Oman, Algeria Unveil Strategic Joint Investment Fund
Muscat, The Gulf Observer: His Majesty Sultan Haitham bin Tarik and President Abdelmadjid Tebboune of the People’s Democratic Republic of Algeria have announced the creation of a landmark joint Omani-Algerian investment fund. The initiative, aimed at enhancing economic cooperation, will support partnerships in renewable energy, petrochemicals, desert farming, technology, and tourism, among other dynamic sectors.
The announcement was made as part of a joint communiqué issued on the occasion of President Tebboune’s state visit to the Sultanate of Oman from October 28 to 30, 2024. The communiqué highlighted the leaders’ commitment to fortifying the deep-rooted ties between Oman and Algeria and outlined shared aspirations to elevate bilateral relations across various domains. This visit follows recent efforts, including the Omani-Algerian Joint Committee’s 8th session in Algeria in June 2024, which underscored promising investment and trade opportunities for both nations.
In their discussions, Sultan Haitham and President Tebboune underscored their resolve to advance joint initiatives and encouraged collaboration between Omani and Algerian sectors. In particular, they emphasized the importance of fostering private-sector cooperation, enhancing commercial and industrial exchanges, and leveraging both countries’ geographic positions to facilitate access to regional and global markets.
The communiqué also announced the signing of eight memoranda of understanding across multiple sectors, including investment, education, environmental sustainability, financial services, employment, and media. These agreements are expected to pave the way for significant growth and engagement across industries crucial to both nations’ economic visions.
On the regional front, the two leaders expressed shared concerns over the situation in Palestine and stressed the urgency of halting aggression in Palestinian territories, Lebanon, Syria, and Iran. They reaffirmed support for the establishment of an independent Palestinian state with East Jerusalem as its capital and called for the peaceful resolution of regional conflicts based on international law.
Oman expressed appreciation for Algeria’s active role as a representative in the UN Security Council, particularly in supporting Arab and justice-related causes. Algeria, in turn, lauded Oman’s diplomatic efforts to promote peace and cooperation in the region.
President Tebboune expressed gratitude to Sultan Haitham and the people of Oman for the warm hospitality extended to him and his delegation. He extended an invitation for Sultan Haitham to visit Algeria, which the Sultan graciously accepted, reflecting the commitment of both nations to continued cooperation and friendship.
This joint initiative marks a new chapter in Omani-Algerian relations, promising mutual economic growth and strengthened fraternal ties between the two nations.
