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Cooperation to Boost Economy: UAE and Oman Signs MoU

The Abu Dhabi Securities Exchange (ADX) and the Muscat Securities Market (MSX) signed a Memorandum of Understanding (MoU) that aimed to establish a strong foundation between the two parties for a convenient partnership and to further exchange visions and experiences in numerous fields of common interest. It was signed during the state visit of the President of the UAE, His Highness Sheikh Mohamed bin Zayed Al Nahyan, to the Sultanate of Oman recently, and he met with His Majesty Sultan Haitham bin Tariq, the Sultan of Oman, intending to further enhance the collaboration in multiple areas to serve the common interests. The agreement also aligned with ADX’s commitment to supporting the UAE’s strategy for economic diversification and growth in promoting prosperity in the country.

The leaders reviewed the current areas of collaboration and explored opportunities for further cooperation. The leaders praised the progress made in the fields of politics, security, economics, science, and culture for the mutual benefit of the two nations. The leaders welcomed the signing of several MoUs that aim to enhance economic collaboration between the two nations. The areas incorporate industry, advanced technology, rail connectivity, energy, higher education, scientific research, the exchange of news, and the cultural and youth sectors. A few more agreements were signed related to the exchange of information, impeding money laundering and mitigating crime as well as financing terrorism. The Sultan and Sheikh Mohamed embraced effective communication between the governments of both nations which has strengthened bilateral relations and emphasized the important role played by the Oman-UAE Joint Committee.

The agreements and MoUs were also signed to enhance cooperation in the fields of commercial, investment, diplomatic, consular, and educational areas, in addition to the environment, security, advanced technologies, industries, and innovations. Agreements on renewable energy projects, health, pharmaceutical industries, tourism, real estate development, petrochemicals, supply chains, manufacturing, information technology, logistics, financial technology, and other sectors were made to further enhance the collaboration between the two nations.

Saeed Hamad Al Dhaheri, Managing Director and Chief Executive Officer of Abu Dhabi Securities Exchange, stated that the signing of this MoU reconfirmed both ADX’s and Abu Dhabi’s commitment to establishing a regional network for sharing knowledge and information. This is intended to boost liquidity and mutual long-term agreements with the regional partners.

The leaders acknowledged their determination to motivate their public and private sectors to diversify and develop economic ties and revealed that a number of projects will be initiated in the domains of transportation and infrastructure to boost UAE-Oman integration. Regional and international issues were also discussed to coordinate their approach to support and upgrade security and stability. Sincere congratulations were extended by the Sultan to Sheikh Mohamed of the UAE for being chosen to host COP28 in 2023.

The visit concluded with Sheikh Mohamed expressing sincere gratitude and appreciation to the Sultan, the government, and the people of Oman for their generous hospitality and warm reception. He wished for the country to experience increased progress and prosperity. While the Sultan expressed his best wishes to the UAE and its people for further advancement and well-being.