UAE Announces Over $5 Billion Investment in India; Envoy Praises PM Modi’s Visit

Mittal, in a conversation with ANI, said that for the first time, a significant chunk of investment of USD 3 billion has been invested by the UAE in India's banking sector.

"This was a remarkable visit with very big investment announcements. The UAE announced over $5 billion, more than 47,000 crore Indian rupees, of investment into India. This includes an announcement of over $3 billion by the UAE bank, Emirates NBD, in the Indian banking sector. This is the first time the UAE has made such a significant investment in our banking sector. Secondly, the sovereign wealth fund, Abu Dhabi Investment Authority (ADIA), will invest $1 billion in priority infrastructure sectors along with the NIIF," he said. "ADIA first invested in 2015, and this second $1 billion commitment shows their continued confidence. Third, the International Holding Company will invest another $1 billion in Samman Capital. These investments show how the UAE has confidence in India's growth story under the leadership of Prime Minister Modi," he added.

Mittal noted the personal touch given by UAE President Sheikh Mohammed bin Zayed to welcome PM Modi.

"Honorable Prime Minister Narendra Modi's visit to the UAE was another historic milestone in our relationship. As always, whenever he visits, the substance is very high, even if the stay is short. He was here for only a few hours, but we saw a special gesture by His Highness the President, Sheikh Mohammed bin Zayed, who personally came to the airport to receive him and gave him a ceremonial guard of honour." Talking about a commercial plane being escorted by UAE fighters in their skies, he added, "Furthermore, as the aircraft, Air India One, entered UAE skies, UAE fighter jets escorted it. It was a proud moment for every Indian and a mark of great honour for all of us," he said.

Mittal added that both leaders had a heart-to-heart talk about the global situation.

"The two leaders had a heart-to-heart talk about the global situation and expressed their mutual affection, solidarity, and support for one another. Their conversation gave us diplomats a very strong set of objectives regarding our comprehensive strategic partnership," he said.

He added that both leaders held important discussions surrounding energy.

"Energy formed a very important and key part of the discussions. The leaders took several strategic decisions, including the enhancement of UAE's participation in the strategic petroleum reserves in India. The UAE, which currently participates with about five and a half million barrels, will work toward enhancing that to 30 million barrels. In this regard, they discussed creating new facilities in locations such as Chandikhole," he said.

PM Modi and President Zayed decided to work together to set up strategic storage reserves for gas, LNG, and LPG.

"They also decided to go beyond crude reserves and work together to set up strategic storage reserves for gas, LNG, and LPG. Additionally, they discussed India's participation in the strategic storage reserves the UAE has in Fujairah. Finally, they established long-term contracts for LPG (cooking gas) supplies. This represents a far-sighted, strategic direction and long-term investment in each other's energy security," he said.

Mittal said that advanced technology has also emerged as a focused area for bilateral cooperation.

"Advanced technology has also emerged as a focused area for bilateral cooperation. A term sheet was signed to set up an eight-exaflop supercomputer facility in India. Not many countries in the world have this capacity. This is the first time we have had such international collaboration on this scale. The Cerebras chip presented by Sheikh Mohammed to the Prime Minister will form the backbone of this facility. This will be part of our AI India mission and will benefit our youth, researchers, and industry," he said.

Mittal said that the strong personal chemistry between the two leaders has strengthened over the past 12 years.

"There is a very strong personal chemistry between the two leaders, which has only strengthened over the past 12 years. Every time they connect, they refer to each other as brothers. His Highness Sheikh Mohammed welcomed the Prime Minister with a deep expression of solidarity, particularly during challenging times. Prime Minister Modi reiterated that we have stood with the UAE and will continue to stand shoulder-to-shoulder with them," he said.

"The presence of the President's family, including Crown Prince Sheikh Khalid and Crown Prince Sheikh Hamdan, added to the warmth of the welcome. These outcomes--from investing in India's growth story and strategic energy partnerships to the AI mission and the creation of ship repair clusters in Vadinar--are a direct manifestation of this personal friendship," he added.

In a poignant display of personal chemistry and diplomatic warmth, UAE President Mohamed bin Zayed Al Nahyan personally saw off Prime Minister Narendra Modi at the airport as the Indian leader departed for the Netherlands on Friday.

The departure, marked by a "warm hug" between the two leaders, followed a high-intensity visit that PM Modi, in a series of posts described as "short but highly productive".

- ANI