Oman and United Kingdom sign partnership to boost bilateral investments
The Sultanate of Oman and the UK have signed a Sovereign Investment Partnership (SIP), agreeing to work closer together on increasing investment into both countries.
The Memorandum of Understanding between the Oman Investment Authority (OIA) and UK’s Office for Investment (OFI) was signed in London by the President of Oman Investment Authority, HE Abdulsalam Al Murshidi and the UK’s Minister for Investment, Lord Gerry Grimstone.
The new partnership will strengthen the economic ties between Oman and the UK and identify and support commercial investments in areas such as clean energy and technology, which are already an important part of a UK £1 billion-a year trading relationship.
The signing follows the meeting between His Majesty Sultan Haitham bin Tarik and Prime Minister Boris Johnson, at Downing Street in December 2021, where they discussed enhancing the bilateral relationship between Oman and the UK.
Foreign Minister Sayyid Badr Albusaidi said: “The signing of the MOU is in line with the aspirations of both Oman and the UK as set 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 reach further fruitful and tangible outcomes, in support of our mutual desire to continue developing a dynamic and stronger partnership.”
UK Minister for Investment Lord Grimstone said: “Oman is a long-standing and strategic partner in the Middle East and I am pleased that the UK is further deepening our investment relationship.
“Our two countries share a vision for a sustainable and prosperous future. This Sovereign Investment Partnership ensures our respective private sectors and international investors are part of that journey.”
President of Oman Investment Authority H.E Abdulsalam Al Murshidi said: “This partnership is a perfect embodiment of OIA’s mandate under Vision Oman 2040, especially for financial sustainability and attracting foreign investors who consider OIA their partner in potential investment.”