Oman identifies priority sectors for joint investment with Sovereign Fund of Egypt

CAIRO - 24 May 2023: The Sultanate of Oman has identified a number of priority sectors for joint investment with the Sovereign Fund of Egypt in Egypt.

 

The sectors include: the pharmaceutical industries, food industries, and renewable energy, which are among the top priorities of the Sultanate of Oman.

 

As a result of the Egyptian-Omani relations throughout history since 3500 BC, and support trade and investment cooperation, there is a real desire to expand Omani investments in Egypt in partnership with the Egyptian Sovereign Fund and a number of Egyptian private sector companies.

 

Abdul Salam bin Muhammad al-Murshidi, head of the Omani Investment Authority, confirmed in press statements that there is an agreement with the Egyptian side and the Sovereign Fund of Egypt, and a number of priority sectors have been identified, including the pharmaceutical industries, food industries, and renewable energy.

 

The study of the projects proposed for the partnership will be completed by the end of the third quarter of this year, and the implementation of joint investments will begin in the last quarter of this year.

 

The visit of the Sultan of Oman, Haitham bin Tariq, Sultan of Oman, to Egypt included the signing of several agreements to advance relations between the two countries in a manner befitting the Egyptian-Omani relations, indicating that Oman was against the French invasion of Egypt, as it stopped negotiations with France in protest against the invasion of Egypt.

 

During the current stage, inter-trade between Egypt and the Sultanate of Oman is witnessing a great momentum that is increasing year after year, indicating that the volume of trade exchange between the two countries reached about $1.80 billion during 2022, compared to $651 million during 2021, achieving an increase of about 66 percent.

 

Omani investments in Egypt amounted to about $80.5 million in 110 projects in the sectors of industry, agriculture, tourism, services, construction, finance, communications and information technology.

 

Egyptian investments in Oman amounted to about $860 million in 142 projects in the fields of: road construction, infrastructure, sanitation, real estate investment and tourism. 

 

The volume of trade exchange between the Sultanate of Oman and Egypt increased, reaching $1.23 billion in 2022.