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Two Saudi, Omani giant firms sign comprehensive investment deal

Two Saudi, Omani giant firms sign comprehensive investment deal

Oman’s Bahwan International Group (BIG) and Saudi Arabia’s Ajlan & Brothers Holding Group (Ability) signed a cooperation agreement to establish joint investments in both countries; by announcing a new era of partnerships for key sectors in line with the visions of Saudi 2030 and the Sultanate’s 2040.

Both giants privately owned groups met in Muscat on May 24, 2022, to sign economic, commercial, and technical cooperation agreements for various projects with common interests in the fields of manufacturing lithium-ion batteries for electric cars, energy storage, renewable energy, health care, and food security initiatives in both countries, and investments Common inside and outside the Gulf Cooperation Council countries.

Sheikh Mohammed bin Abdulaziz Al-Ajlan, Vice Chairman of the Board of Directors of Ajlan & Brothers Group, and His Excellency Eng. Ali Al-Hazmi, the Group CEO, and the company’s senior management team are visiting Muscat for three days to discuss and sign a cooperation agreement with Bahwan International Group.

The agreement was signed by Sheikh Ahmed Suhail Bahwan, Chairman of Bahwan International Group, along with Sheikh Saad Suhail Bahwan, Sheikha Amal Suhail Bahwan, Sheikh Abdullah Ahmed Bahwan, and senior officials of the group, Sheikh Mohammed bin Abdulaziz Al-Ajlan, Vice Chairman of Ajlan & Brothers Group.

This step aims to strengthen the existing economic relations between the two groups by developing effective programs and mechanisms for cooperation in the efforts made for all future projects of common interest for an initial period of 5 years and beyond.

The two groups will cooperate and work together in the fields of trade, investment, and knowledge exchange, and facilitate joint economic efforts during the next phase, thus promoting sustainable economic development in both countries.

The two groups agreed to place industrialization, renewable energy, future technologies, innovation, modern agriculture, digital economy, education, healthcare, and food security as top priorities for sectors of common interest in line with the visions of the two countries.

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