Dubai’s leading business entities 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 organized by key partner Musthafa & 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 around the world.
India is one of UAE’s strongest economic partners with huge investments from both parties.
In 2018, Indian investors have accumulated 31 FDI projects launched in Dubai with a total of AED 3.71 billion (US$860 million) 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.
Ibrahim Hussain Ahli, director of Investment Promotion Department, Dubai FDI, said: “Dubai maintains a 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 how 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 conducive for startups and entrepreneurs.
“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 has reached a total of AED 6.12 billion FDI capital in a total of 109 projects, based on the latest data released by the Dubai FDI Monitor.
From Bengaluru, there are a total of nine FDI projects with AED 22.6 million FDI capital since 2015. Chennai has three FDI projects in Dubai with a total investment of AED 34.2 million.
Credit: Arabian Industry
A global operation involving 16 countries has resulted in the arrest of 20 individuals suspected of belonging to the QQAAZZ money laundering network.