Meed | UAE and Oman firms sign $32bn energy deal

UAE and Oman firms sign $32bn energy deal

24 April 2024

An industrial and energy project valued at an estimated AED117bn ($31.8bn) topped the recent investment agreements reached between the UAE and Oman following Sultan Haitham Bin Tariq’s visit to the UAE capital earlier this week.

The package encompasses renewable energy initiatives, including wind and solar projects, alongside green metals production facilities.

The agreement’s signatories included Abu Dhabi National Energy Company (Taqa), Abu Dhabi Future Energy Company (Masdar), Emirates Global Aluminium, Emirates Steel Arkan, OQ Alternative Energy and Oman Electricity Transmission Company.

Details of the planned projects have not yet been disclosed, although the production of green steel and green aluminium in either jurisdiction is implied.

The companies signed the agreements on 22 April in the presence of Sheikh Theyab Bin Mohamed Bin Zayed Al Nahyan, chairman of the Office of Development and Martyrs’ Families Affairs at the Presidential Court, and Sheikh Hamed Bin Zayed Al Nahyan, managing director of Abu Dhabi Investment Authority.

Along with other technology and infrastructure-related partnerships and projects, an agreement for the UAE-Oman rail connectivity project, valued at AED11bn, was also signed.

Photo: WAM

MEED’s latest special report on Oman includes:

> COMMENT: Muscat needs to stimulate growth
> GOVERNMENT & ECONOMY: Muscat performs tricky budget balancing act
> BANKING: Oman banks look to projects for growth
> OIL & GAS: Oman diversifies hydrocarbons value chain
> POWER & WATER: Oman expands grid connectivity
> HYDROGEN: Oman seeks early hydrogen success
> CONSTRUCTION: Oman construction is back on track