Trade and economic relations between the UAE and Oman are expected to strengthen significantly following the signing of investment deals valued at 129 billion Dirhams ($35.12 billion).

These agreements span across various sectors such as renewable energy, green metals, railways, digital infrastructure, and technology investments, according to a press statement.

Economic relations between the UAE and Oman have remained strong in recent years, with non-oil trade volumes reaching around 50 billion Dirhams last year, Arab News reports.

“The UAE and Oman have strong historical relations that are founded on shared values, goals and principles. 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,” said Mohamed Hassan Al-Suwaidi, UAE’s minister of investment.  

One of the key agreements signed by both countries is a megaproject in industrial and energy sectors valued at 117 billion Dirhams. This project includes renewable energy initiatives such as solar and wind projects, as well as facilities for producing green metals.

The deal’s signatories include Abu Dhabi National Energy Co., Abu Dhabi Future Energy Co., and Emirates Global Aluminium, as well as Emirates Steel Arkan, OQ Alternative Energy, and Oman Electricity Transmission Co. 

Furthermore, another agreement, worth 660 million Dirhams, was signed between Abu Dhabi Developmental Holding Company and Oman Investment Authority to establish a technology-focused fund.

Additionally, a UAE-Oman rail connectivity project valued at 11 billion Dirhams was also signed by both countries.

Moreover, the UAE Ministry of Investment and the Ministry of Commerce and Trade signed another agreement with Oman's Ministry of Investment Promotion to collaborate in various sectors, including digital infrastructure, food security, and energy.

Both countries have also announced the establishment of a UAE-Oman alliance aimed at enhancing bilateral economic and trade relations.

The UAE's Ministry of Investment, in the press statement, emphasised that the signing of these agreements will strengthen relations across critical sectors and promote socio-economic benefits, paving the way for a stable and prosperous future for both countries.