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UAE and Oman unveil investment partnerships worth $35 billion

The cornerstone of the agreement is a $31.8 billion industrial and energy mega project.

UAE and Oman unveil investment partnerships worth $35 billion
[Source photo: Krishna Prasad/Fast Company Middle East]

The UAE and Oman solidified their economic partnership by announcing a staggering $35.12 billion investment deal spanning various sectors. This announcement follows the state visit of Oman’s Sultan Haitham bin Tariq to the UAE this week.

The agreement’s cornerstone is a $31.8 billion industrial and energy mega project. This ambitious initiative will encompass solar and wind energy generation alongside green metal production facilities.

Leading companies from both nations will be involved, including Abu Dhabi National Energy Company (Taqa), Masdar, Emirates Global Aluminium, and Oman’s OQ Alternative Energy.

“The UAE and Oman have strong historical relations founded on shared values, goals, and principles,” said Mohamed Alsuwaidi, UAE Minister of Investment. “The agreements pave the way for us to leverage our collective strength to realize our shared vision of advancement and prosperity.”

Beyond the mega project, the partnership encompasses several other key components. 

A $179.7 million technology-focused fund will be established, jointly managed by Abu Dhabi’s ADQ and Oman’s sovereign wealth fund, to invest in the digital economies of Oman and the wider Middle East and North Africa region.

A $2.9 billion project will establish a rail network connecting Abu Dhabi with Sohar, Oman. This high-speed connection, reaching 200 kilometers per hour (124 mph) for passenger trains and 120 kilometers per hour (75 mph) for freight, will significantly boost trade and travel between the two nations. The network, already under construction, is expected to be completed by 2026.

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