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  • SAUDI ARABIA BREAKING NEWS

UAE, Oman To Boost Trade And Investment Ties




PARIS, France - The UAE and Oman are exploring investment opportunities worth 30 billion dirhams and will increase bilateral economic cooperation in strategic sectors, according to a statement released during President Sheikh Mohammed bin Zayed's visit to the Sultanate.


Considered one of the Gulf's weaker economies, increased trade and investment from a region heavyweight - the UAE is the Gulf's second biggest economy - will help the Sultanate progress with plans to diversify its economy away from oil.


During the visit, Abu Dhabi investment fun ADQ and Oman Investment Authority agreed to establish a 592-million-dirham venture capital fund to invest in sectors across renewable energy, food and agriculture, communication, logistics and healthcare. No specific details or timeframe for new investments was given.


ADQ and OIA have previously signed a 10 billion dirham investment partnership agreement.


A new $3 billion joint railway company was also established to set up and operate a rail link between Oman's Sohar port and the UAE's network, cutting down transport time and boosting trade routes.


The UAE and Oman have committed to long term economic development plans to diversify revenue away from hydrocarbons. The UAE, through funds such as ADQ, has intensified regional investments in sectors seen as strategic to the domestic economy.

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