UAE and Oman sign MoUs

The United Arab Emirates and the sister Sultanate of Oman signed a series of memoranda of joint cooperation on the sidelines of the visit of His Highness Sheikh Mohamed bin Zayed Al Nahyan, the President of the State, to the Sultanate of Oman.

The MoUs cover a wide range of areas that strengthen the solid relations between the two brotherly countries, including cooperation in culture, media, railways, education, scientific research, agricultural assets and financial markets.

The agreements included a memorandum of understanding between the Ministry of Industry and Advanced Technology and the Ministry of Business and Industry and Oman Investment Promotion regarding cooperation and investment in the industrial area.

The memorandum aims to promote industrial integration in priority industries and products and ease procedures for industrial investors in both countries, especially in advanced industries such as aerospace, medical and agricultural technology, aviation and the establishment of smart factories.

Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, said: “This agreement is in line with the directives of the wise leadership and its eagerness to consolidate brotherly relations between the two brotherly countries, which are based on close historical ties of integration and development. of common interests. The agreement is also in line with efforts to explore opportunities for cooperation and joint investment in strategic and vital areas such as the industrial sector and advanced technology, which is a major contributor to promoting sustainable economic growth in line with the UAE and Oman’s strategic Goal.

He pointed out that the agreement benefits from the common desire to develop policies and strategies, enable joint industrial complexes, exchange expertise, scientific and technical information and research and development results, in addition to activating complementary initiatives and projects in the industrial sector and facilitating trade exchanges between the two countries.

The memorandum also aims to support and facilitate cooperation between businessmen and companies operating in the industrial sector of the two countries, leading to technical training and conducting intercomparisons of national measurement standards between the national institutes of the two countries.

With regard to strengthening cooperation between the two countries in the field of youth and culture, a memorandum of understanding has been signed between the ministries of culture and youth, which includes cooperation and strengthening of the distinguished relations between the two countries in the field of culture and youth. the memorandum stipulates that the two parties exchange experiences, information and experts in the field of culture and youth, especially in the arts sectors and libraries, to strengthen the role of cultural dialogue and youth meetings, exchange visits between officials in the culture and youth sectors. , writers, thinkers and experts working in the field of youth to collaborate on youth policies and youth work.

The two sides signed a memorandum of understanding between the Ministry of Energy and Infrastructure and the Ministry of Energy and Minerals of the Sultanate of Oman, and the memorandum provides for cooperation in promoting funds for transformation in energy, renewable energy technologies and energy efficiency, especially oil, gas and hydrogen, beyond the areas of CO2 capture, use and storage (CCUS) technology. ), applications of artificial intelligence in energy and its management, exchange of information, knowledge and experience holding high-level meetings to discuss issues of mutual benefit.

In the education sector, a memorandum of understanding was signed between the Ministry of Education and the Ministry of Higher Education, Scientific Research and Innovation of the Sultanate of Oman. The memorandum aims to exchange experiences, rules, laws and regulations for higher education. , scientific research, innovation and vocational training and information related to licensing and accreditation systems and standards and standards related to quality assurance for institutions Higher education and vocational training, in addition to exchanging experiences in developing and stimulating scientific research, innovation incubators and business accelerators.

The movement encourages the building of cooperative relations between institutions of higher education, scientific research and practical training with the aim of exchanging expertise and experience in the academic, research and professional fields and other areas of common interest that support the development of relations between the two countries and the two brotherly peoples.

A memorandum of understanding was also signed between the Ministry of Climate Change and Environment and the Ministry of Agriculture, Fisheries, Livestock and Water Resources, which comes within the framework of mutual historical relations, efforts to increase safety, sustainability and food security, and promote and develop cooperation in agriculture , livestock, fisheries and food security.

Within the cooperation on transport and logistics, a memorandum of understanding was signed between the Ministry of Energy and Infrastructure and the Ministry of Transport, Communications and Information Technology of the Sultanate of Oman The memorandum of understanding includes cooperation in the field of legislation, policies and laws related to smart transport and ways to strengthen the partnership with the private sector sector towards the development of investment solutions for transport. Smart, the transformation in sustainable, organized transport to achieve CO2-neutral goals in the transport sector, research and development and technical training for workers, areas related to the design, implementation and maintenance of roads, mass and participatory transport, logistics, formulation of national regulatory frameworks and policies governing the transport sector and sharing experiences that contribute to leadership. The two brother countries are in this vital area, which represents a great supporter of sustainable development and prosperity.

