The UK has struck a preliminary investment partnership deal with Oman that sees the Middle East country pledge to increase future foreign direct investment into the UK.
The deal was signed in London yesterday by UK trade minister Gerry Grimstone and AbdulSalam Al Murshidi, president of Oman’s sovereign wealth fund.
The deal comes as the UK prepares to start negotiations with the six-country Gulf Cooperation Council trading bloc, which includes Oman, over a post-Brexit trade deal.
Grimstone said: “Oman is a long-standing and strategic partner in the Middle East and I am pleased that the UK is further deepening our investment relationship.
“Our two countries share a vision for a sustainable and prosperous future. This Sovereign Investment Partnership ensures our respective private sectors and international investors are part of that journey.”
A more advanced investment deal was signed by the UK last year with the United Arab Emirates, which will see the country’s sovereign wealth fund invest more than £10bn into British industries.
It is believed that the deal with Oman could lead to similar investment in the near future.