Friday 03 / May / 2024
Muscat : The joint Omani-Emirati Investment Forum, which was held today at the Emirates Palace Hotel in Abu Dhabi, discussed ways to enhance existing cooperation between the two countries in various fields.
The forum was held on the sidelines of a ‘state’ visit by His Majesty Sultan Haitham bin Tarik to the United Arab Emirates.
Abdul Salam bin Mohammed Al Murshidi, Chairman of the Oman Investment Authority, said that the continuous growth in the volume of trade and investment exchange between the two countries over the past years reflects the depth and strength of the existing economic partnership between them and its promising prospects, as the volume of trade exchange between the two countries reached about OMR5.4 billion by the end of 2023 .
He added that the joint railway network between the two countries is a qualitative addition to the logistics sector, and a stimulating step for various industrial sectors and economic activities.
Al Murshidi explained that the rail network will provide promising trade and investment opportunities for the private sector, supporting the integration of Omani port activities and linking them to regional and global markets, in addition to attracting national and foreign investments and improving the competitive ability of the two brotherly countries at the level of global trade.
He pointed out that the launch of the “Jusoor” Fund represents a qualitative shift in the technology sector in the Sultanate of Oman.
Al Murshidi stressed that this strategic partnership will move towards a new phase of innovation and growth and will have an important impact in supporting the endeavours of the two countries to build a promising future based on benefiting from digital transformation and technological progress.
Qais bin Mohammed Al-Yousef, Minister of Commerce , Industry and Investment Promotion, said that the signing of the agreements and memorandums of understanding between the two sides comes from the distinguished relations and the desire of the two countries to strengthen and develop bilateral cooperation between them in the field of investment.
He stressed that cooperation between the two countries in the investment fields will strengthen bilateral relations. By signing the memorandum of understanding in the field of investment, the Ministry aims to establish a framework for investment cooperation and facilitate the exchange of technical knowledge, advice and expertise between the two countries in various sectors such as food security, logistics services, transportation, infrastructure projects, the minerals sector, natural services, financial and banking projects, tourism, information technology, and the industrial sector.
The Minister of Commerce , Industry and Investment Promotion stated that the number of companies registered in the Sultanate of Oman with Emirati participation during the year 2023 amounted to 1,308 , while the value of the Emirati contribution out of the total invested capital according to commercial records amounted to about OMR272 million. Pointing out that about 112 companies with a a significant percentage of Emirati shareholding are active in the industrial cities of the Sultanate of Oman, including 37 companies whose invested capital exceeds OMR1 million.
The Minister of Commerce, Industry and Investment Promotion stressed that Omani-Emirati relations are in continuous development and growth in various fields, thanks to the great attention they receive from His Majesty Sultan Haitham bin Tarik and his brother, His Highness Sheikh Mohammed bin Zayed Al Nahyan, President of the United Arab Emirates.
Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure of the United Arab Emirates, stressed the importance of the achievements of the joint company “Hafeet Rail” since its establishment, and that it has demonstrated high levels of competence and commitment to achieving connectivity between the two countries through a safe and sustainable joint railway network, in line with the strong relations and strategic and historical ties that connect the two countries.
Al Mazrouei pointed out the importance of the railway network in facilitating trade at the local and regional levels, opening new horizons in the infrastructure, transportation and logistics sectors, diversifying the national economy and achieving sustainable development in the two countries.
Faisal bin Abdullah Al Rawas, Chairman of the Board of Directors of the Oman Chamber of Commerce and Industry, said that the private sector is an essential partner in economic development, and the governments of the two brotherly countries emphasise the important and vital role of the sector by working to implement joint projects between the two countries in the next stage. Pointing out that the two countries today witnessed the signing of several agreements and memorandums of understanding that provide the private sector with promising investment opportunities in various fields, especially the basic services sector that accompanies these projects.
Al Rawas stressed that there is continuous cooperation and coordination between the Oman Chamber of Commerce and Industry and the Federation of UAE Chambers of Commerce and Industry . Pointing out that the economic and investment indicators between the Sultanate of Oman and the United Arab Emirates demonstrate the extent of this joint cooperation between the two sides.
The forum included several visual presentations by the “Invest in Oman Hall”, the Oman Investment Authority, and the Oman Hydrogen Company “Hydrome”, which reviewed the investment opportunities and potentials in the Sultanate of Oman.
The forum also revealed the new commercial identity of Hafeet Rail (formerly Oman and Etihad Rail), which is the joint company of Etihad Rail, Oman Rail and Mubadala, in honor of Jebel Hafeet, which extends between the Sultanate of Oman and the United Arab Emirates, its strategic location, and its historical status in both countries.
