- H.H. Shaikh Mohammad Bin Zayed Al Nahyan visited India in January and was the chief guest at the Republic Day celebrations. His visit was viewed as a sign of strengthening bilateral relations, with the two countries signing 14 strategic agreements related to energy, economy and trade.
- UAE currently hosts the largest Indian community overseas, with over 2.6 million Indians thought to be living and working there. Indian expatriates constitute the largest ethnic community in UAE, accounting for an estimated 30 per cent of the country’s population.
- Both countries are among each other’s largest trading partners, with trade currently amounting to over US$ 60 billion. According to the Confederation of Indian Industry, trade between India and UAE is set to hit US$ 100 billion by 2020. As of 2016, UAE is India’s third largest trading partner, while India is UAE’s second largest partner.
- UAE has agreed to become a strategic partner to India in the energy sector. It is the latter’s fifth-largest crude oil exporter. Investment Corporation of Dubai (ICD), Dubai’s US$-800-billion sovereign wealth fund, is seeking investments in an Indian renewable energy platform through its subsidiary DUBAL Holding LLC.
- Over 20 per cent of NRI investment in India’s real estate market came from UAE in 2016, amounting to US$ 1.69 billion. The Indian community is also the largest international investor fraternity in the Dubai real estate industry.
- India was the top international tourism source market for Dubai in 2016, and brought in 1.8 million overnight tourists, reflecting a 12 per cent growth over 2015.Dubai’s expectations for tourism growth from India remain high for 2017.
- India and UAE plan to set up a US$-75-billion dollar fund to invest in Indian infrastructure projects such as railways, ports, roads, military equipment, space technology and nuclear energy.
To learn how to capitalise on this opportunity, attend the UAE-India Economic Forum 2017
Sources: Bloomberg Businessweek, Gulf News, Silicon India, Arabian Business, The National, BW Hotelier, Times of India, NDTV, Khaleej Times, Emirates News Agency, Indian Express, Live Mint