The UAE is set to invest $5 billion in India to further deepen the economic ties between the two nations, said His Excellency Narendra Modi, Prime Minister of the Republic of India, in a post on social media platform X.

Modi also revealed that the visit also saw the conclusion of key agreements between the UAE and India across vital areas such as energy, defense, infrastructure, shipping and advanced technology.

These deals will give “fresh impetus to the India-UAE Comprehensive Strategic Partnership,” he added.

“The friendship between India and UAE is very strong! Our nations will keep working together with the aim of building a better future for our planet,” he added.

ENDB to invest $3 billion in RBL Bank of India

The two Leaders welcomed the announcement of $5 billion in investment into India by UAE entities. This includes an investment of $3 billion by the Emirates New Development Bank (ENDB) in the RBL Bank of India, $1 billion by the Abu Dhabi Investment Authority (ADIA) with the National Infrastructure & Investment Fund of India (NIIF) in priority infrastructure projects in India, and $1 billion by the International Holding Company in Sammaan Capital of India.

UAE and India to set up strategic gas reserves

During the visit, the two leaders discussed the growing bilateral energy partnership, with the UAE maintaining its role as an important partner in India’s energy security, including in terms of crude oil, LNG and LPG supplies. The leaders also agreed to promote new initiatives for a comprehensive energy partnership.

In this context, they welcomed the conclusion of a Strategic Collaboration Agreement between Indian Strategic Petroleum Reserves Limited and Abu Dhabi National Oil Company to enhance the UAE’s participation in India’s Strategic Petroleum Reserves to 30 million barrels, and work together to set up strategic gas reserves in India.

Source: Economymiddleeast