The UK and Oman have signed a Sovereign Investment Partnership (SIP), agreeing to work closer together on increasing investment into both countries.
The agreement comes after Gloucestershire-headquartered waste-to-energy pioneer Green Fuels based at Berkeley, partnered with Wakud International,in a joint venture which has invested around $2 million into its Oman-based operations since breaking ground last year.
UK companies have a long history of investment in Oman, with Foreign Direct Investments from the UK accounting for nearly 50 per cent of the foreign investment into Oman in recent years.
Wakud’s biorefinery at Khazaen Economic City in Oman is the first solar-powered biodiesel plant in the world. It will eventually process 20 tonnes per day of used cooking oil collected from restaurants and food processing establishments into European-standard biodiesel, for local consumption as road fuel and for export to the UK and EU. Expansion out of Oman into the wider GCC will begin this year, and the partnership has already created new jobs in the region.
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.
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.”