The Sultanate of Oman and the United Kingdom have signed a Sovereign Investment Partnership (SIP), agreeing to collaborate more closely on attracting high-value investment into both countries.
The Memorandum of Understanding between the UK’s Office for Investment (OFI) and the Oman Investment Authority (OIA) was signed in London by the UK’s Minister for Investment, Lord Gerry Grimstone, and President of the Oman Investment Authority, HE Abdulsalam Al Murshidi.
The new partnership will deepen the economic ties between the countries as well as identify and support commercial investments in areas such as clean energy and technology, which are already an important part of UK’s $1.4 billion-a year trading relationship.
British companies have a long history of investments in Oman, with Foreign Direct Investments (FDI) from the UK accounting for nearly 50 percent of the foreign investment into Oman in recent years.
Sayyid Badr Albusaidi Foreign Minister Oman
“The signing of the MOU is in line with the aspirations of both Oman and the UK as set out in the Comprehensive Agreement on Enduring Friendship and Bilateral Cooperation. We truly believe that by focusing our efforts on strategic joint investments, we will be able to achieve further fruitful and tangible outcomes, in support of our mutual desire to continue developing a dynamic and stronger partnership.“
As a sign of this growing partnership, UK waste-to-energy pioneer, Greenfuels, has partnered with the UK-based 44:01, a company which mineralizes CO2 permanently into rock, and other local stakeholders to form Wakud International, a joint venture which has invested around $2 million in its Oman-based operations since breaking ground last year.
The rise in bilateral trade relationship between the two countries comes prior to the talks over a new Free Trade Agreement. Negotiations are expected to commence this year, with a future deal set to boost links in areas like investment and services.
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