Oman Investment Authority, UAE firms discuss investment opportunities in different sectors

Business Wednesday 28/September/2022 19:18 PM
Oman Investment Authority, UAE firms discuss investment opportunities in different sectors

Agreements worth more than OMR5bn signed by , Emirates Holding

Oman Investment Authority (OIA) and a number of United Arab Emirates (UAE) firms held talks during which they discussed a raft of investment opportunities in different sectors.

The two sides discussed investment opportunities covering diverse sectors. The outcome was that agreements and memoranda of understanding were concluded.
This took place within the context of the state visit of Sheikh Mohammed bin Zayed Al Nahyan, UAE President to the Sultanate of Oman.

Oman Investment Authority and Abu Dhabi Developmental Holding Company (ADQ), unveiled an agreement worth OMR1 billion to empower and establish investment ventures in priority sectors in the two countries.

The two sides also earmarked initial investment opportunities to the tune of OMR3 billion and agreed to conduct feasibility studies for each. In Oman, these investment opportunities cover new projects within the target sectors—including hydrogen and wind energy sector, aluminium, green steel, transmission lines and production of water and electricity, food, health and medicine, transport and related services, and logistics infrastructure.

Abdulsalam Mohammed Al Murshidi, OIA Chairman, said that these agreements reflect the OIA’s efforts to attract foreign investments to the sectors designated in the 10th Five Year Plan. The aim is to achieve economic diversification and contribute to the overall total income of the Omani economy, said Al Murshidi.

He stressed that cooperation with the UAE side covers discovering joint investment opportunities and achieving mutual benefit, in addition to sharing expertise and boosting investment relations.

In his turn, Mohammed Hassan Al Suwaidi, Managing Director and CEO of ADQ, said that the OIA constitutes a desire to build on historical ties between Oman and the UAE. Besides cementing cooperation, the agreement elevates the spirit of collaboration with a view to finding more investments in many areas and across different sectors, he added.