Oman, UAE establish investment partnerships worth Ro13.5bn
Oman and United Arab Emirates (UAE) signed several agreements and memoranda of understanding worth Ro13.5bn aimed at enhancing economic ties on Tuesday.
The signing ceremony took place at Emirates Palace Hotel in Abu Dhabi during the visit of His Majesty Sultan Haitham bin Tarik to the UAE.
The agreements span renewable energy, green metals, railway, and digital infrastructure and technology investments.
On the occasion, Mohamed Hassan al Suwaidi, Emirati Minister of Investment, said, “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 these pave the way for us to leverage our collective strength to realise our shared vision of advancement and prosperity.”
Representatives from Oman, including Abdulsalam bin Mohammed al Murshidi, President of Oman Investment Authority, Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion, and Dr Ahmed bin Hilal al Busaidi, Ambassador of Oman to the UAE, attended the signing ceremony, alongside officials from relevant authorities.
From the UAE side, Sheikh Hamed bin Zayed al Nahyan, Managing Director of Abu Dhabi Investment Authority, Suhail al Mazrouei, Minister of Energy and Infrastructure, and Mohammed bin Hadi al Hussaini, Minister of State for Financial Affairs, and others were present.
OMAN-UAE rail gets new identity
Oman-etihad Rail Company unveiled ‘Hafeet Rail’ as the new identity of OMAN-UAE Rail Network on Tuesday. The name pays tribute to Jabal Hafeet, which extends between Oman and the UAE, highlighting its strategic location and historical significance to both countries.
Oman-etihad Rail Company – a joint venture between Oman Rail and Etihad Rail – will operate the railway network linking Sohar Port to the UAE National Rail Network, with a total project investment of Us$3bn. Three agreements pertaining to the joint rail project were signed in Abu Dhabi on Tuesday.
The first is a partnership agreement between stakeholders including Etihad Rail, Oman Rail and Mubadala Investment signalling project commencement.
The second agreement pertains to civil contracts for the joint network, awarded to an Omani-emirati joint venture led by Trojan Construction Group and Galfar Engineering and Contracting. The third agreement involves the systems and integration contracts for the railway network, awarded to a partnership between Siemens and HAC.