ASTANA : Oman and Kazakhstan agreed to establish a US$150 million joint investment fund and signed deals covering energy, tourism and mineral exploration on Tuesday during His Majesty Sultan Haitham bin Tarik’s state visit.

The agreements accompanied talks between His Majesty and President Kassym-Jomart Tokayev at the Palace of Independence in Astana, where the two leaders discussed strengthening bilateral relations and expanding economic cooperation.

The joint fund, a strategic partnership between the Oman Investment Authority and Kazakhstan’s Samruk-Kazyna sovereign wealth fund, will receive equal contributions from both sides.

It will target investments in food, industry, healthcare, renewable energy and logistics in Oman and Kazakhstan. Investments in third countries may also be considered where they add value to projects in the two countries, according to details released on the agreements.

A separate term sheet outlines a three-party partnership involving Future Fund Oman, Samruk-Kazyna and FTG Development to develop part of an entertainment city at Grand Central Blue City in Barka and operate an all-inclusive resort under the Rixos brand.

In energy, OQ Exploration and Production and Kazakhstan’s national oil and gas company, KazMunayGas, signed a cooperation agreement to identify and assess investment opportunities in Oman, Kazakhstan and other countries.

Priority will be given to exploration and production assets, including discoveries, development projects and producing fields.

O-Green and Samruk-Energy signed a strategic cooperation agreement targeting solar and wind projects with a combined capacity of approximately 2 gigawatts, supported by battery energy storage systems.

The projects will focus on Kazakhstan, Central Asia and other international markets of mutual interest, aiming to meet growing electricity demand and support more sustainable and reliable energy supplies.

A memorandum of cooperation with Kazakhstan’s Solidcore Resources provides for the establishment of the Oman–Kazakhstan Centre for Artificial Intelligence in Mineral Exploration.

The centre will combine geological expertise, data and artificial intelligence to improve exploration and identify priority targets. Its planned work includes remote analysis and surveying, geological modelling, data management, two pilot exploration programmes in Oman and Kazakhstan, and training to develop geological expertise.

The visit also included the announcement of Muscat Tower, a planned business centre in Astana that will serve as Solidcore Resources’ new headquarters. Oman holds a stake in the company.

The nine-storey building will have more than 18,000 square metres of floor space, including offices, halls and supporting facilities. It is intended to bring together technical expertise in Kazakhstan’s capital and support closer integration with the company’s capabilities in Oman.

In his address, His Majesty called for a sustainable strategic partnership that delivers tangible results, welcoming projects involving sovereign investment institutions, private businesses and specialised government bodies.

He highlighted opportunities to develop trade corridors through Omani ports and strengthen air connectivity, saying Kazakhstan’s position along routes linking Asia and Europe complemented Oman’s maritime access to markets in the Gulf, the Indian Ocean region, Asia and Africa.

His Majesty also identified the International Financial Centre of Oman as an avenue for exchanging expertise and building institutional partnerships, while welcoming closer cooperation in digital transformation and artificial intelligence.

The agreements signed during the visit reflected a shared determination to translate close political relations into tangible economic and institutional outcomes, he said.

Tokayev also conferred the Order of the Golden Eagle, Kazakhstan’s highest state honour, on His Majesty in recognition of his support for strengthening cooperation and partnership between the two countries.

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