The traditionally warm relationship between India and the UAE built on mutual trust, respect, civilizational bonds and cultural moorings has grown stronger over the years. The robust flow of bilateral investments and an annual bilateral trade of about US$ 60 billion ensures that the UAE is India’s third-largest trade partner and is also a major exporter of crude oil to India.
The UAE, in the coming years, is expected to make more investments in the key sectors of Indian economy. In the food sector, the UAE has already confirmed US$ 7 billion worth investment. This is expected to benefit 20 million farmers and create 200,000 new jobs. The UAE’s investment in logistics, highways, ports, airports, renewable energy, defence and petrochemicals is bound to grow in the coming years while there has been a greater outflow of FDI from India to Dubai.
Many Indian entrepreneurs and start-ups wanting to set up their base and expanding to other markets have invested in Dubai. Dubai has 3,000 start-ups with 200 Indian nationalities and Indians form 30 percent of Dubai’s start-up community. Indians also rank first in investments in Dubai’s real estate sector.
Dubai Land Department (DLD) data shows 5,246 Indian nationals invested in Dubai’s real estate sector in 2019 pumping in more than Dh.10.89 billion. The UAE has come up with a number of new initiatives to further attract Indian talent and investors in the recent past – the latest being citizenship offered to innovators, artists, doctors, scientists and investors and their families.
Together in Performance
World Bank data confirms that the GDP of the UAE has grown from US$104 billion in 2000 to US$421 by the end of 2019. It means UAE’s economy has grown four times during the past 20 years accounting for the world’s highest per capita income at US$43,470.