Oman and Algeria Forge New Investment Pathway
The Oman Investment Authority has signed a preliminary agreement with Algeria's Finance Ministry to launch an investment fund worth 115 million Omani riyals. The fund will target the mining, food security, and pharmaceutical sectors, aiming to bolster collaboration and development between the two nations.
- Country:
- Egypt
The Oman Investment Authority has taken steps to deepen its economic ties with Algeria by signing a preliminary agreement to create an investment fund valued at 115 million Omani riyals ($298.79 million). The deal was inked with Algeria's Finance Ministry, marking a significant partnership effort between the two countries.
The newly established fund, announced by the sultanate's sovereign wealth entity, aims to channel investments into several key sectors, including mining, food security, and pharmaceuticals. These areas have been identified as critical to addressing both nations' long-term growth strategies and economic stability.
According to a statement by the OIA, the strategic choice of industries underscores a commitment to fostering sustainable development while enhancing bilateral relations. This move is expected to encourage regional collaboration and mutual prosperity.
(With inputs from agencies.)
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