Prime Minister Narendra Modi visited the United Arab Emirates on Friday for a quick two-hour stopover and concluded several key agreements with Sheikh Mohammed bin Zayed Al Nahyan, President of the UAE. President Nahyan received PM Modi at the airport, where he was accorded a ceremonial welcome. The two Leaders held a series of detailed discussions, during which Prime Minister Modi reaffirmed India’s strong condemnation of the attacks on the UAE, as well as its solidarity with the leadership and the people of the UAE.
During the talks, Prime Minister Modi also conveyed India’s clear position in favour of ensuring safe transit passage and unimpeded navigation through the Strait of Hormuz, which is vital for enduring regional peace and stability, as well as energy and food security, said the Prime Minister’s office in a statement.
Key Agreements
Prime Minister Modi and the UAE President Nahyan witnessed the conclusion of the following additional documents during the visit, which will further strengthen bilateral cooperation:
* MoU between Cochin Shipyard Limited and Drydocks World, Dubai on setting up Ship Repair Cluster at Vadinar, including offshore fabrication, under the Maritime Development Fund Scheme launched by the Government of India.
* Tripartite MoU between Cochin Shipyard Limited, the Drydocks World Dubai and Centre of Excellence in Maritime & Shipbuilding (CEMS) on Skill Development in Ship Repair. This establishes a framework to mobilize, train and employ a skilled maritime workforce, enhances the capabilities of the Indian maritime workforce and position India as a hub for skilled shipbuilding and ship repair professionals.
* Term Sheet for setting up 8 Exaflop Super Compute Cluster in partnership between CDAC, India and G-42, UAE.
Review of Bilateral Ties
According to the PMO statement, the two leaders reviewed the entire gamut of bilateral relations and welcomed the deepening of the Comprehensive Strategic Partnership across multiple sectors, including energy, trade, investment, defence, security, fintech, infrastructure, education, culture and people to people ties. They acknowledged the success of the India–UAE Comprehensive Economic Partnership Agreement (CEPA), which has led to bilateral trade scaling new heights.
“The two Leaders appreciated the vibrant and 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 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,” said the statement.
USD5 Billion Investment Decision
The two leaders welcomed the announcement of USD 5 billion in investment into India by UAE entities. This includes investment of USD 3 billion by the Emirates New Development Bank (ENDB) in the RBL Bank of India, USD 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 USD 1 billion by the International Holding Company in Sammaan Capital of India. “These investments underscore UAE’s sustained and long-term commitment to India’s growth story, while strengthening the bilateral strategic investment partnership,” said the PMO.
They welcomed the signing of the Framework for the Strategic Defence Partnership between the two countries during the visit. Under this, the two sides have agreed on deepening defence industrial collaboration and cooperation on innovation and advanced technology, training, exercises, maritime security, cyber defence, secure communications and information exchange.
