The United Arab Emirates (UAE) and Oman have signed a AED-117-billion (USD 31.85bn/EUR 29.72bn) investment agreement concerning an industrial and energy megaproject for renewable energy initiatives.

The plan includes solar and wind projects as well as green metals production plants, the Ministry of Investment of the UAE has announced.

The companies involved in this partnership include Abu Dhabi's TAQA and Masdar, Emirates Global Aluminium (EGA), Emirates Steel Arkan (ESA), as well as Oman's OQ Alternative Energy, and Oman Electricity Transmission Company.

Details about the projects were not disclosed.

The deal is part of investment partnerships worth AED 129 billion that were agreed upon between the two countries at the UAE-Oman Business Forum on April 23 in Abu Dhabi. In addition to renewable energy and green metals, the partnerships include also railway, digital infrastructure and technology investments.

Both nations, where non-oil trade volumes hit about AED 51 billion in 2023, are aiming to leverage their strategic geographical locations and renewable energy assets to emerge as significant producers of green hydrogen.