RIYADH: Investment deals worth billions of dollars have been signed at the Oman-China Investment Partnership Horizons Forum, with 23 agreements, memorandums and strategic investment partnerships inked.
The event, held at Bank of China’s headquarters, saw deals covering joint investment funds, renewable energy, and mining, as well as logistics, digital transformation and space technology.
Oman Investment Authority was among the entities from the Middle East country to reach agreements with companies and institutions from the Asian giant during Sultan Haitham bin Tarik’s first state visit to China.
The deals build on deep economic ties between the countries, with China’s Foreign Ministry putting bilateral trade at $36.73 billion in 2024, including $30.93 billion in Chinese imports from Oman.
“The visit represents an important step for the economic partnership between the two countries and gives the authority and its companies broader opportunities to turn bilateral relations into investments and projects serving shared interests,” said OIA President Abdulsalam bin Mohammed Al Murshidi, according to the Oman News Agency.
Joint funds
The authority signed a preliminary term sheet with the Silk Road Fund to establish an $800 million joint fund, with most of the investment intended for Oman.
A second $300 million fund, equally financed with China Merchants Bank, builds on a partnership launched in 2019 through a fund of the same value focused on Chinese technology.
Other investment partnerships include a $200 million fund with IDG Capital, a $200 million Oman-focused fund with Templewater as part of a wider $260 million partnership, and a $250 million fund with eWTP Arabia Capital.
The latter partnership is expected to total approximately $275 million, including an allocation from its regional fund for investment in Oman.
Energy and mining
A $100 million partnership with BCG and Hoi Mills aims to develop solar projects in Oman and establish a manufacturing facility for solar energy equipment.
Minerals Development Oman signed a 10-year, $418.7 million mining services contract with Hongda International for the Mazoon Copper and Gold Project in Yanqul.
Digital and space
Huawei will cooperate with Omantel and the Ministry of Transport, Communications and Information Technology on Ascend neural processing units.
The Space Silk Road program includes a first phase of seven satellites and plans for a satellite assembly, integration and testing facility in Oman.
Logistics and banking
Asyad Group and JD.com will develop three distribution warehouses in Muscat International Airport Free Zone, Khazaen Economic City and Sohar Free Zone.
Sohar International also signed a memorandum of understanding with Shanghai Pudong Development Bank covering co-financing and debt capital markets.