), in addition to a term sheet, a memorandum of cooperation, an executive agreement and two cooperation agreements.

The agreements covered accession to membership of the Eurasian Development Bank, the establishment of a presence for the Eurasian Development Bank in the sultanate, the reciprocal encouragement and protection of investment, air transport and the establishment of the Oman-Kazakhstan Business Council.

The MoUs covered cooperation in diplomatic studies and academic training, financial, cultural and youth affairs. They also covered cooperation in the investigation of incidents and occurrences, enhancing connectivity between international corridors, communications and information technology, as well as health, agriculture, livestock and fisheries.

The MoUs included agreements between the Oman Chamber of Commerce and Industry (OCCI) and the National Chamber of Entrepreneurs of Kazakhstan (Atameken), and between the Royal Academy of Management (RAM) and the Kazakh Public Service Centre.

The signing ceremony also included an executive agreement toestablish a US$150mn joint investment fund, providing for its establishment. Two cooperation agreements were signed on investment opportunities in oil and gas exploration and production between OQ and Kazakhstan’s national company KazMunayGas.

A strategic cooperation agreement was signed between O-Green and Samruk Energy for the development of renewable energy in Kazakhstan and international markets.

Other agreements included a memorandum of cooperation on establishing the Oman-Kazakhstan Centre for Artificial Intelligence in Mineral Exploration, and a term sheet for the Rixos Hotel project in Blue City in the Sultanate of Oman.

Signing on behalf of Oman were Sayyid Badr bin Hamad Al Busaidi, Foreign Minister; Sultan bin Salim Al Habsi, Minister of Finance; Abdulsalam bin Mohammed Al Murshidi, President of Oman Investment Authority; Anwar bin Hilal Al Jabri, Minister of Commerce, Industry and Investment Promotion; Sheikh Dr Salah bin Salim Jaaboub, Oman’s Ambassador to Kazakhstan; Faisal bin Abdullah Al Rowas, Chairman of Oman Chamber of Commerce and Industry; Ashraf bin Hamad Al Maamari, Chairman of the Board of Directors of OQ Exploration and Production; Mustafa bin Mohammed Al Hinai, CEO of O-Green; and Mattar bin Salim Al Badi, CEO of Minerals Development Oman.

On the Kazakh side, the signatories included Mukhtar Tileuberdi, Minister of Foreign Affairs; Nurlan Sauranbayev, Minister of Transport; Nurlan Zhakupov, CEO of Samruk-Kazyna; and a number of ministers and chief executives.