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Abu Dhabi-based investment and holding company ADQ and the Oman Investment Authority (OIA) have identified initial investment opportunities worth more than AED30 billion ($8.17 billion) in new projects in Oman.
ADQ and OIA officials discussed areas of joint investment cooperation during UAE President Sheikh Mohamed bin Zayed Al Nahyan’s visit to Oman, a statement said.
Investment opportunities range from hydrogen, solar and wind power, green aluminium and steel, and hydroelectric transmission lines.
ADQ and OIA recently signed a cooperation agreement worth AED 10 billion to facilitate UAE and Oman investments in areas of mutual priority and interest.
In addition, ADQ and Oman Information, Communications and Technology Group (ITHCA), a wholly-owned subsidiary of OIA, signed a memorandum of understanding to establish a Dh592 million venture capital fund to invest in high-growth technology companies in Oman.
ADQ is also exploring investments in other sectors including but not limited to food and agriculture, logistics, technology and healthcare. This is in line with ADQ’s ambition to expand its power, water and industrial platforms across Oman to capture synergies and achieve long-term and sustainable value creation for both countries.
ADQ Managing Director and CEO Mohamed Hassan Alsuwaidi said: “As part of the UAE’s longstanding bilateral relationship with Oman, we discussed several potential strategic opportunities that could unlock significant Synergies and value. Today’s engagement builds on our recent efforts and commitment to develop tangible investment partnerships in key markets such as Oman to complement our investment strategy and growth aspirations. We believe this visit strengthens The great economic potential of ADQ’s partnership with OIA.”
Abdulsalam Al Murshidi, President of the Oman Investment Authority (OIA), said: “Our collaboration with like-minded institutions such as ADQ demonstrates our shared commitment to building long-term sustainable relationships. Our discussions today will not only create a platform that will allow us to explore reciprocity Mutually beneficial co-investment opportunities will also foster knowledge sharing to strengthen our respective organisations’ investment platforms.”
As a strategic partner to the government, ADQ conducts value-added co-investment programmes with key regional partners through its Sovereign Investment Partnerships platform. These partnerships accelerate investments that unlock shared value across ADQ and its portfolio businesses. – arab trade news agency
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