The Sultanate of Oman and the Republic of Kazakhstan on Friday signed a preliminary agreement to establish a strategic partnership between them, in the presence of HH Sayyid Theyazin bin Haitham al Said, Deputy Prime Minister for Economic Affairs and Olzhas Bektenov, Prime Minister of the Republic of Kazakhstan, at the premises of the Council of Ministers.
The signing took place on the sidelines of the official visit of HH Sayyid Theyazin to Kazakhstan. The agreement seeks to establish a comprehensive framework for investment cooperation between the two parties, paving the way for the creation of a joint investment fund dedicated to identifying and capitalising on promising opportunities in both countries. This initiative will serve to strengthen bilateral economic relations, support economic diversification efforts and contribute to the delivery of sustainable value.
The fund is envisaged to operate on the basis of an equal partnership with regard to investment distribution and financing, with capital to be contributed equally by the Oman Investment Authority (OIA) and its Kazakh counterpart, thereby fostering economic integration and leveraging the competitive advantages of both nations.
HH Sayyid Theyazin said that this agreement represents a strategic milestone in the trajectory of economic relations between Oman and Kazakhstan. It reflects, he added, the shared commitment of both countries to consolidating a partnership founded on economic integration and the exchange of strategic interests, in line with the approach adopted by the Sultanate of Oman to enhance its economic diplomacy and expand its international partnerships.
HH Sayyid Theyazin said: "We believe that this step will broaden cooperation and joint investment in priority sectors for both countries, thereby contributing to the realisation of sustainable economic growth, enhancing market connectivity between the two sides and reinforcing our nation's position as a trusted partner and an economic bridge linking regional and international markets. This will, in turn, support the achievement of the objectives of Oman Vision 2040".
Abdulsalam bin Mohammed al Murshidi, Chairman of Oman Investment Authority (OIA), said that this agreement represents a strategic step within the Authority's approach to building high-quality partnerships with sovereign wealth funds and global investment institutions. This agreement establishes the eleventh partnership for the Authority with its counterparts, embodying the approach of Omani economic diplomacy with the Authority serving as its executive arm, thereby enhancing Oman's international presence and opening broader horizons for joint investment. Nurlan Zhakupov, Chairman of Samruk-Kazyna Sovereign Wealth Fund, explained that this step opens wide horizons for enhancing bilateral investment cooperation. He indicated the determination of both sides to invest jointly in promising projects and existing companies, particularly in Kazakhstan and Oman, across a number of key sectors including industry, healthcare, energy, consumer goods, logistics and mining, in addition to other strategic sectors of common interest.
The agreement builds upon the approach of the Oman Investment Authority to expand its network of strategic partnerships with sovereign wealth funds and global investment institutions, in pursuit of opening new horizons for joint investment in priority sectors. Through these partnerships, the Authority continues to establish distinguished investment platforms that contribute to knowledge transfer, capital attraction and the maximisation of sustainable returns. This signing paves the way for the eleventh strategic partnership of the OIA, following the establishment of joint investment funds with its counterparts in sisterly and friendly nations, as well as with renowned global companies, including the Oman-Türkiye Joint Fund and partnerships with Qatar, Brunei, Uzbekistan, India, Vietnam, Spain, Pakistan, China and Azerbaijan. The proposed investment entity will be managed by a board comprising five members: two representatives from each party, in addition to an independent member agreed upon by both sides.
A periodic rotation mechanism will be adopted for the chairmanship and vice-chairmanship of the board between the two parties, so as to reinforce the principles of governance and balance in decision-making. The fund will target a range of strategic sectors, including manufacturing industries, healthcare, renewable energy, logistics services and mining, alongside other economic priority sectors. This partnership is expected to open new horizons for economic cooperation between the Sultanate of Oman and Kazakhstan and to enhance investment flows between the two countries, thereby supporting the achievement of sustainable development and strengthening local added value in both economies.
HH Sayyid Theyazin, PM hold Talks
Olzhas Bektenov, Prime Minister of Kazakhstan received at his office HH Sayyid Theyazin and his accompanying delegation.
HH Sayyid Theyazin expressed his thanks and appreciation for the warm reception extended to him and his accompanying delegation, affirming his commitment to supporting and enhancing prospects for cooperation between the two countries across many fields.
Then, an official talks session was held, co-chaired by the Prime Minister of Kazakhstan and HH Sayyid Theyazin. During the session, they reviewed existing areas of cooperation between the two countries and discussed ways to enhance them in line with the development visions of both nations.
The discussions focused on enriching the Omani and Kazakh economies, particularly in the fields of energy, mining, technology, tourism, education and logistics.
The session was attended from the Omani side by Abdulsalam bin Mohammed al Murshidi, Chairman of Oman Investment Authority (OIA); Shaikh Abdulaziz bin Abdullah al Hinai, Ambassador-at-Large at the Foreign Ministry and Mohammed bin Abdullah al Bahrani, Ambassador of Oman to Kazakhstan.
Serik Zhumangarin, Deputy Prime Minister, Minister of National Economy; Nurlan Karshagovich Zhakupov, Chairman of Samruk-Kazyna Sovereign Wealth Fund; Yerlan Akkenzhenov, Minister of Energy; Nurlan Sauranbayev, Minister of Transport; Yersaiyn Kairgazievich, Minister of Industry and Construction; Arman Shakkaliyev, Minister of Trade and Integration; Aidarbek Toumatov, Ambassador of Kazakhstan to Oman also attended the talks. — ONA
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