ASTANA – Kazakhstan and Oman agreed to establish a $150 million joint investment fund and expand cooperation in oil and gas, transport and financial connectivity, as Kazakhstan seeks to diversify its investment partnerships and strengthen access to markets across the Gulf, Indian Ocean and beyond.
President Kassym-Jomart Tokayev and Sultan Haitham bin Tariq Al Said sign a package of agreements between Kazakhstan and Oman during the Sultan’s state visit to Kazakhstan on Oct. 6. Photo credit: Akorda.
The agreements were signed during Sultan Haitham bin Tariq Al Said’s state visit to Kazakhstan on Oct. 6, laying the groundwork for a broader economic partnership focused on investment, energy, logistics and access to new markets.
The package covers investment protection, air services, finance, energy, geological exploration and business cooperation. The two leaders also adopted a joint statement outlining the further direction of bilateral relations.
$150 million joint investment fund
Samruk Kazyna Sovereign Wealth Fund and Oman Investment Authority signed an agreement to establish a joint investment structure. The fund, with planned capital of $150 million, is expected to launch at the Astana International Financial Centre by the end of this year on a parity basis.
The fund will invest in priority projects in Kazakhstan and Oman, creating a dedicated mechanism to finance bilateral investment initiatives. Samruk Kazyna fund also signed an agreement with Oman Investment Authority on the key terms of the Blue City Rixos joint project.
The investment mechanism comes as Kazakhstan seeks to broaden the geographic base of its foreign investment and develop new channels for attracting capital beyond its traditional partners, particularly in sectors where the country is seeking greater value creation.
New framework for oil and gas cooperation
KazMunayGas and OQ Exploration & Production New Ventures signed a strategic cooperation agreement in geological exploration. The framework creates a basis for identifying and assessing potential investment opportunities in the oil and gas sector in Kazakhstan, Oman and other countries.
According to Samruk Kazyna Chairman Nurlan Zhakupov, the agreement is intended to support the joint implementation of oil and gas projects in both countries.
Oman joins Eurasian Development Bank
The Eurasian Development Bank (EDB) and Oman’s Ministry of Finance signed an agreement defining the conditions for the bank’s presence in Oman.
The agreement marks a new stage for the EDB, with Oman set to become its eighth shareholder and the first member state from the Gulf region.
EDB Chairman Nikolai Podguzov said the agreement would strengthen ties between Central Asia and the Gulf region and support cooperation under the bank’s new strategy.
Business council to strengthen direct ties
The Atameken National Chamber of Entrepreneurs and the Oman Chamber of Commerce and Industry agreed to establish the Kazakhstan-Oman Business Council. The council will provide a platform for direct business contacts, B2B meetings, partner searches and promotion of joint projects.
The two sides identified tourism, digitalization and artificial intelligence, agriculture, energy, mining, construction and logistics as promising areas for cooperation. Kazakh businesses also view Oman as a potential gateway to markets in the Gulf, South Asia and East Africa.
Broader economic cooperation
The package also includes an agreement on the promotion and mutual protection of investments, an agreement on air services and a memorandum of understanding between the finance ministries of Kazakhstan and Oman.
The documents signed during the state visit establish new mechanisms for investment and business cooperation and create a framework for expanding economic ties between Kazakhstan and Oman.
For Kazakhstan, the partnership offers an opportunity to combine its resource base, industrial and transport potential with Omani investment and access to markets around the Gulf and Indian Ocean, while creating additional channels for economic diversification and higher-value projects.
