UAE and Oman set up investment partnerships worth $35bn – The National

UAE and Oman set up investment partnerships worth $35bn – The National

The UAE and Oman have established investment partnerships worth Dh129 billion ($35.12 billion) across multiple sectors including renewable energy, railway, green metals and technology.The collaboration was announced following the state visit of Oman's Sultan Haitham to the UAE this week.The two countries will set up an industrial and energy mega project valued at Dh117 billion, with solar and wind projects, and green metal production units, the UAE’s Ministry of Investment said on Tuesday.Abu Dhabi National Energy Company (Taqa), Masdar, Emirates Global Aluminium, Emirates Steel Arkan, Oman’s OQ Alternative Energy and Oman Electricity Transmission Company will be part of the new investment deal.“The UAE and Oman have strong historical relations that are founded on shared values, goals and principles,” said Mohamed Alsuwaidi, Minister of Investment.“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.”The two countries also decided to set up a technology-focused fund worth Dh660 million to invest in the digital economy in Oman and the wider Mena region. Abu Dhabi holding company ADQ and Oman’s sovereign wealth fund Oman Investment Authority will be part of the fund.Rail connectionA