Oman Investment Authority (OIA) has signed its largest-ever package of investment agreements in a single day with Chinese institutions and companies, covering renewable energy, mining, logistics, digital technology, space and financial services.
The agreements were announced during Sultan Haitham bin Tarik’s state visit to China and are designed to support joint investment, industrial development, technology transfer and economic diversification. Most of the projects are planned for Oman, according to the announcement.
OIA agreed with China’s Silk Road Fund to establish an $800M joint investment fund, with most of the capital allocated to Oman. It also agreed to create a $300M fund with China Merchants Bank. Separate partnerships with IDG Capital, Templewater and EW Partners will bring a further $735M into clean energy, digital technology, smart manufacturing and utilities.
In energy, Nama Holding and State Grid International Development will cooperate on battery storage projects worth about $1B, with a combined capacity of 1 gigawatt. O-Green and Shanghai Electric Wind Power Group will develop wind energy capabilities in Oman, including a research and development centre and turbine testing facility in Duqm.
Other agreements include a $418.7M, 10-year copper and gold mining contract with Hongda International, a $100M solar partnership, and a logistics collaboration between Asyad Group and JD.com. Omantel also signed an MoU covering Ascend neural processing units and high-performance computing infrastructure.
Source: Zawya
