UK and Oman sign deal pledging to bolster investment ties

i24NEWS

3 min read
A picture taken on September 18, 2020, shows Oman's national flag waving in the wind in the capital of Muscat, Oman.
Haitham Al-Shukairi/AFPA picture taken on September 18, 2020, shows Oman's national flag waving in the wind in the capital of Muscat, Oman.

Lord Grimstone says 'Our two countries share a vision for a sustainable and prosperous future'

The United Kingdom and Oman inked a deal on Tuesday pledging to strengthen their shared investment ties and establish economic partnerships across industries like clean energy and technology.

UK Investment Minister Lord Gerry Grimstone and Oman Investment Authority President Abdulsalam Al Murshidi signed a Sovereign Investment Partnership to bolster “the economic ties between the UK and Oman and identify and support commercial investments,” according to a UK government press release.

“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,” Lord Grimstone said.

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Muscat and London share significant investment ties - almost 50 percent of the recent foreign investment into Oman comes from the UK, according to statistics from the Oman National Centre for Statistics and Information.

Additionally, trade between the two countries was valued at over 1.3 billion across the four quarters leading up to Q2 of this year.

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“Our two countries share a vision for a sustainable and prosperous future,” the UK minister explained.

“This Sovereign Investment Partnership ensures our respective private sectors and international investors are part of that journey.”

News of the deal arrives as London prepares to launch negotiations with the Gulf Cooperation Council, a regional economic and political organization, on a potential new free trade agreement.