Trade and economic relations between the UAE and Oman are poised to strengthen further following the signing of investment deals totalling 129 billion dirhams ($35.12 billion).

According to a press statement, these agreements span several sectors, including renewable energy, green metals, railway infrastructure, digital infrastructure, and technology investments.

Economic ties between the UAE and Oman have remained strong in recent years, with non-oil trade volumes reaching around 50 billion dirhams in 2023, 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,” stated Mohamed Hassan Al-Suwaidi, UAE’s minister of investment.  

One of the key agreements between the UAE and Oman was an industrial and energy megaproject worth 117 billion dirhams. This project includes renewable energy initiatives, such as solar and wind power, as well as green metals production facilities.

Another agreement worth 660 million dirhams was signed between Abu Dhabi Developmental Holding Co. and the Oman Investment Authority to create a technology-focused fund.

In addition, both countries finalised a UAE-Oman rail connectivity project valued at 11 billion dirhams.

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

Etihad Rail, Mubadala, and the Omani Asyad Group Co. also established a shareholding partnership valued at 3 billion dirhams.

Both nations also announced the creation of a UAE-Oman alliance aimed at strengthening bilateral economic and trade relations.

The UAE’s Ministry of Investment added that the signing of these agreements will enhance relations across key sectors and promote socio-economic benefits, paving the way for a stable and prosperous future for both countries.