UAE: UAE, Oman exploring investment opportunities worth BD3 billion – Gulf Digital News

UAE: UAE, Oman exploring investment opportunities worth BD3 billion – Gulf Digital News

The UAE and Oman are exploring investment opportunities worth Dh30 billion (BD3,080,790,000) and will increase bilateral economic cooperation in strategic sectors, according to a statement released during President Shaikh Mohammed bin Zayed's visit to the Sultanate.

During the visit, Abu Dhabi investment fund ADQ and Oman Investment Authority agreed to establish a Dh592 million venture capital fund to invest in technology companies in Oman and explore Dh30 billion of investments in sectors across renewable energy, food and agriculture, communications, logistics and healthcare. No specific details or timeframe for new investments was given.

ADQ and OIA have previously signed a Dh10 billion investment partnership agreement.

A new $3 billion joint railway company was also established to set up and operate a rail link between Oman's Sohar port and the UAE's network, cutting down transport time and boosting trade routes.

The UAE and Oman have committed to long-term economic development plans to diversify revenue away from hydrocarbons.

The UAE, through funds such as ADQ, has intensified regional investments in sectors seen as strategic to the domestic economy.

"Today's engagement builds on our recent efforts and commitment to develop tangible investment partnerships in key markets, such as Oman, that complement our investment strategy and growth aspirations,' Mohamed Hassan Alsuwaidi,