In an attempt to diversify its business activity beyond oil, the UAE capital city of Abu Dhabi is seeking more investments from India to not only benefit the local economy, but also allow Indian companies to use it as a platform to grow their footprints globally. The city has identified priority sectors such as agritech, tourism, healthcare, pharma and financial services, for Indian enterprises to invest.
Abdulla Abdul Aziz Alshamsi, Acting Director General of Abu Dhabi Investment Office (ADIO) told media that his office will assist all investment opportunities for Indian companies. He also called this to be a natural extension of the growing relations between India and the UAE.
Alshamsi said agricultural technology or agritech is an exciting sector keeping in mind the dry and arid climatic conditions of the Middle East, and the work done in the area can help solve global food security challenges. He cited the recently signed Free Trade Agreement with India for economic collaboration, saying it will not only help in trade of goods and services, but also help in knowledge sharing.
The India-UAE trade is valued at $72.8 billion in 2021-22, making the UAE India’s third largest trading partner after China and US, according to the Ministry of External Affairs.