Muscat: King Sultan Haitham bin Tarik and President Abdelmadjid Tebboune of the People’s Democratic Republic of Algeria have endorsed a plan to create a joint fund for Omani-Algerian investments. This initiative aims to foster partnerships and projects across various sectors, including renewable energy, petrochemicals, desert agriculture, technology, and tourism, among others.
This announcement was made during a joint statement on the visit of President Abdelmadjid Tebboune of the People’s Democratic Republic of Algeria to Oman from 28 to 30 October 2024. The statement reads as follows:
"In a move to deepen the ties between the Sultanate of Oman and the People’s Democratic Republic of Algeria—both at the leadership and citizen levels—and in response to an invitation from His Majesty Sultan Haitham bin Tarik, Sultan of Oman, President Abdelmadjid Tebboune of the People’s Democratic Republic of Algeria, along with a high-level delegation, embarked on a three-day visit to Oman from 28 to 30 October 2024.
During their discussions, the two leaders engaged in a spirit of camaraderie, mutual understanding, and a shared ambition to advance bilateral cooperation across various sectors, all with the aim of benefiting the citizens of both nations and highlighting their historical connections. They expressed their contentment with the recent strides taken to improve relations, such as the 8th session of the Omani-Algerian Joint Committee held in Algeria in June 2024, and the business symposium that took place during the session, focusing on potential opportunities in investment and trade.
The two leaders have shown their support for these outcomes and have issued directives to all relevant parties and sectors to enhance communication, facilitate exchanges of visits, and implement all joint initiatives and programs designed to bring benefits to the citizens of both countries. In this regard, they have endorsed an initiative to establish a joint Omani-Algerian investment fund, which will encourage partnerships and joint ventures in sectors like renewable energy, petrochemicals, desert agriculture, technology, and tourism.
The two sides emphasized the importance of strengthening ties at the private sector level, promoting trade and industrial exchanges, and leveraging the markets and locations of both countries to facilitate the export of national goods to regional and global markets.
During their discussions, the two leaders welcomed the signing of eight memoranda of understanding in areas such as investment promotion, exhibitions, conferences, education, higher education, environmental and sustainable development, financial services, employment, training, and the media.
In the spirit of consultation, the exchange of views, and coordination on regional and international developments, the two sides highlighted the urgency of ending the Israeli aggression against the Palestinian territories, Lebanon, Syria, and Iran. They also stressed the Palestinian people’s right to end the illegal occupation of their lands and to establish an independent Palestinian State, with East Jerusalem (Al Quds A'Sharqiyah) as its capital, adhering to the Two-State Solution, and to gain membership in the United Nations.
Both parties emphasized the need for collaboration and synchronization among their nations within regional and global organizations and gatherings, all for the benefit of their interests and to strengthen collective Arab efforts in ensuring peace, security, and stability both locally and internationally.
They also showed their backing for initiatives focused on promoting peaceful resolutions, adhering to international legal standards, and upholding the values of international recognition and fairness.
The Omani delegation acknowledged the hard work put in by the People's Democratic Republic of Algeria, especially as an Arab member of the Security Council, highlighting Algeria's support for Arab matters and the pursuit of justice, and commended Algeria for its positive contributions in these areas.
The Algerian delegation also praised the Sultanate of Oman for its pivotal role and its peaceful efforts to reduce tensions and foster mutual understanding and cooperation among nations in the region and beyond.
President Abdelmadjid Tebboune of the People's Democratic Republic of Algeria expressed his gratitude and admiration for His Majesty Sultan Haitham bin Tarik, the Omani government, and its citizens for the warm reception and hospitality extended to him and his delegation. He looked forward to Oman's continued success and prosperity under the leadership of His Majesty the Sultan. Additionally, he extended a formal invitation to His Majesty Sultan Haitham bin Tarik to visit the People's Democratic Republic of Algeria. His Majesty thanked the president and accepted the invitation.
