UAE to support $75b investment in India

January 24, 2017 - With Abu Dhabi Crown Prince and Deputy Supreme Commander of the UAE Armed Forces His Highness Sheikh Mohamed Bin Zayed Al Nahyan arriving New Delhi on Tuesday on a three-day visit to India, India’s ties with the UAE are expected to get a further boost.

Sheikh Mohamed, who will attend this year’s Republic Day celebrations as chief guest, will be accompanied by a high-level delegation, including ministers, senior officials and captains of industry.

This will be his second visit to India since his visit in February last year. The bilateral relationship between the two countries got a huge boost with the historic visit of Prime Minister Narendra Modi to the United Arab Emirates (UAE) in August 2015.

It was the first prime ministerial visit from India to the UAE in 34 years after the visit of then Prime Minister Indira Gandhi in May 1981.

Following Modi’s visit, the two countries decided to elevate their relationship to a Comprehensive Strategic Partnership.

In the course of Modi’s visit and the return visit by Sheikh Mohamed last year, both sides agreed to co-operate across a wide range of issues.

The UAE committed $75 billion to support investment in India’s plans for rapid expansion of next-generation infrastructure, especially in railways, ports, roads, airports and industrial corridors and parks.

The UAE being a significant contributor to India’s energy security — it was the fifth largest supplier of crude oil in 2015-16 — both sides have agreed to promote strategic partnership in the energy sector, including through the UAE’s participation in India in the development of strategic petroleum reserves, upstream and downstream petroleum sectors, and collaboration in third countries.

Source: http://iccia.com/?q=mediacenter/news/16942/details/