The United Arab Emirates (UAE) and Oman have signed a significant investment agreement worth 117 billion dirhams ($31.85 billion) for a comprehensive industrial and energy mega-project. The ambitious plan encompasses initiatives in renewable energy, including solar and wind power, as well as facilities for the production of "green" metals. Although details about the specific projects are not publicly disclosed, the agreement involves prominent companies from both nations, including TAQA, Masdar, Emirates Global Aluminium (EGA), Emirates Steel Arkan (ESA), OQ Alternative Energy, and Oman Electricity Transmission Company.

This agreement is part of a broader investment partnership worth 129 billion dirhams, which was announced at the UAE-Oman business forum held in Abu Dhabi in April. The partnership aims to drive growth in various sectors, including renewable energy, "green" metals, railway infrastructure, digital infrastructure, and technology.

Both countries are strategically positioned to leverage their assets in renewable energy to become major producers of "green" hydrogen, which is expected to play a crucial role in the global transition to a low-carbon economy.