ADQ, OIA to pursue wind, solar, hydrogen investments in Oman
Oman Investment Authority and Abu Dhabi's ADQ identify AED 30 billion of investment opportunities in Oman. Image by Oman Investment Authority (OIA).
September 29 (Renewables Now) - Abu Dhabi-based investment company ADQ and Oman Investment Authority (OIA) have identified preliminary investments worth over AED 30 billion (USD 8.16bn/EUR 8.42bn) in new projects across Oman in areas such as hydrogen, solar and wind, green aluminum and steel and others.
The two parties agreed to proceed with feasibility studies on the projects in targeted sectors, the state-owned OIA said on Wednesday.
Apart from the aforementioned areas, investment opportunities were discovered also in the water and electricity production and transmission lines, food, health and pharmaceuticals, transportation and services, and infrastructure and logistics.
The discussions on the potential for investments in the sultanate took place on the sidelines of the visit of UAE's president Sheikh Mohamed bin Zaid and his meeting with Sultan Haitham bin Tariq.
OIA's president Abdul Salam Al-Murshidi pointed out that this reflects OIA's efforts to attract foreign investments to the sectors identified by the 10th Five-Year Development Plan which is "expected to make significant strides in economic diversification and increase the total income of the Omani economy".
Anna is a DACH expert when it comes to covering business news and spotting trends. She has also built a deep understanding of Middle Eastern markets and has helped expand Renewables Now's reach into this hot region.