A memorandum of understanding was recently signed by Lord Grimstone, UK minister for investment, and Abdulsalam Al Murshidi, the Oman Investment Authority’s president. The new covenant is a sovereign investment partnership, or SiP for short, designed to fortify ties economically between Oman and the UK by supporting and identifying commercial investments.
Wealth management services are often called upon for expert guidance on the potential risks of investments overseas and here in the UK. British companies and consumers interested in purchasing foreign assets often take investment advice in Chester, Manchester and other major UK cities before committing to buy.
In a statement commenting on the recent agreement, Lord Grimstone said:
“Our two countries share a vision for a sustainable and prosperous future. This SIP ensures our respective private sectors and international investors are part of that journey.”
This sentiment was echoed by Sayyid Badr Albusaidi, Foreign Minister for Oman, who, in a recent press release, added:
“We truly believe that by focusing our efforts on strategic joint investments, we will be able to reach further fruitful and tangible outcomes.”
British enterprises have a lengthy investment history in Oman. According to data from the Omani National Centre for Statistics and Information, in recent years, the UK’s foreign direct investment has accounted for almost 50 percent of all international investment to Oman.
The continuing partnership will now focus on multiple sectors. However, a strong emphasis will exist concerning technology and clean energy, a key element of the trade relationship between the UK and Oman valued at £1 billion a year.