Oman plans to inject US$5b investments in Egypt

Oman plans to inject US$5b investments in Egypt

The Oman Investment Authority announced its plan to inject US$5 billion in investments in the Egyptian market over the next three years to increase trade exchange and investments between the two countries.

The Omani side’s investment plan will include US$1 billion that will be pumped this year into wind energy projects.

The step came following the visit of a high-ranking delegation from the Sultanate to Egypt.

The value of trade exchange between Egypt and the Sultanate of Oman increased to a record US$1.1 billion in 2022, compared to US$650.8 million in 2021, an increase of 64.6 percent, according to statistics.

Egypt’s strategy is aiming at attracting foreign investments to bridge the funding gap estimated at $17 billion.

The Omani side is considering investment opportunities in Egypt, on top of which are wind energy projects, as it has partnered with ACWA Power to enter into partnerships on wind energy plants proposed by the government, according to Daily News.

Local media reported that the Zaafarana wind power plant and the Jabal Al-Zayt power plant are among the opportunities it is considering in cooperation with ACWA Power.

The sources confirmed that the agency plans to inject $5bn investments in Egypt over the next three years, including $1bn that will be pumped this year into wind energy projects.

Work is underway on a partnership agreement with the Sovereign Fund of Egypt to study investment opportunities in the areas of interest including logistics, service sector, mining, industrial projects, technology, infrastructure, food, and healthcare.

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