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Tuesday, 27 February 2024
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UK and Oman agree to strengthen economic ties, boost investment
UK-London-Parliament/Pixabay

The US News reported according to Reuters, Britain and Oman have agreed to work more closely together to strengthen economic ties and increase high-value investment in areas such as clean energy and technology, following a meeting between the leaders of both countries last month.

UK companies have a long history of investment in Oman and they accounted for nearly 50% of the foreign investment in the country in recent years, Britain said, citing data from the Omani National Centre for Statistic and Information.

Muscat in Oman/Pixabay
Muscat in Oman/Pixabay

The two countries said a Sovereign Investment Partnership, signed in London on Tuesday by UK Minister for Investment Gerry Grimstone and President of the Oman Investment Authority Abdulsalam Al Murshidi, would drive strategic joint investment.

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Britain has close strategic and military ties with countries in the Gulf and it is targeting trade deals in the region following Brexit.

It took a first step last year towards trade negotiations with the Gulf Cooperation Council, which comprises Oman, Saudi Arabia, the United Arab Emirates, Qatar, Kuwait and Bahrain.

Source: usnews