The meeting was held on the sidelines of President Sheikh Mohamed Zayed Al Nahyan’s visit to Oman. ADQ and OIA recently entered into an AED10 billion ($2.72 billion) partnership agreement to facilitate investments between the UAE and Oman in sectors of mutual priority and interest.
Additionally, ADQ and Oman Information, Communication and Technology Group (ITHCA), a wholly-owned subsidiary of the OIA, signed an MoU to establish an AED592 million venture capital fund to invest in high-growth technology companies in the Sultanate of Oman.
The parties also identified preliminary investments to be assessed further that are worth over AED30 billion in new projects within Oman across target sectors, including hydrogen, solar and wind power generation, green aluminum, and steel, as well as water and electricity transmission lines.
ADQ is also exploring investment in other sectors that include but are not limited to food & agriculture, logistics, technology, and healthcare. This is in line with ADQ’s ambitions to expand its power, water, and industrial platforms throughout Oman to capture synergies that achieve long-term and sustainable value creation for both nations.
Mohamed Hassan Alsuwaidi, Managing Director and Chief Executive Officer at ADQ, 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.”
Abdulsalam Al Murshidi, President of OIA, said, “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.”