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UK, Oman agree to strengthen economic ties, boost investment

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By Reuters
UK, Oman agree to strengthen economic ties, boost investment
UK, Oman agree to strengthen economic ties, boost investment   -   Copyright  Thomson Reuters 2022

LONDON – Britain and Oman have agreed to work more closely together to strengthen economic ties and increase high-value investment in areas such as clean energy and technology, following a meeting between the leaders of both countries last month.

UK companies have a long history of investment in Oman and they accounted for nearly 50% of the foreign investment in the country in recent years, Britain said, citing data from the Omani National Centre for Statistic and Information.

The two countries said a Sovereign Investment Partnership, signed in London on Tuesday by UK Minister for Investment Gerry Grimstone and President of the Oman Investment Authority Abdulsalam Al Murshidi, would drive strategic joint investment.

Britain has close strategic and military ties with countries in the Gulf and it is targeting trade deals in the region following Brexit.

It took a first step last year towards trade negotiations with the Gulf Cooperation Council, which comprises Oman, Saudi Arabia, the United Arab Emirates, Qatar, Kuwait and Bahrain.