United Arab Emirates (UAE) and Oman have solidified a transformative pact totaling AED 117 billion (USD 31.85 billion / EUR 29.72 billion), earmarked for a pioneering industrial and energy megaproject focusing on renewable energy ventures.
Unveiled by the Ministry of Investment of the UAE, the ambitious blueprint encompasses a spectrum of solar and wind initiatives alongside the establishment of green metals production plants, heralding a significant stride towards sustainable development.
Integral to this monumental endeavor are prominent entities such as Abu Dhabi's TAQA and Masdar, Emirates Global Aluminium (EGA), Emirates Steel Arkan (ESA), in conjunction with Oman's OQ Alternative Energy and Oman Electricity Transmission Company.
While specifics regarding the projects remain undisclosed, the collaborative effort underscores a shared commitment towards fostering a green-centric future.
As elucidated by the Ministry, this strategic alliance forms part of broader investment partnerships valued at AED 129 billion, brokered during the UAE-Oman Business Forum convened on April 23 in Abu Dhabi. Beyond renewable energy and green metals, the multifaceted collaborations extend to encompass railway infrastructure, digital innovation, and technological advancements.
Both nations, buoyed by burgeoning non-oil trade volumes reaching approximately AED 51 billion in 2023, are strategically leveraging their geographical positioning and robust renewable energy assets to position themselves as key players in the burgeoning green hydrogen landscape.
