•  Algeria and Oman will each contribute to a $300 million joint investment fund.
•  The fund will target food security, mining, oil and gas, and pharmaceuticals.
• Several other agreements were signed, including deals in energy, mining, and education.

Algeria and Oman have agreed to create a joint investment fund worth 115 million Omani rials, or about $300 million. The deal was signed on May 5 during an official visit by Oman's Sultan Haitham bin Tariq al-Said to Algeria. The Algerian Ministry of Finance and the Oman Investment Authority, Oman’s sovereign wealth fund, signed the agreement.

Each country will provide half of the funding. The new fund will invest in areas seen as essential to both economies. These include food security, pharmaceuticals, mining, and hydrocarbons.

Alongside this agreement, Algeria’s National Office of Geological and Mining Research (ORGM) and Oman’s state-owned Minerals Development Oman (MDO) signed a separate memorandum. The two organizations will work together on mineral exploration and development projects within Algeria.

Another deal was reached between Algerian energy giant Sonatrach and Oman’s Abraj Energy Services. The two companies will form a joint venture that will offer oilfield services. According to a press release from Sonatrach, the new company will focus on drilling, well services, and integrated project management in the Algerian market.

The two countries also signed several other agreements. These include plans for local pharmaceutical production, research in marine science, smart fishing and aquaculture, judicial cooperation, and student exchange programs.