Oman and Algeria have taken a significant step towards enhancing their economic partnership by establishing a joint investment fund valued at $300 million. This fund, equally shared between the two nations, was formalized in a memorandum of understanding (MoU) signed by the Oman Investment Authority and Algeria’s Ministry of Finance during His Majesty Sultan of Oman Haitham bin Tarik’s recent visit to Algeria.

The newly formed Oman-Algeria Investment Fund will concentrate on crucial sectors such as food security, pharmaceuticals, minerals, and mining. The goal of this collaboration is to promote mutual economic benefits and foster further cooperation in various fields including scientific, technical, educational, agricultural, and legal sectors.

In the mining sector, an MoU was signed between Minerals Development Oman, a subsidiary of the Oman Investment Authority, and Algeria’s National Company for Mineral Exploration and Production. This agreement aims to expand bilateral cooperation in mining and related industries, focusing on knowledge transfer, economic diversification, and job creation while ensuring adherence to environmental and social sustainability standards.

In addition, in the energy sector, Abraj Energy Services and Algeria’s state-owned Sonatrach have finalized key terms for a joint venture, following a previously agreed MoU. Earlier this year, they also established agreements to develop vocational training programs in oil and gas, along with frameworks for skill development in technical and managerial capacities.

The pharmaceutical sector will also see enhanced cooperation as Oman’s Ministry of Health and Algeria’s Ministry of Industry and Pharmaceutical Production signed an MoU aimed at collaboration in drug manufacturing. This partnership will focus on pharmacovigilance, scientific research exchange, and expertise sharing in drug evaluation, all under the applicable laws of both nations.

Moreover, both countries are strengthening their judicial cooperation. The Ministry of Justice and Legal Affairs of Oman and Algeria’s Ministry of Justice will exchange experiences and training programs. An additional MoU between Oman’s Supreme Judiciary Council and Algeria’s Ministry of Justice will facilitate the exchange of court rulings and joint training programs for judges.

Agricultural cooperation was another area of focus, with an MoU signed between Oman’s Ministry of Agriculture, Fisheries, and Water Resources and Algeria’s Ministry of Agriculture Rural Development and Fisheries. This agreement addresses desert farming, modern agricultural technologies, and biotechnology to enhance crop resilience.

The two nations have also activated an executive program to implement an existing MoU on plant protection and animal health, which includes exchanges of regulations and technical expertise. In fisheries, the Oman Marine Science and Fisheries Center and Algeria’s National Center for Research and Development of Fisheries and Aquaculture signed a program to enhance cooperation in marine research, aquaculture, and smart fishing technologies.

Trade relations between Oman and Algeria have also seen remarkable growth, with a reported increase of nearly 48 percent in trade volume for 2024, reaching OMR62.988 million compared to OMR41.417 million in 2023. Notably, Oman’s total exports to Algeria in 2024 were approximately OMR62.3 million, while imports amounted to around OMR707,900. The number of registered companies with Algerian contributions in Oman increased significantly, growing from 251 in 2022 to 423 by the end of 2023, representing a growth rate of 68.5 percent.