Emirati and Omani companies have signed deals worth AED 129 billion ($35.12 billion) in sectors including energy and transport during the Omani ruler's visit to the UAE this week. The agreements were dominated by a AED 117 billion industrial and energy megaproject grouping wind, solar projects and green metals production.

 

The UAE investment ministry announced the deals a day after Oman's Sultan Haitham bin Tariq arrived for a two-day state visit and met with UAE President Sheikh Mohammed bin Zayed Al Nahyan.

 

Abu Dhabi National Energy (TAQA), Abu Dhabi Future Energy Company (Masdar), Emirates Global Aluminium (EGA), Emirates Steel Arkan (ESA), OQ Alternative Energy and Oman Electrical Transmission Co were among the companies involved, the ministry statement said.

 

Abu Dhabi's sovereign wealth fund ADQ also signed an agreement to set up a 660 million dirham technology-focused fund with the Oman Investment Authority, while the UAE and Oman signed a AED 11 billion agreement to connect the countries by rail.

 

“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," UAE Minister of Investment Mohamed Hassan Alsuwaidi said. -Reuters