Oman-UAE investment forum discuses means of boosting cooperation

Business Tuesday 23/April/2024 17:43 PM
Oman-UAE investment forum discuses means of boosting cooperation

Abu Dhabi: Oman-UAE Investment Forum today discussed means of promoting the existing cooperation between the Sultanate of Oman and the United Arab Emirates (UAE) in various areas.

The event was held at the Emirates Palace Hotel in Abu Dhabi, within the context of the His Majesty the Sultan’s current state visit to the UAE.

Abdussalam bin Mohammed Al Murshidi, Chairman of Oman Investment Authority sad that continuous growth in the volume of trade and investment exchange between the two countries over the past years reflects the strength of the existing economic partnership between them and its promising prospects. He pointed out that the volume of trade exchange between the two countries reached about OMR 5.4 billion by the end of 2023.

On his turn, Qais bin Mohammed Al Yousef, Minister of Commerce, Industry and Investment Promotion told Oman News Agency (ONA) that the number of companies registered in the Sultanate of Oman with Emirati participation during the 2023 amounted to 1,308 companies, while the value of the Emirati contribution to the total invested capital according to commercial records amounted to about OMR272 million.

He added that about 112 companies are active in the industrial cities of the Sultanate of Oman with a percentage of Emirati shareholding, including 37 companies whose invested capital exceeds OMR1 million.

Meanwhile, Suhail bin Mohamed Al Mazrouei, UAE Minister of Energy and Infrastructure stressed the importance of the achievements made by the joint company "Hafeet Rail", pointing out that the company has demonstrated, since its establishment, high levels of competence and commitment to achieving connectivity between the two countries through a safe and sustainable joint railway network, in line with the strategic and historical ties that bind the two countries.

He also underlined the importance of the railway network in facilitating trade at the local and regional levels, opening new horizons in the infrastructure, transportation and logistics sectors, diversifying the national economy and achieving sustainable development in the two countries.

During the forum, a number of presentations were given by Invest Oman hall, Oman Investment Authority and Oman Hydrogen Company 'Hydrom'.

The forum also unveiled the new brand identity of Hafeet Rail (formerly Oman and Etihad Rail), which is the joint company of Etihad Rail, Oman Rail and Mubadala. The new brand identity stems from Jebel Hafeet, a mountain that extends between the Sultanate of Oman and the United Arab Emirates.