UAE and Oman Seal $35 Billion Economic Partnership

In a significant boost to economic ties, the UAE and Oman have announced a $35.12 billion investment deal during Sultan Haitham bin Tariq's state visit to the UAE. The highlight of the deal is a $31.8 billion project focused on industrial and energy sectors, including advancements in solar and wind energy and green metal production.

Prominent companies like Taqa, Masdar, and Emirates Global Aluminium from the UAE, along with Oman’s OQ Alternative Energy, will spearhead the project. Mohamed Alsuwaidi, UAE's Minister of Investment, emphasized the strong foundation of shared values and goals between the two nations, viewing this agreement as a pathway to mutual prosperity.

Additional initiatives include a $179.7 million technology fund aimed at enhancing the digital economy in the region and a $2.9 billion rail network project set to connect Abu Dhabi with Sohar, enhancing trade and travel capabilities. The rail network is expected to be operational by 2026.