The UAE and Oman have established investment partnerships worth Dh129 billion ($35.12 billion) across multiple sectors including renewable energy, railway, green metals and technology.
The collaboration was announced following the state visit of Oman's Sultan Haitham to the UAE this week.
The two countries will set up an industrial and energy mega project valued at Dh117 billion, with solar and wind projects, and green metal production units, the UAE’s Ministry of Investment said on Tuesday.
Abu Dhabi National Energy Company (Taqa), Masdar, Emirates Global Aluminium, Emirates Steel Arkan, Oman’s OQ Alternative Energy and Oman Electricity Transmission Company will be part of the new investment deal.
“The UAE and Oman have strong historical relations that are founded on shared values, goals and principles,” said Mohamed Alsuwaidi, Minister of Investment.
“The agreements represent a major milestone in our bilateral ties, as they pave the way for us to leverage our collective strength to realise our shared vision of advancement and prosperity.”
The two countries also decided to set up a technology-focused fund worth Dh660 million to invest in the digital economy in Oman and the wider Mena region. Abu Dhabi holding company ADQ and Oman’s sovereign wealth fund Oman Investment Authority will be part of the fund.
Rail connection
A UAE-Oman rail connectivity project, valued at Dh11 billion, and a shareholding partnership between Etihad Rail, Mubadala and Omani Asyad Group Company worth Dh3 billion, was also announced.
The two countries are building a rail network covering a distance of more than 300km to boost connectivity.
Trains that can reach speeds of 200kph will connect Abu Dhabi with Sohar to the north of Muscat, the Oman News Agency said in 2022. Freight trains will run at up to 120kph.
The deal includes connecting the UAE's existing freight services line to Sohar.
Passenger trains will run between Sohar and Abu Dhabi in 100 minutes, and between Sohar and Al Ain in 47 minutes.
Freight trains will have an annual capacity of 22.5 million tonnes of bulk cargo and 282,000 containers.
The announcement of the new projects comes as the UAE and Oman continue to boost investment ties, with non-oil trade between the two countries reaching about Dh51 billion in 2023.
During Sultan Haitham's visit on Monday, the two countries pledged to further strengthen ties.
“The agreements signed today will serve to bolster relations across key sectors and foster socio-economic benefits, contributing towards a stable and prosperous future for both countries,” the Ministry of Investment said.
Day 1, Dubai Test: At a glance
Moment of the day Sadeera Samarawickrama set pulses racing with his strokeplay on his introduction to Test cricket. It reached a feverish peak when he stepped down the wicket and launched Yasir Shah, who many regard as the world’s leading spinner, back over his head for six. No matter that he was out soon after: it felt as though the future had arrived.
Stat of the day - 5 The last time Sri Lanka played a Test in Dubai – they won here in 2013 – they had four players in their XI who were known as wicketkeepers. This time they have gone one better. Each of Dinesh Chandimal, Kaushal Silva, Samarawickrama, Kusal Mendis, and Niroshan Dickwella – the nominated gloveman here – can keep wicket.
The verdict Sri Lanka want to make history by becoming the first team to beat Pakistan in a full Test series in the UAE. They could not have made a better start, first by winning the toss, then by scoring freely on an easy-paced pitch. The fact Yasir Shah found some turn on Day 1, too, will have interested their own spin bowlers.
Roll of honour 2019-2020
Dubai Rugby Sevens
Winners: Dubai Hurricanes
Runners up: Bahrain
West Asia Premiership
Winners: Bahrain
Runners up: UAE Premiership
UAE Premiership
Winners: Dubai Exiles
Runners up: Dubai Hurricanes
UAE Division One
Winners: Abu Dhabi Saracens
Runners up: Dubai Hurricanes II
UAE Division Two
Winners: Barrelhouse
Runners up: RAK Rugby
Info
What: 11th edition of the Mubadala World Tennis Championship
When: December 27-29, 2018
Confirmed: men: Novak Djokovic, Rafael Nadal, Kevin Anderson, Dominic Thiem, Hyeon Chung, Karen Khachanov; women: Venus Williams
Tickets: www.ticketmaster.ae, Virgin megastores or call 800 86 823
MATCH INFO
Quarter-finals
Saturday (all times UAE)
England v Australia, 11.15am
New Zealand v Ireland, 2.15pm
Sunday
Wales v France, 11.15am
Japan v South Africa, 2.15pm
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Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
MATCH INFO
Austria 2
Hinteregger (53'), Schopf (69')
Germany 1
Ozil (11')
Superliminal%20
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PROFILE OF HALAN
Started: November 2017
Founders: Mounir Nakhla, Ahmed Mohsen and Mohamed Aboulnaga
Based: Cairo, Egypt
Sector: transport and logistics
Size: 150 employees
Investment: approximately $8 million
Investors include: Singapore’s Battery Road Digital Holdings, Egypt’s Algebra Ventures, Uber co-founder and former CTO Oscar Salazar
500 People from Gaza enter France
115 Special programme for artists
25 Evacuation of injured and sick
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
MATCH INFO
Euro 2020 qualifier
Ukraine 2 (Yaremchuk 06', Yarmolenko 27')
Portugal 1 (Ronaldo 72' pen)