The UAE-India relations got a major boost with the two-day official visit to the world’s second most-populous country by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and…
The UAE-India relations got a major boost with the two-day official visit to the world’s second most-populous country by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai. Among others, he met the Indian President, A P J Abdul Kalam, and Indian Prime Minister, Dr. Manmohan Singh.
The UAE and India signed deals worth more than US$20 billion, mostly in the real estate sector, in a move to further boost ties between the two countries.
The biggest deal is an AED73.4 billion equal joint venture between Dubai`s real estate Nakheel and developers DLF in India to build two townships in India.
In addition, a AED3.67 billion deal was closed between Dubai World and India`s Hinduja Group to construct a chain of hospitals in India, and Hinduja Group also invested AED1 billion into Nakheel`s Dubai Waterfront development.
A framework agreement for developing industrial relations between India and the UAE was signed. A protocol between the two sides amending the 1992 agreement for avoidance of double taxation and prevention of fiscal evasion with respect of taxes on income was also signed. Five memorandums of understanding (MoUs) in different areas were signed.
Recalling his earlier visit with his father in 1974, Sheikh Mohammed said: “When my father came here, he had many friends and he enquired from them about their families. From that day, I have admired India and its people. I am pleased to say that in the last three to four years, India has more than doubled its investment in the UAE.”
The UAE, which boasts of the most vibrant economy in the Arab world, is home to 1.5 million Indian expatriates.
More than 80 per cent of the trade between India and the UAE, which was close to US$13 billion last year, is routed through Dubai.
Indo-UAE trade, valued at US$ 180 million per annum in the 1970s, is today at US$11,680.10 million (2004-2005). India is the sixth largest exporter to the UAE after Japan, USA, Germany, China and UK. UAE is the second largest destination for India’s exports after USA. There are around 165 flights a week between various airports in India and UAE.