The United Arab Emirates (UAE) and Oman have signed an investment agreement worth 117 billion dirhams ($31.85 billion) for an industrial and energy mega-project, RenewablesNow reports. The project includes initiatives in renewable energy and facilities for the production of “green” metals.
The plan includes initiatives in renewable energy (solar, wind), as well as facilities for the production of “green” metals. Details about the projects are not disclosed. Among the companies participating in this partnership are TAQA, Masdar, Emirates Global Aluminium (EGA), Emirates Steel Arkan (ESA), as well as OQ Alternative Energy and Oman Electricity Transmission Company from Oman.
The agreement is part of an investment partnership worth 129 billion dirhams, which the two countries agreed upon at the UAE-Oman business forum held in Abu Dhabi in April. In addition to renewable energy and “green” metals, investments are also planned in railway, digital infrastructure, and technology.
Both countries aim to leverage their strategic geographical location and assets in the field of renewable energy to become significant producers of “green” hydrogen.
