The UAE and Oman have set up an investment partnership worth 129 billion dirham ($35.12 billion) to deepen cooperation across multiple sectors including railway projects and renewable energy.

The agreements, which were signed against the backdrop of Oman's Sultan Haitham bin Tariq's ongoing visit to the UAE, span renewable energy, green metals, railway, and digital infrastructure and technology investments, the UAE's ministry of investment said on Tuesday.

The investment agreements include:  

- An industrial and energy megaproject valued at AED117 billion, encompassing renewable energy initiatives, including wind such as solar and wind projects, alongside green metals production facilities. The signatories included Abu Dhabi National Energy Company (TAQA), Abu Dhabi Future Energy Company (MASDAR), Emirates Global Aluminium (EGA), Emirates Steel Arkan (ESA), OQ Alternative Energy, and Oman Electricity Transmission Company.

- Establishment of a technology-focused fund by ADQ and Oman Investment Authority, worth AED 660 million.

- A UAE-Oman rail connectivity project, valued at AED 11 billion.

- Cooperation over multiple sectors, notably digital infrastructure, food security, energy, transport and other areas of mutual interest. The agreement was signed by the UAE Ministry of Investment and the Ministry of Commerce, Trade and Investment Promotion in the Sultanate of Oman.

- A shareholding partnership between Etihad Rail, Mubadala and Omani Asyad Group Company. The total estimated value of the investment is AED 3 billion.

- The formation of a UAE-Oman alliance to enahance bilateral economic and trade economic relations.

(Writing by Brinda Darasha; editing by Seban Scaria)