The project includes renewable energy initiatives and green steel production capacity

The United Arab Emirates (UAE) and Oman have signed an investment agreement worth AED 117 billion ($31.85 billion) for an industrial and energy mega-project, RenewablesNow reports.

The plan includes renewable energy initiatives (solar, wind), as well as green steel production facilities. Details of the projects were not disclosed.

Among the companies participating in this partnership from the UAE are TAQA, Masdar, Emirates Global Aluminum (EGA), Emirates Steel Arkan (ESA), as well as Omani OQ Alternative Energy and Oman Electricity Transmission Company.

The agreement is part of an AED 129 billion investment partnership that the two countries agreed to at the UAE-Oman Business Forum held in Abu Dhabi in April. In addition to renewable energy and green metals, investments in railways, digital infrastructure, and technology are also envisaged.

Both countries are looking to leverage their strategic geographical location and renewable energy assets to become prominent producers of green hydrogen.

Last September, it was reported that a consortium of Emirati companies, including CIM Steel Industry LCC, Rhino Steel, Metal Care Center Factory LCC and Aziz Steel, planned to build four steel plants in the UAE in the industrial city of Umm al-Queen. A total of 130 thousand square meters of land has been allocated for the construction of the steel center. The plants will produce high-quality Aluzinc steel coils using leading recycling and reuse technologies.