Oman plans to inject $5bn investments in Egypt

Oman plans to inject $5bn investments in Egypt

The Oman Investment Authority, the sovereign arm of the Sultanate of Oman, considers investing in Egypt following the visit of a high-ranking delegation from the Sultanate to Egypt headed by Sultan Haitham bin Tariq, on his first visit to Egypt since assuming power. The step aims to increase trade exchange and investments between the two countries.

The value of trade exchange between Egypt and the Sultanate of Oman increased to record $1.1bn in 2022, compared to $650.8m in 2021, an increase of 64.6%, according to statistics.

The visit is made at a time when Egypt is racing against time to consolidate economic relations with the Gulf countries, with the aim of attracting foreign investments, to bridge the funding gap, which is estimated at $17bn.

The high-level delegation is accompanied by the head of the Omani Investment Authority, Abdul Salam bin Muhammad Al-Murshidi, to agree on the investments that the agency will pump in Egypt.

Sources told Daily News Egypt that the agency is considering investment opportunities in Egypt, on top of which are wind energy projects, as it has partnered with ACWA Power to enter into partnerships on wind energy plants proposed by the government.

The sources added that the Zaafarana wind power plant and