DUBAI: Emirati and Omani companies have signed deals worth 129 billion dirhams ($35.12 billion) in sectors including energy and transport during the Omani ruler’s visit to the United Arab Emirates this week.
The UAE investment ministry announced the deals on Tuesday, a day after Oman’s Sultan Haitham bin Tariq arrived for a two-day state visit and met with UAE President Sheikh Mohammed bin Zayed Al Nahyan.
The agreements were dominated by a 117 billion dirham industrial and energy “megaproject” grouping wind, solar projects and green metals production.
Abu Dhabi National Energy Co. (TAQA), Abu Dhabi Future Energy Company (Masdar), Emirates Global Aluminium (EGA), Emirates Steel Arkan (ESA), OQ Alternative Energy and Oman Electrical Transmission Co were among the companies involved, the ministry statement said.
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It did not disclose further details.
Abu Dhabi’s sovereign wealth fund ADQ also signed an agreement to set up a 660 million dirham technology-focused fund with the Oman Investment Authority, while the UAE and Oman signed a 11 billion dirham agreement to connect the countries by rail.
“The agreements represent a major milestone in our bilateral ties, as they pave the way for us to leverage our collective strength to realise our shared vision of advancement and prosperity,” UAE Minister of Investment Mohamed Hassan Alsuwaidi said.
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