UAE and Oman Strike Deal for $32 Billion Green Megaproject

Renewable Energy

In a groundbreaking move, the United Arab Emirates (UAE) and Oman have sealed an investment pact amounting to AED 117 billion ($31.85 billion) for a transformative industrial and energy initiative, according to a report by RenewablesNow.

This ambitious venture encompasses a wide array of renewable energy undertakings such as solar and wind projects, alongside the establishment of green steel manufacturing capabilities. While the details of these efforts remain undisclosed, the scale of this collaboration heralds shift to sustainability in the region.

Notable entities from the UAE participating in this landmark partnership include TAQA, Masdar, Emirates Global Aluminum (EGA), Emirates Steel Arkan (ESA), in addition to Omani counterparts such as OQ Alternative Energy and Oman Electricity Transmission Company.

The agreement forms a pivotal component of a larger AED 129 billion investment consortium forged during the UAE-Oman Business Forum in Abu Dhabi last April. Beyond renewable energy and eco-friendly metal production, the pact envisions investments in vital sectors like railways, digital infrastructure, and cutting-edge technology.

Both nations are poised to leverage their strategic geographic positioning and abundant renewable energy resources to emerge as key players in the global green hydrogen market.

Notably, recent developments indicate a surge in Emirati interest in sustainable steel production. Reports surfaced last September about a consortium comprising Emirati firms including CIM Steel Industry LCC, Rhino Steel, Metal Care Center Factory LCC, and Aziz Steel, planning to establish four state-of-the-art steel plants within the UAE’s industrial hub of Umm al-Queen. Spanning across 130 thousand square meters of allocated land, these facilities are set to employ cutting-edge recycling and reuse technologies to produce premium Aluzinc steel coils, signaling a paradigm shift towards environmentally conscious manufacturing practices.