The announcement of substantial investments into India was detailed by Deepak Mittal, Ambassador of India to the UAE, following Prime Minister Narendra Modi’s recent visit. The UAE has committed a total of over $5 billion, which equates to more than Rs 47,000 crore in investment. According to Mittal, a key aspect of this investment is a historic allocation of $3 billion in the banking sector from Emirates NBD, marking the first time the UAE has invested such a significant amount in this area.

In addition to the banking sector, the Abu Dhabi Investment Authority (ADIA) will channel $1 billion into vital infrastructure sectors, reflecting their ongoing trust in the Indian economy since their initial investment in 2015. Another $1 billion will be allocated by the International Holding Company toward Samman Capital. These developments highlight a strengthening of economic ties between the nations.

Personal Welcome By UAE President

Mittal highlighted the personal touch extended by UAE President Sheikh Mohammed bin Zayed during PM Modi’s visit, which was referred to as a significant milestone in bilateral relations. The Prime Minister’s brief stay in the UAE was marked by a ceremonial guard of honour at the airport, as the President personally welcomed him. Such gestures are indicative of the diplomatic warmth that characterises the relationship between the two nations.

In a display of camaraderie, UAE fighter jets escorted Modi’s aircraft, Air India One, upon its entry into UAE airspace, an event that was celebrated as a significant honour for India. These displays of friendship and respect encapsulate the strong ties that have developed over years of collaboration between the leaders.

Mutual discussions between the two leaders also focused on the uncertain global landscape, emphasising their shared goals and support for one another. This dialogue has catalysed a clearer framework for their ongoing strategic partnership, solidifying India’s position in energy and technology sectors.

Focus on Energy Cooperation and Technological Advancements

The discussions between Modi and Zayed prominently featured energy cooperation, particularly regarding India’s strategic petroleum reserves. The UAE is currently involved with approximately five and a half million barrels, with plans to expand this to 30 million barrels. The leaders deliberated on the establishment of new facilities, including sites at Chandikhole, to facilitate this enhancement in oil reserves.

Additionally, the leaders agreed to pursue collaborative efforts in establishing long-term strategic storage for gas, LNG, and LPG, going beyond crude reserves. They also talked about India’s role in the UAE’s existing storage facilities in Fujairah, as well as long-term contracts for LPG supply, signifying a mutual investment in energy security.

On the technological front, Mittal announced that a significant collaboration in advanced technology is underway, which includes the establishment of an eight-exaflop supercomputer facility in India. This venture, supported by the Cerebras chip, represents a substantial international partnership aimed at benefitting India’s youth, researchers, and industries as part of the AI India mission.

Strengthening Bonds From Years of Diplomacy

Over the past twelve years, the personal relationship between PM Modi and President Zayed has notably strengthened, with both leaders referring to one another as brothers. This deep personal connection was evident during Modi’s visit, and the warmth displayed was underscored by the presence of the President’s family members, such as Crown Princes Sheikh Khalid and Sheikh Hamdan.

The departure of PM Modi was marked by a heartfelt farewell from President Zayed, illustrating the camaraderie that has characterised their interactions. In light of the fruitful discussions, PM Modi conveyed his confidence that the outcomes of this visit would further solidify the strong ties between India and the UAE.

The recent engagements have not only focused on investment but also included strategic infrastructure and technological initiatives, showcasing the depth and potential of the India-UAE partnership moving forward.

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