The United Arab Emirates is considering an investment of up to $50 billion in India, which is its second-largest trading partner. This investment is part of a broader strategy to tap into the world’s fastest-growing major economy.
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Provisional commitments from the UAE may be announced in the early part of the next year, people with knowledge of the matter told Blomberg, asking not to be named as the information is not public.
Over the past decade, the two nations have been working to strengthen their relationship and have set a goal to increase non-oil bilateral trade to $100 billion. Notably, Modi’s recent visit to Abu Dhabi marked his fifth trip to the Gulf nation since assuming office as the Prime Minister in 2014.
Earlier this year, India and the UAE set a target of doubling non-oil bilateral trade to $100 billion by 2030 from $48 billion at present, Commerce.
According to media reports, the commitments are expected to lack specific timelines for a significant portion of the investments. Final determinations regarding the scale and timing of these announcements have not been reached.
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As a component of this initiative, organisations under the oversight of Sheikh Tahnoon bin Zayed Al Nahyan have initiated preliminary discussions regarding potential investments worth billions of dollars in India, it said.
