Egypt and Oman agree to establish joint investment fund

Egypt and Oman agree to establish joint investment fund
Egyptian President Abdel Fattah El-Sisi and Sultan of Oman Haitham bin Tariq. (Spokesman of the Egyptian Presidency)
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Updated 30 June 2022

Egypt and Oman agree to establish joint investment fund

Egypt and Oman agree to establish joint investment fund
  • Two countries also sign agreements in multiple sectors, including the environment and education
  • Agreement comes during Egyptian President El-Sisi’s official visit to Oman 

CAIRO: Egyptian President Abdel Fattah El-Sisi and Sultan of Oman Haitham bin Tariq have agreed on a study to establish a joint investment fund between their two countries, focused on feasible projects in various vital sectors.

In a joint statement released on Tuesday, the two leaders confirmed, during the official visit of the Egyptian president to Oman, that all relevant authorities would discuss investment opportunities in fields including energy and renewables, industry, healthcare and pharmaceuticals.

During El-Sisi’s visit, Egypt and Oman signed two agreements, six memoranda of understanding, three executive programs and letters of cooperation in promoting competition, combating monopolies, promoting investment, developing exports, establishing and managing industrial zones, and protecting the environment, in addition to the mutual recognition of marine qualification certificates for navigators.

The governments of the two countries also signed a cooperation agreement in maritime transport and ports, and a cooperation agreement between Sultan Qaboos University and the Egyptian National Institute for Astronomical and Geophysical Research.

El-Sisi affirmed “Egypt’s keenness during the coming period to develop economic and commercial cooperation relations with the Omani business community and companies, and develop joint investments, to contribute to supporting economic development … to maximize mutual interests and optimal utilization of available opportunities.”

During his meeting with representatives of the business community and heads of major companies in Oman, with the participation of a number of senior Omani officials and representatives, he stressed that “the qualitative leap that Egypt has witnessed recently in the various development sectors reflects the strong will of the state, with its governmental and popular components to achieve sustainable development, which will have positive repercussions on the strengthening of bilateral relations between Egypt and the Sultanate of Oman by opening doors to maximize existing Omani investments in various sectors.

“The distinguished fraternal relations between the two brotherly countries are the real umbrella for supporting efforts to develop joint cooperation in various economic fields through the availability of the necessary political will,” El-Sisi said.

The Egyptian leader also discussed the various investment opportunities in Egypt, foremost of which is the development axis of the Suez Canal Zone, which includes a number of major industrial and logistical areas, and which provides promising opportunities for Omani companies wishing to benefit from Egypt’s strategic location.

El-Sisi arrived in Oman on Monday and an official reception ceremony was held for him. 

Talks between the two leaders were held at Al-Alam Palace in the Omani capital Muscat and included delegations from both countries.

El-Sisi affirmed Egypt’s “pride in the depth and strength of strategic relations with the Sultanate of Oman,” and its desire to “strengthen and diversify the frameworks of joint bilateral cooperation, and explore mechanisms to push them to broader horizons in various political, security, economic and commercial fields.”

He also praised “the existing level of coordination and unity of visions between the two brotherly countries on issues of common interest,” as well as the “Omani-Egyptian consensus on all regional and international issues.”

Ambassador Bassam Radi, official spokesman for the Presidency of the Republic, said El-Sisi and Sultan Haitham held an expanded session of talks, during which the sultan praised the “close and historical brotherly ties that unite the two countries.”