UAE – Mubasher: ADQ and Oman Investment Authority (OIA) entered into an AED 10 billion partnership agreement to facilitate investments between the UAE and Oman in sectors of mutual priority and interest.
The agreement came on the sidelines of the visit of the President of the UAE, Sheikh Mohamed bin Zayed Al Nahyan, to Oman, according to a recent press release.
Meanwhile, ADQ and Oman Information, Communication and Technology Group (ITHCA), a wholly-owned subsidiary of the OIA, inked a memorandum of understanding (MoU) to set up an AED 592 million venture capital fund to invest in high-growth technology companies in Oman.
Furthermore, the parties identified preliminary investments to be assessed further valued at more than AED 30 billion in new projects within Oman across target sectors, including hydrogen, solar and wind, green aluminum and steel, as well as water and electricity transmission lines. ADQ is also exploring investment in other sectors such as food & agriculture, logistics, technology, and healthcare.
Managing Director and CEO at ADQ, Mohamed Hassan Alsuwaidi, said: “Today’s engagement builds on our recent efforts and commitment to develop tangible investment partnerships in key markets, such as Oman, that complement our investment strategy and growth aspirations. We are confident that this visit reinforces the significant economic potential of ADQ’s partnership with OIA.”
President of OIA, Abdulsalam Al Murshidi, commented: “Our partnership with a like-minded institution, such as ADQ, showcases our shared commitment to building long-term sustainable relationships. Our discussions today will not only create a platform to enable us to explore mutually beneficial co-investment opportunities, but facilitate knowledge sharing to strengthen our respective organisations’ investment platforms.”