Green energy + transport investment were at the forefront of MBZ’s visit to Oman: The UAE and Oman could work together to channel more than AED 30 bn (USD 8.1 bn) into renewable energy and infrastructure projects in Oman, Abu Dhabi wealth fund ADQ said in a statement yesterday. The fund and the Oman Investment Authority (OIA) have identified “preliminary” targets for investment in sectors that include hydrogen, solar and wind power, as well as green aluminum, steel and water and electricity transmission lines, it said, without disclosing further details.

MBZ in Oman: Talks between the two wealth funds came during UAE President Sheikh Mohammed bin Zayed’s visit to the Sultanate this week which was aimed at strengthening trade and investment ties between the two countries.

ADQ + OIA know each other well: The two sovereign funds recently signed a AED 10 bn (USD 2.7 bn) investment partnership.

Oman has big green hydrogen plans: The government aims to produce 10 GW of hydrogen by 2030 and 30 GW by 2040, and has announced several large-scale wind and solar-powered hydrogen projects over the past 18 months.

But more investment in other renewables is needed: The country recently downgraded its 2030 target, and now expects to source 20% of its electricity from renewables by the end of the decade, down from 30% previously.

Also from the visit:

  • From the UAE to Sohar: Railway operator Oman Rail and UAE’s Etihad Rail agreed to build a USD 3 bn railway connecting the UAE to Sohar port, the Abu Dhabi media office said yesterday.
  • AED for Omani tech firms: ADQ and OIA subsidiary ITHCA signed an MoU to establish an AED 592 mn (USD 162 mn) VC fund targeting high-growth tech companies in the Sultanate.
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