Modi's UAE Visit Secures $5 Billion in Investments and Strategic Agreements
Modi's UAE visit secures $5 bn investments, key energy and defence pacts
Business Standard
Image: Business Standard
During Prime Minister Narendra Modi's visit to the United Arab Emirates, India secured $5 billion in investment commitments and signed several strategic agreements. Key outcomes include investments in infrastructure, energy security, and a framework for defense collaboration, enhancing bilateral relations between India and the UAE.
- 01The Abu Dhabi Investment Authority (ADIA) and India's National Infrastructure & Investment Fund (NIIF) will explore investments of up to $1 billion in India's infrastructure sector.
- 02Emirates New Development Bank (ENDB) will invest $3 billion in RBL Bank of India.
- 03A Memorandum of Understanding was signed between Indian Strategic Petroleum Reserves Limited (ISPRL) and Abu Dhabi National Oil Company (ADNOC) for crude oil storage in India.
- 04Indian Oil Corporation (IOC) and ADNOC signed a strategic collaboration agreement for long-term LPG supplies.
- 05An MoU was established for setting up a ship repair cluster in Gujarat, promoting skill development in maritime industries.
Advertisement
In-Article Ad
Prime Minister Narendra Modi's recent visit to the United Arab Emirates (UAE) has resulted in securing $5 billion in investment commitments and several key agreements aimed at enhancing India's energy security and bilateral trade. Notably, the Abu Dhabi Investment Authority (ADIA) and India's National Infrastructure & Investment Fund (NIIF) are set to explore investments of up to $1 billion in India's infrastructure sector. Additionally, the Emirates New Development Bank (ENDB) will invest $3 billion in RBL Bank of India, while the International Holding Company (IHC) will contribute $1 billion to Sammaan Capital, a major non-banking financial company in India.
A significant outcome of the discussions includes a Memorandum of Understanding (MoU) between Indian Strategic Petroleum Reserves Limited (ISPRL) and the Abu Dhabi National Oil Company (ADNOC), allowing for the storage of ADNOC's crude oil in India's strategic reserves. Furthermore, a strategic defense partnership framework was established, covering areas such as defense industrial collaboration and cybersecurity. The visit also led to an MoU for a ship repair cluster in Gujarat, enhancing India's maritime capabilities and workforce skills, alongside a term sheet for an eight-Exaflop supercomputing cluster under the India Artificial Intelligence Mission.
Advertisement
In-Article Ad
The agreements are expected to enhance India's energy security and create job opportunities in the infrastructure and maritime sectors.
Advertisement
In-Article Ad
Reader Poll
How do you view the impact of Modi's UAE visit on India's economy?
Connecting to poll...
Read the original article
Visit the source for the complete story.
