The Oman Investment Authority (OIA), which represents the sovereign wealth of the Sultanate of Oman, is exploring potential investments in Egypt. This decision comes after a recent visit by a prominent delegation from Oman, led by Sultan Haitham bin Tariq, during his inaugural trip to Egypt since taking office. The primary objective of this move is to enhance commercial ties and foster investment opportunities between the two nations.
Sources close to the matter have also confirmed that the Authority is deliberating on potential investment prospects in Egypt, with a particular focus on wind energy initiatives. According to reports, the OIA is planning to invest a total of $5 billion in Egypt within the next three years, with $1 billion earmarked for wind energy projects this year.
Read more: Saudi-Oman trade skyrocketed by 123% to $7.1 bn in 2022
OIA has already partnered with Saudi’s ACWA Power to explore opportunities for investing in wind energy plants proposed by the Egyptian government. The Zaafarana wind power plant and the Jabal Al-Zayt power plant are among the projects being evaluated in collaboration with ACWA Power.
These investments are expected to bolster trade and investment between the two nations and promote economic growth in Egypt and the region.
Trade exchange
According to an official statement, the trade exchange value between Egypt and Oman hiked by 66% to $1.08 billion in 2022 from $651 million in 2021.
Ahmed Samir, Egypt’s Minister of Trade and Industry, highlighted that Omani investments in the Arab Republic hit nearly $80.5 million over 110 projects. The investments were pumped across various sectors, including agriculture, tourism, industry, finance, communications, and information technology.
Samir added that Egyptian investments in Oman reached about $860 million over 142 projects in road construction, infrastructure, sanitation, real estate, and tourism.
Last month, the minister indicated that the value of the bilateral trade between Egypt and Africa amounted to $2.11 billion in the first quarter (Q1) of 2023.
Bilateral cooperation
Egypt and Oman have signed an agreement that aims to prevent double taxation, which refers to income tax being levied twice on the same income, as well as a Memorandum of Understanding (MoU) to foster bilateral cooperation between the two countries.
The deals – overseen by Finance Minister Mohamed Maait and his Omani counterpart Sultan Bin Salem Al-Habsi – were finalized during the Egyptian-Omani Business Forum in Cairo.Â
According to Oman’s Ambassador to Cairo Abdullah bin Nasser Al-Rahbi, Sultan’s visit to Cairo witnessed the signing of six MoUs between Oman and Egypt, including cooperation in the education, judiciary, transportation, aviation, and taxation fields.
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