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Oman kickstart Sovereign Investment Partnership to boost UK investment links

The UK and Oman have signed a Sovereign Investment Partnership (SIP), agreeing to work closer together on increasing high value investment into both countries.

The Memorandum of Understanding between the UK’s Office for Investment (OFI) and the Oman Investment Authority (OIA) was signed in London by the UK’s Minister for Investment, Lord Gerry Grimstone, and President of the Oman Investment Authority, HE Abdulsalam Al Murshidi.

The new partnership will strengthen the economic ties between the UK and Oman and identify and support commercial investments in areas such as clean energy and technology, which are already an important part of our £1 billion-a year trading relationship.

Today’s signing follows Prime Minister Boris Johnson’s meeting with the Sultan of Oman, Haitham bin Tarik al Said, at Downing Street in December, where they discussed enhancing the bilateral relationship between the UK and Oman.

UK Minister for Investment Lord Grimstone said: “Oman is a long-standing and strategic partner in the Middle East and I am pleased that the UK is further deepening our investment relationship. Our two countries share a vision for a sustainable and prosperous future. This Sovereign Investment Partnership ensures our respective private sectors and international investors are part of that journey.”

Foreign Minister of Oman Sayyid Badr Albusaidi said: “The signing of the MOU is in line with the aspirations of both Oman and the UK as set in the Comprehensive Agreement on Enduring Friendship and Bilateral Cooperation. We truly believe that by focusing our efforts on strategic joint investments, we will be able to reach further fruitful and tangible outcomes, in support of our mutual desire to continue developing a dynamic and stronger partnership.”