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UAE foreign minister to assess areas of engagement with India

25/06/2018


UAE foreign minister to assess areas of engagement with India

NEW DELHI: With the UAE emerging as a significant investor, its leadership is keen to assess first-hand the prospects of India’s development story. Beginning Sunday, UAE foreign minister Sheikh Abdullah bin Zayed Al Nahyan will travel through five cities in different states to engage with stakeholders as well as hold talks with Prime Minister Narendra Modi and external affairs minister Sushma Swaraj in New Delhi.


Among other things, Abdullah will explain the UAE-Saudi attack on Yemen’s Hodeidah port that has been going on for the past week. He is also scheduled to deliver address at the ICWA, the MEA-connected think tank.

The recent transformation of energy relationship between India and UAE will be the subject of a joint ministerial workshop on hydrocarbons between the two sides on June 25.

India moved from being a mere buyer of oil from UAE to getting its first upstream concession in the Gulf states with a 10% stake in Lower Zakum field.

“This concession will give us 1.2 metric tons of crude every year for the next 40 years. In addition, we will get a seat on the board and an option for new blocks that might open up,” sources said.

The UAE is already loading 6 million barrels into the strategic reserve in Mangalore, while both sides have begun discussions on the second one. India has invited the UAE to make strategic investment in the Ratnagiri mega refinery and other petrochemical projects. For the first time, Indian companies are bidding for large projects in the UAE. 

ADIA, the UAE’s sovereign investment authority, is already on the board of National Investment and Infrastructure Fund (NIIF), and is bidding in housing, highways and renewable energy projects. They are also looking at picking up some stressed assets.

DP World has set up a $3 billion investment fund with NIIF, acquired Continental Warehousing Corporation and now investing in logistics.

Emaar, which has recovered from its legacy problems in India, is investing in agriculture through investment in food processing, cold storage, refrigerated transportation etc, according to officials familiar with developments.

The elevation in ties has been in line with the growth of defence relations — India and UAE have held the first naval exercises, a first in many respects. In fact, under a new arrangement between India and UAE, patients from conflict-ridden Yemen are being treated in India, for which the cost is being picked up by the UAE. However, on the Yemen campaign, India has refused to take sides.

https://timesofindia.indiatimes.com/india/uae-foreign-minister-to-assess-areas-of-engagement-with-india/articleshow/64713680.cms

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