India and UAE Strengthen Ties with $5 Billion Investment and Defence Agreements
Energy, defence ties get a boost as Modi meets UAE president
The Times Of India
Image: The Times Of India
During a brief stop in Abu Dhabi, Indian Prime Minister Narendra Modi and UAE President Mohamed bin Zayed Al Nahyan signed six memorandums of understanding (MoUs) aimed at enhancing energy, defence, and technology collaboration, alongside announcing $5 billion in investments from the UAE into India. Modi emphasized India's support for the UAE amid regional tensions.
- 01The agreements include a potential increase in crude storage by the Abu Dhabi National Oil Company (ADNOC) in India to 30 million barrels.
- 02A long-term LPG sale and purchase agreement is part of the signed MoUs between India and the UAE.
- 03The strategic defence partnership will focus on industrial collaboration, innovation, and joint military training.
- 04UAE entities will invest $5 billion in India, including $3 billion from Emirates NBD in RBL Bank.
- 05Modi's visit marked his eighth trip to the UAE, highlighting the strengthening bilateral relations.
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Indian Prime Minister Narendra Modi met with UAE President Mohamed bin Zayed Al Nahyan in Abu Dhabi, where they signed six memorandums of understanding (MoUs) to enhance cooperation in energy, defence, and technology. The discussions led to an announcement of $5 billion in investments from UAE entities into India, which includes $3 billion from Emirates NBD in RBL Bank and $1 billion each from the Abu Dhabi Investment Authority (ADIA) and the International Holding Company. One MoU allows the Abu Dhabi National Oil Company (ADNOC) to potentially increase its crude storage in India to 30 million barrels, while another focuses on a long-term LPG sale agreement. Modi reaffirmed India's commitment to the UAE, condemning attacks on the Gulf nation without naming Iran, and emphasized the importance of safe navigation through the Strait of Hormuz for regional stability. The meeting came amid ongoing tensions in West Asia, with Modi's visit being his eighth to the UAE, symbolizing a deepening bilateral relationship.
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The investment from the UAE is expected to bolster India's infrastructure and energy sectors, potentially creating jobs and enhancing economic growth.
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