The United Arab Emirates and Oman signed on Tuesday $35 billion worth of investment partnerships in renewable energy, green metals, railways, and digital infrastructure and technology during the state visit of Oman’s Sultan to the UAE.
The memorandums of understanding establish investment partnerships between the UAE and Oman worth a combined $35 billion (129 billion UAE dirhams) to deepen cooperation across multiple sectors, the UAE’s Ministry of Investment said in a statement.
Under the deals, several UAE and Omani companies entered into investment and collaboration agreements across various sectors to boost “economic cooperation aimed at driving economic development through strategic investments,” the ministry added.
The single-largest investment agreement was for an industrial and energy megaproject valued at $31 billion (117 billion dirhams), encompassing renewable energy initiatives, including solar and wind projects, alongside green metals production facilities.
The signatories included Abu Dhabi National Energy Company (TAQA), Abu Dhabi Future Energy Company (MASDAR), Emirates Global Aluminium (EGA), Emirates Steel Arkan (ESA), OQ Alternative Energy, and Oman Electricity Transmission Company.
“The agreements represent a major milestone in our bilateral ties, as they pave the way for us to leverage our collective strength to realize our shared vision of advancement and prosperity,” said Mohamed Hassan Alsuwaidi, Minister of Investment of the UAE.
Both the UAE and Oman, large oil-producing countries in the Middle East and part of the OPEC+ agreement, have intensified efforts to boost renewable energy, hydrogen, and carbon capture projects in recent years.
Oman is looking to become a green hydrogen hub, while UAE-based companies Masdar and TAQA are expanding their renewable energy installations and footprint globally.
The UAE has plans to generate most of its electrical energy by 2050 from solar power, according to its Ministry of Economy. Major opportunities exist in solar energy, waste-to-energy, wind energy, and water treatment, the ministry notes.
Source: Oilprice.com
