London, 13 January 2022 (TDI): Britain and Oman signed a sovereign investment partnership deal on Wednesday to increase high-value investments in both countries as the United Kingdom comes close to signing a free trade deal with the Gulf Cooperation Council (GCC).
This partnership also aims to invest in areas like technology and clean energy. The signing took place after the Sultan of Oman, Haitham met with the British Prime Minister, Boris Johnson in December.
“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 SIP ensures our respective private sectors and international investors are part of that journey.” -Lord Grimstone, Minister of Investment.
Mohammed Al Yousef, Oman’s Minister of Commerce, Industry & Investment Promotion told delegates at a round table event in Oman that the country is open for business with the UK.
Additionally, he said that Oman is keen on supporting British investors who are looking to invest in mining, manufacturing, clean energy, logistics, and tourism. Ties between both countries continue to develop as Britain comes closer to signing a deal with the GCC, future deals will further boost links in areas like investment and services.
The UK has had a long investment history in Oman with UK investments accounting for nearly 50% of the foreign direct investment in recent years.
Strengthening trade & investment is a priority for the UK & #Oman.
Following HM Sultan Haitham bin Tarik’s visit to the UK, we’re hosting an Omani ministerial delegation.
Today they met @citylordmayor & Lord Grimstone to discuss UK’s financial & professional services sectors. pic.twitter.com/vbaXeGOhIM
— UK in Oman (@UKinOman) January 10, 2022
At a roundtable in London a representative from the Oman Ministry of Commerce, Azzan Al Busaidi identified over 500 opportunities in the industrial sector worth £400 million ready for investment from the UK. He said that the Ministry has set up a dedicated UK desk to ease the entry of UK businesses in Oman.
