Oman and Hungary relations have gained traction following an official visit by the Hungarian Government to the Sultanate earlier this week, spawning news of a high-value investment in the sustainable energy sector among bilateral trade agreements.

The agreement inked between the two Governments will result in a 10mn Euro solar power plant in the Sultanate that is supported by the Hungarian Government.

No further details of the plant, including its location, scope, or power output was revealed at the outset; however, more details should be revealed following an official announcement from the Oman Government.

It is also learnt that the Hungarian Exim Bank approved a credit financing of US$56mn to facilitate trade cooperation between the two countries.

His Excellency Sayyid Badr bin Hamad Al Busaidi, the Minister of Foreign Affairs, praised the results of the session of talks held on Wednesday in the fields of cooperation and investment partnership between the two countries, especially in the oil and gas sectors, renewable energy, trade development, tourism relations, mutual investments, the aviation sector, and the logistical sectors.

*Photo for illustrative purposes only. File photo