Dubai FDI boosts economic, investment ties with India … reports Asian Lite News.
Dubai’s leading business entities in trade and investment, real estate and startup development, comprising more than 80 companies, visited India recently as part of a delegation led by Dubai Investment Development Agency, Dubai FDI, the investment development agency of Dubai Economy, DED, and organised by key partner Musthafa and Almana.
The delegation held seminars and meetings in Bengaluru and Chennai, in line with Dubai FDI’s investment promotion mission aimed at strengthening economic and investment collaboration with strategic cities throughout the world.
India is one of the UAE’s strongest economic partners, with large investments from both parties. In 2018, Indian investors have participated in 31 FDI projects launched in Dubai, worth a total of AED 3.71 billion in capital. This makes India the second largest investor in Dubai, in terms of FDI capital and the fourth largest in terms of projects, during the first nine months of the year.
Regarding Indian investments, Ibrahim Hussain Ahli, Director of Investment Promotion Department, Dubai FDI, said, “Dubai maintains steady and long-standing trade and economic relations with India, especially in booming cities such as Bengaluru and Chennai. Visiting these major economic hubs is part of our continuing efforts to promote other sectors, where investing partners can explore new growth opportunities and seek out ways to effectively take advantage of them in an easy and facilitative manner, especially with the upcoming Expo 2020, the robust property market, and the growing prominence of the emirate as a global hub that is conducive for startups and entrepreneurs.”
Ahli added, “India’s investment performance in Dubai is reflective of its sustained interest and confidence in the emirate’s capability to provide a business environment that will allow for its capital to grow and expand to other leading markets. We are confident that this visit will further boost India’s leading position as a major investor in Dubai.”
Foreign direct investments (FDI) from India to Dubai from 2015 to 2018 have reached AED 6.12 billion in FDI capital spread over 109 projects, based on the latest data released by the Dubai FDI Monitor. From Bengaluru there have been nine FDI projects worth AED 22.6 million in FDI capital since 2015. Chennai has three FDI projects in Dubai, with an investment of AED 34.2 million.