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Oman and UAE sign deals worth $35bn

By Staff Writer & Reuters
Oman UAE deals Sultan of Oman president of UAE Wam
Oman's Sultan Haitham bin Tariq al Said (left) speaks with President Sheikh Mohamed bin Zayed Al Nahyan of the UAE
  • Oman to connect with UAE rail network
  • $32bn renewable energy project
  • $180 million tech-focused fund

The UAE and Oman have announced a host of new commercial and business deals worth a total of AED129 billion ($35 billion).

The partnerships were agreed during Monday’s state visit to the Emirates by the ruler of Oman, Sultan Haitham bin Tariq al Said. 

Investment and collaboration agreements covered areas including renewable energy, green metals, digital infrastructure and railways, with an AED11 billion ($3 billion) plan to connect Oman to the UAE rail network.

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Among the Oman-UAE deals is an industrial and energy mega-project worth AED117 billion ($32 billion).

It will cover renewable energy and green metals, with partners including the Abu Dhabi National Energy Company, Masdar and the Oman Electricity Transmission Company.

In addition, the Abu Dhabi sovereign wealth fund ADQ and the Oman Investment Authority are launching a AED660 million ($180 million) technology-focused fund. The Jasoor Fund, designed to boost the digital economy in Oman, will invest in high-growth tech companies.

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