FOREIGN INVESTMENT

Oman 2018 | DIPLOMACY | B2B

With growing global focus on renewable energy, increased cooperation between nations on energy-related projects will be the way forward.

Suhail Mohamed Al Mazrouei
SUHAIL MOHAMED AL MAZROUEI
Minister of Energy
UAE
Kimmo Tiilikainen
KIMMO TIILIKAINEN
Minister of Housing, Energy, and the Environment
Finland

What potential for cooperation do you see in Oman for your respective countries, particularly in the field of energy?

Suhail Mohamed Al MazrouEi The UAE is a major investor in Oman, and is specifically looking at the oil and gas industry, power generation, and other related sectors. Oman is a brotherly country and close ally to the UAE. We see huge potential for fresh investments and will be extending our power grid cooperation, which links both of our countries' electricity grids. I am confident that in the near future, we will see increased power trading between the UAE and Oman as well as the rest of the Gulf Cooperation Council (GCC) countries. As we progress onto our paths to a more sustainable energy matrix, I expect that much of our investments will focus on renewables, and this is a field I expect Oman to be a crucial partner in.

Kimmo Tiilikainen What we see in Finland is growing interest in cooperating on energy-related projects with Gulf nations. Oman plays an ever-growing role in this. Moreover, in Finland, one of our greatest assets is our expertise. For instance, we are well placed to deal with demand for the latest technological advances made in fields such as solar and wind. We have also been developing technologies to improve energy efficiency in homes, adapting these to cater to both warmer and colder markets, which is crucial from a business perspective. In this sense, energy efficiency is one of the major areas in which we can continue to cooperate and invest in Oman. Such collaboration would go a long way towards contributing to the Finnish government's goals in the energy sector: to be frontrunners in bio-economy, circular economy, and green technologies. We invest considerably in R&D in order to generate new kinds of solutions for energy-related issues. Many Finnish companies have expressed a strong interest in taking these solutions to other markets such as Oman. At the political level, the Finnish government can provide the necessary framework for such cooperation to exist, and we strive to do so. That said, the private sector has to go out, spread the word, and strike up new partnerships.