A memorandum of understanding in the field of maritime transport was also signed between the Ministry of Energy and Infrastructure and the Ministry of Transport, Communications and Information Technology of the Sultanate of Oman. The memorandum aims to cooperate and coordinate in projects, programs and policies and exchange experiences in the field of maritime transport, investment and maritime connections between the two countries’ ports.

A memorandum of understanding was signed between the Information Unit of the UAE and the Omani National Center for Financial Information regarding cooperation on the exchange of information related to money laundering and related predicate crimes and terrorist financing.

The agreements also included a memorandum of understanding between Emirates News Agency and the Ministry of Information of the Sultanate of Oman, represented by Oman News Agency in the field of news and information exchange, signed by His Excellency Mohammed Jalal Al Raisi, Director General of Emirates News Agency, and Ibrahim bin Saif Al Azri, Director General and Editor-in-Chief of the Oman News Agency.

A memorandum of understanding was signed between the Abu Dhabi Developmental Holding Company and the Omani Group for Communications and Information Technology “Ethkaa Group”. The memorandum aims to establish an investment capital fund of 592 million dirhams to invest in technology companies with high growth potential in the Sultanate of Oman.

In this context, the two parties identified initial investment opportunities whose value exceeds 30 billion dirhams, subject to the preparation of feasibility studies for each of them.

Both the Holding and the Oman Investment Authority unveiled a partnership agreement worth 10 billion dirhams, through which the two parties aim to enable investments in sectors of priority and mutual interest between the UAE and Oman.

In terms of capital markets cooperation, a memorandum of understanding was signed between the Abu Dhabi Securities Exchange and the Muscat Stock Exchange, an agreement on distance trading by brokerage firms through electronic trading, a partnership agreement between the Abu Dhabi Securities Exchange and the Muscat Stock Exchange in the field of dual listing of securities, and a memorandum of cooperation between Abu Dhabi Securities Exchange Company and Muscat Clearing and Depository Company.

In the field of dual listing of securities, an agreement was signed between the Abu Dhabi Securities Exchange and the Muscat Clearing Company of the Sultanate of Oman.

The Abu Dhabi Securities Exchange also entered into a memorandum of cooperation with the Muscat Clearing and Depository Company in the field of dual listing of securities, and another memorandum aimed at strengthening joint relations between the two sides and working to develop clearing and central depository in two countries, allowing each party to obtain the necessary permits and approvals, and establishing joint working committees on matters of mutual interest.

The market also signed an agreement with the Muscat Stock Exchange, which aims to cooperate at the level of dual listing of securities in the markets of the two countries, lay the legal basis for this, unify and define operational, administrative and technical procedures to achieve effective cooperation and integrated coordination with respect to the listing of the same securities on each of the Abu Dhabi Securities and Muscat Stock Exchange markets.

In the same context, the Abu Dhabi Securities Exchange announced that the Muscat Stock Exchange joined the “Tadawul” platform so that the shares listed on the Omani market are available for trading alongside the shares of companies listed on the Abu Dhabi Stock Exchange and Bahrain Stock Exchange.

A project to connect the railways between the two countries

The United Arab Emirates and the sister Sultanate of Oman have signed a cooperation agreement on the rail link project between the two countries. The agreement includes the establishment of Oman and Etihad Rail Company, owned equally between the two sides, with the aim of designing, developing and operating the a rail network connecting Sohar Port to the country’s national rail network, with a total project investment of three billion dollars.

According to the agreement, the new company will prepare the preparatory work and an action plan for the implementation of the project, including financing mechanisms, the schedule, and then oversee the design, implementation and operation of the railway network project connecting Sohar and Abu Dhabi, ensuring the harmonization of ​​all standards approved by the two countries. The rail network route between the Emirate of Abu Dhabi and the State of Sohar – spanning a distance of 303 kilometers – will adopt the highest international safety, security and environmental standards to provide safe and fast services for passenger and freight transport as the passenger train speed reaches at 200 km per hour, cutting the distance between Sohar Abu Dhabi to 100 minutes and 47 minutes between Sohar and Al Ain, while the freight train runs up to 120 km per hour. The joint rail network between the United Arab Emirates and the Sultanate of Oman will contribute to the promotion and development of the two countries’ national economies, including increasing the efficiency of the supply chain system and facilitating cross-border trade between the two countries, by connecting commercial businesses to the rail network.

Facilitating procedures for industrial investors in both countries, especially in advanced industries such as aerospace, medical and agricultural technology.

Cooperation and coordination in projects, programs and policies and exchange of experience in transport and maritime relations between the ports of the two countries.

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