Focus on UAE funds in energy and roads
Investments in India’s infrastructure and power sectors are expected to top the agenda of talks during the leader’s visit
NEW DELHI // Investments from the UAE in India’s infrastructure and energy sectors will be at the core of discussions during Sheikh Mohammed bin Zayed’s state visit to India, a top-ranking Indian government official said yesterday. The Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces arrived in New Delhi yesterday for a three- day visit, where he will be the chief guest at India’s Republic Day celebrations tomorrow.
In what was be a departure from convention and protocol, India’s prime minister Narendra Modi personally received Sheikh Mohammed at the airport.
“We are looking at investments,” said Amar Sinha, secretary for economic relations in the ministry of external affairs.
“The UAE has the [Middle East’s] largest sovereign wealth fund. There’s an agreement that they would invest nearly US$75 billion (Dh275bn) in India over the next couple of years.
“During the visit, we are hoping that there will be a memorandum of understanding signed between their investment fund and what we call the National Infrastructure Investment Fund, which we have created on our side. The talks are at an advanced stage.” Mr Sinha said the UAE was the fifth-largest crude oil exporter to India and the country expected the UAE to remain a key partner. “We are adding an element to
‘ UAE has decided to become our strategic partner in the energy sector Amar Sinha secretary for economic relations in the ministry of external affairs
this relationship. The UAE has decided to become our strategic partner in the energy sector and will be both investing and filling up one of our strategic petroleum reserves,” he said.
A large delegation comprising ministers and businessmen are accompanied Sheikh Mohammed to India.
Mr Sinha confirmed that a UAE military contingent will march in the Republic Day parade. Sheikh Mohammed is the most prominent Arab leader to be invited to be the chief guest at India’s Republic Day celebrations in recent years. The late Saudi King Abdullah was the chief guest in 2006.
India and the UAE are likely to sign 10 agreements during Sheikh Mohammed’s visit. They include a partnership deal that would set the tone for future dialogues, said Indian officials.
During his stay, Sheikh Mohammed will call on president Pranab
Mukherjee and vice president Mohammad Hamid Ansari, and will hold talks with Mr Modi on bilateral, regional and global issues.