Prime Minister Narendra Modi set off on a three-day journey to the United Arab Emirates (UAE) and Qatar this Tuesday, marking his seventh visit to the UAE and second to Qatar since taking office in 2014.
Expressing his excitement, PM Modi highlighted the significant progress made in the partnership between India and the UAE over the past nine years. This progress spans various sectors including trade, investment, defense, security, food and energy security, and education.
During his time in Abu Dhabi, PM Modi plans to meet with Sheikh Mohamed bin Zayed Al Nahyan, the President of the UAE, to discuss strengthening the comprehensive strategic partnership between the two nations. Additionally, he will inaugurate the first Hindu Mandir in Abu Dhabi, organized by the BAPS Swaminarayan Sanstha, symbolizing the deep cultural connections shared between India and the UAE.
In Dubai, PM Modi will address global leaders at the World Government Summit, at the invitation of Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Defense Minister of the UAE.
Upon his arrival in Qatar, PM Modi will engage in meetings with Sheikh Tamim bin Hamad Al Thani, the Amir, and other dignitaries to further enhance the historically close and friendly relations between India and Qatar.
Simultaneously, the “Ahlan Modi” event, organized by the Indian community in Abu Dhabi, is underway, drawing significant attention and showcasing widespread admiration and support for the Prime Minister. With around 3.5 million Indian expatriates in the UAE, comprising about 35 percent of the population, the event has seen an overwhelming response, with over 65,000 registrations.
Jitendra Vaidya, President of the Indian People Forum and leader of the ‘Ahlan Modi’ initiative, emphasized the community-driven essence of the event, highlighting its collective effort and reflecting the affection and esteem for PM Modi within the Indian community.
The ‘Ahlan Modi’ event promises to be a lively celebration of Indian culture, featuring an exhibition by over 700 cultural artists displaying the diverse arts and traditions of India. Over 150 Indian community groups are actively participating, showcasing India’s regional diversity and the integration of blue-collar workers from across the Emirates.
India-UAE Relations Touch New Highs
Today marks the beginning of Prime Minister Narendra Modi’s two-day visit to the UAE, reinforcing the strong ties and economic collaboration between the two nations.
Over the past year, there have been five notable visits between India and the UAE, signifying a deepening of relations between the two countries. During PM Modi’s previous visit to Abu Dhabi, several Memoranda of Understanding (MOUs) were signed, focusing on various sectors such as local currency settlement, payment systems, renewable energy, and healthcare innovations. Similarly, during UAE President Mohamed bin Zayed Al Nahyan’s recent visit to Gujarat, both sides signed multiple agreements, further enhancing cooperation.
The economic partnership between India and the UAE is robust, with bilateral trade reaching approximately $85 billion in the fiscal year 2022-23. Additionally, the UAE ranks among the top four investors in India in terms of foreign direct investments, showcasing the mutual economic interests between the two nations.
The UAE’s investment in India stands at an estimated US$ 20-21 billion, with US$ 15.5 billion in the form of Foreign Direct Investment (FDI) and the rest as portfolio investment from April 2000 to March 2023. Notably, the UAE ranked as the fourth-largest FDI investor for India in the fiscal year 2022-2023. Moreover, the UAE has pledged a substantial investment of US$ 75 billion in India’s infrastructure sector over time, demonstrating a deepening economic partnership.
The Abu Dhabi Investment Authority (ADIA), one of the world’s largest Sovereign Wealth Funds, is a key investor in India’s National Infrastructure Investment Fund (NIIF) Master Fund, with an investment of US$ 1 billion.
India’s exports to the UAE encompass a diverse range of products, including petroleum products, precious metals, textiles, and engineering goods. Conversely, major imports from the UAE include petroleum and petroleum products, precious metals, and chemicals. Notably, the UAE ranks as the fourth-largest source of crude oil and the second-largest source of LNG and LPG for India.
The UAE’s participation as a special invitee at the G20 Summit during India’s presidency reflects the growing significance of their partnership on the global stage. Furthermore, the formal launch of the India-UAE-France (UFI) trilateral and the UAE’s inclusion in the Shanghai Cooperation Organization (SCO) as a dialogue partner, with India’s support, underscore the deepening diplomatic ties.
Additionally, the UAE’s recent membership in BRICS, facilitated by India’s support, further strengthens their collaboration on various fronts. In the realm of defense, the India-UAE cooperation has seen significant progress, highlighted by the inaugural bilateral army exercise ‘Desert Cyclone’ held in Rajasthan in January 2024.