Oman and UAE Forge Strategic Partnerships Through Multi-Sectoral Agreements
Abu Dhabi, The Gulf Observer: In a landmark display of bilateral cooperation and shared vision for regional advancement, the Sultanate of Oman and the United Arab Emirates (UAE) have cemented their partnership through the signing of several pivotal agreements and memorandums of understanding spanning diverse sectors.
The momentous occasion unfolded on Tuesday at the esteemed Emirates Palace Hotel in Abu Dhabi, as His Majesty Sultan Haitham bin Tarik of the Sultanate of Oman embarked on a significant “state” visit to the United Arab Emirates. Against a backdrop of mutual respect and mutual interests, the two nations inked agreements designed to foster collaboration and propel both economies toward sustainable growth and innovation.
At the forefront of the agreements is a memorandum of understanding in the realm of investment, underscoring the commitment of both parties to explore and capitalize on lucrative investment opportunities. Facilitated by the Ministry of Commerce, Industry, and Investment Promotion of the Sultanate of Oman and the UAE Ministry of Investment, this pact aims to bolster economic cooperation and catalyze mutually beneficial ventures.
In the realm of modern technology, a momentous step forward was marked with the official commencement of operations for the “Jusoor” Fund. This strategic initiative, aimed at fostering innovation and entrepreneurship, will see direct investments channeled into emerging technology companies and small and medium enterprises within the technical sector. The commitment to finance the fund, amounting to an impressive $180 million, underscores the unwavering dedication of both parties to fostering technological advancement and economic diversification.
Moreover, in the critical domain of renewable energy, both nations have embarked on a collaborative journey toward sustainability and environmental stewardship. A framework memorandum signed between Omani institutions, companies under the aegis of the Oman Investment Authority, and leading counterparts in the UAE heralds the commencement of feasibility studies for groundbreaking projects. These initiatives encompass the exploration of innovative ventures in green minerals, renewable energy, and the electrification sector, promising transformative impacts on both economies and the broader energy landscape.
The culmination of these agreements stands as a testament to the shared commitment of the Sultanate of Oman and the United Arab Emirates to forging enduring partnerships, driving economic progress, and charting a course toward a prosperous and sustainable future for both nations and the region at large.
