Skip to content Skip to Search
Skip navigation

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.

Person, Electronics, Mobile Phone

Newsletter
Get the Best of AGBI delivered straight to your inbox every week

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.

.

Latest articles

Lesha Bank said the investment in Edinburgh Airport 'marks the bank’s entry into the global infrastructure investment market'

Qatari bank buys stake in Edinburgh Airport

A sharia-compliant Qatari investment bank has acquired a minority stake in Edinburgh Airport through an infrastructure-focused investment fund. “This investment aligns with the bank’s strategic focus on resilient asset classes and marks the bank’s entry into the global infrastructure investment market,” Lesha Bank said in a press release. Edinburgh Airport, Scotland’s busiest and the sixth […]

Oman oil blocks

Oil output increase of 30% sought in Oman block offer

Oman is planning to offer 11 new oil concession blocks across the country this year, as it seeks to raise production by a third by the end of the decade. The ministry of energy and minerals, through the state-run company OQ Exploration and Production (OQEP) and the Canadian-based Scotiabank, have started marketing the potential blocks. […]

Unemployment in Oman was down to 4 percent at the end of last year

Oman to increase minimum wage to offset inflation

Oman is planning to increase the minimum wage by a fifth to counter higher costs of living, according to manpower minister Mahad Baawain.  Baawain said in a radio interview that the cabinet is considering a recommendation to raise the minimum wage to OR400 ($1,035) per month. “We have already made a decision to increase the […]

The Bharat Petroleum refinery in Mumbai. Bharat is one of two companies Aramco is looking at

Saudi Aramco considering investment in Indian refineries

Saudi Aramco is in talks to invest in two planned refineries in India as the world’s top oil exporter looks for a stable outlet for its crude in the world’s fastest-growing emerging market, several Indian sources with direct knowledge of the matter said. India, the world’s third-biggest oil consumer and importer, wants to become a […]

Many workers in Saudi Arabia are seeking a return to more structured corporate environments, even if it means sacrificing salary and benefits, one expert says

Saudi jobs growth ‘likely to halve’ as PIF reins in spending

Employment growth in Saudi Arabia will halve by 2026 as the kingdom reins in spending and focuses on delivering Vision 2030 projects, recruitment and real estate specialists are saying. Growth in recruitment for jobs in the Saudi economy, after hitting a high of nearly 10 percent in 2022, will slow to 3 percent by 2026, […]

Tabreed's possible bid comes after it was awarded the concession last year to provide district cooling to Dubai's Palm Jebel Ali

Tabreed explores buying Multiply’s cooling business

National Central Cooling Company, also known as Tabreed, is exploring a bid for Multiply Group’s district cooling business that could be worth at least $1 billion, two sources with knowledge of the matter told Reuters. Dubai-listed Tabreed is working with Citi on the potential offer for Multiply’s PAL Cooling Holding (PCH), said the two sources. […]

The new investors will help accelerate Khazna’s global expansion plans, said CEO Hassan Alnaqbi

MGX buys stake in Dubai’s Khazna Data Centers

UAE technology investment company MGX and US private equity company Silver Lake have bought a minority stake in Dubai-based Khazna Data Centers. Following the deal, UAE telecommunications company e& – formerly known as Etisalat – has exited from its investment in Khazna but remains a major business partner, Khazna said in a statement. Transaction and financial […]

A view of Marrakesh. Morocco is investing heavily in infrastructure projects ahead of the World Cup

Morocco raises $2.2bn to fund World Cup projects

Morocco has reportedly generated €2 billion ($2.2 billion) in new loans to fund developments needed to co-host the 2030 Fifa World Cup. The euro-denominated bonds are the first to be issued in five years, Bloomberg reported. The four- and 10-year bond tranches were priced at 155 and 215 basis points, narrower than the previous estimate, […]

The twisted Cayan Tower in Dubai Marina is among Drake & Scull's projects.

Drake & Scull swings to $1bn profit post-restructuring

Drake & Scull International turned a profit last year following the completion of its restructuring plan. The contracting company, which trades on the Dubai Financial Market, swung to a net profit of AED4 billion ($1 billion) last year, compared to a net loss of AED367 million in 2023. Revenue marked a 20 percent rise to […]

Egypt's planning minister Rania Al-Mashat said she expected the financing to be adopted by the EU's 27 members in June

Egypt poised to receive more EU funding this year

Egypt is expected to sign a memorandum of understanding with the European Union (EU) on previously agreed financing worth €4 billion ($4.3 billion) in the second half of the year, planning minister Rania Al-Mashat said on Wednesday. The financing is part of a €7.4 billion funding package agreed between Egypt and the EU in March […]

U.S. Secretary of State Marco Rubio poses for a photo with UAE National Security Advisor Sheikh Tahnoon bin Zayed Al Nahyan at ADNEC Centre Abu Dhabi in Abu Dhabi, United Arab Emirates, February 19, 2025

UAE’s $1.4trn US pledge is political positioning, experts say

The UAE’s pledge to invest $1.4 trillion in the US over the next 10 years is about political positioning rather than exact numbers, according to experts. The country committed to a 10-year $1.4 trillion investment in AI infrastructure, semiconductors, energy and American manufacturing during a meeting in Washington last week, according to a White House announcement. […]