OIA and a number of its Subsidiaries sign Agreements and Discuss Investment Opportunities with their UAE Counterparts
Al-Murshidi: We are targeting Key Sectors in the 10th Five-Year Development Plan which is expected to make significant strides in economic diversification
Oman Investment Authority (OIA) and several of its companies held consultative meetings with their UAE counterparts to discuss the promising investment opportunities available within diverse sectors. This coincides with the visit of His Highness Sheikh Mohamed bin Zaid, President of the UAE, and his meeting with His Majesty Sultan Haitham bin Tariq in line with the shared vision of the leadership of both countries. Both sides are striving toward the consolidation of their bilateral relationships and issues of the common good, the realization of the aspirations and hopes of the two nations for a more prosperous future, and a reflection on their historical, cultural, and economic ties. These meetings were concluded by signing a number of agreements and MoUs which will effectively augment the economic and commercial cooperation between the two countries.
OIA and ADQ revealed the signing of an agreement valued at OMR 1 billion that will potentially stimulate investments in priority sectors in both countries. Furthermore, the two parties identified initial investment opportunities worth OMR 3 billion and agreed to proceed with the feasibility studies. These opportunities will focus on new projects across the targeted sectors in the Sultanate of Oman including sectors such as hydrogen, wind energy, aluminum, green steel, water and electricity production and transmission lines, food, health and pharmaceuticals, transportation and services, and infrastructure and logistics.
His Excellency Abdul Salam Al-Murshidi, President of Oman Investment Authority, pointed out that these agreements relay OIA efforts to attract foreign investments to the targeted sectors identified by the 10th Five-Year Development Plan which is expected to make significant strides in economic diversification and increase the total income of the Omani economy. He further asserted that cooperation with UAE will not be limited to exploring common investment opportunities and the realization of mutual interests, but will extend further to knowledge sharing in order to cement their investment and collaborative relationships.
From his side, His Excellency Mohamed Hassan Al-Suwaidi, Managing Director and CEO of ADQ stated that the agreement with OIA was a reflection of the deeply rooted historical ties between Oman and UAE which underscores the mutual cooperation and paves the way for further investments in various major sectors in Sultanate of Oman.
OIA Company ASYAD Group, through its subsidiary Oman Rail, signed an agreement with Etihad Rail to establish Oman Etihad Rail Co, a joint venture project to design, develop, and operate rail networks linking Sohar to Abu Dhabi with a 303 km line and total investments in the project amounting to OMR 1.160. The new joint venture will prepare the preliminary work and the project implementation action plan including the project financing scenarios, timeline, design, implementation, and operation.
OIA Company, ITHCA Group, signed an MoU with ADQ to establish an investment fund with a joint capital of more than OMR 60 million to undertake investment in advanced and emerging technologies in Oman, UAE, and other regional countries.
OIA Company Muscat Stock Exchange (MSX) signed three MoUs with Abu Dhabi Securities Exchange (ADX). The first revolves around setting up effective channels of mutual cooperation and integration between the two sides. They aim to develop relationships and promote bilateral cooperation, training, dual listing, facilitation of members ‘brokers’ access, systems upgrade, information sharing, and promotion of proper practices with respect to circulation and disclosure of information, in addition to enhancing integrity and efficiency within the financial securities markets. The second MoU stipulated a joint listing between MSX and Muscat Clearing and Depository (MCD) to ensure the availability of regulated financial securities markets for stock trading through domestic and foreign markets. This is in addition to sharing of joint-listing information which is poised to attract significant capital from foreign markets and fulfill the company’s vision toward a larger investors’ pooling. The third MoU set forth the blueprint for the trading of remote brokerage firms through an electronic trading system to increase liquidity, deliver various products and services, facilitate trading in the two markets and enable investors in both countries to invest and trade in a couple of markets without any hindrance.