India’s trade relations with the UAE date back thousands of years, beginning with the barter of pearls for cotton and dry fruits for grains. The business ties have grown stronger out of centuries of exchange of culture, commodities and ideas.
The next chapter in this long partnership is beginning. Last week, more than 30 government and private sector representatives from both countries met at the Taj Mahal Palace Hotel in Mumbai to agree priority sectors for investment. A key focus is infrastructure, in which about US$1 trillion is needed by 2018 to meet India’s ambitions.
India is on the move. Its young and rapidly growing population is urbanising, increasing the economic power of its cities. Alongside the rise of cities is the rise of an aspiring Indian middle class with improved access to jobs, markets and the urban infrastructure. It is estimated that cities could account for 70 per cent of net new jobs by 2030.
India’s infrastructure needs are huge, but infrastructure investment is falling. The government is taking action. Chaired by the prime minister Manmohan Singh, the cabinet committee on investments (CII) is fast-tracking approvals of key projects, many of which have stalled because of bureaucratic impasse. To date, the CII has salvaged nearly 125 projects .
With about 48 per cent of India’s $1tn infrastructure need coming from the private sector, the government recognises the importance of revitalising investor sentiment.
The Gulf is well placed to help. In 2013 the UAE promised $2 billion for infrastructure in India. In 2012, foreign direct investment (FDI) projects from the Middle East rose 123.3 per cent on the previous year.
The recent decision by Abu Dhabi National Energy Company (Taqa) to purchase two hydropower assets in the northern state of Himachal Pradesh, making it the largest private operator of hydroelectric plants in India, reasserts the logic of growing investments in India from the UAE.
Trade between the two regions has grown quickly, reaching $75bn in 2012-13, up from $43bn in 2009-10. Indeed, the two countries have been selected in the United Nations Conference on Trade and Development list of top 10 most promising investor economies for FDI in 2012-14.
The UAE is now India’s top export destination, accounting for more than 10 per cent of its tangible exports. As compared to this, an estimated $8bn from the UAE is invested in India, a large proportion of which is held passively in company shares and other assets with only $2.3bn in the form of FDI.
Discussions took place at the Taj Mahal Palace regarding expediting the resolution of current challenges associated with existing UAE investments in India, notably those of Etisalat, Emaar and DP World. This is encouraging.
Efforts to improve investor sentiment and strengthen economic ties point to the success of the joint “high-level task force” set up in May 2012 to foster cooperation. The Bilateral Investment Promotion and Protection Agreement signed on December 12, 2013, which serves to protect investments in both countries, also sets out robust framework for bilateral engagement.
While the UAE is an obvious capital partner to help India build the roads, railways and soft infrastructure it needs, deepening economic cooperation is not a one-way street.
The UAE is expected to spend heavily on transport and logistics infrastructure in preparation for Expo 2020. This represents an opportunity for more Indian companies. The UAE is also quickly becoming a global transit point and gateway to India, Africa and Asia.
India is expected to become the UAE’s biggest export destination by 2030, when it is forecast to account for an estimated 14 per cent of goods. Increased inward investment from the UAE could help India create the conditions for growth in the long term.
Over the next 20 years, South-South relationships based on increased economic and strategic cooperation are expected to become more important to the world economy. The relationship between India and the UAE could be a leading example.
Jonathan Robinson is the HSBC head of banking in Mena and Sunil Sanghai the HSBC head of banking in India.
UAE currency: the story behind the money in your pockets
COMPANY PROFILE
Name: Lamsa
Founder: Badr Ward
Launched: 2014
Employees: 60
Based: Abu Dhabi
Sector: EdTech
Funding to date: $15 million
Libya's Gold
UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves.
The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.
Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.
A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.
Name: Brendalle Belaza
From: Crossing Rubber, Philippines
Arrived in the UAE: 2007
Favourite place in Abu Dhabi: NYUAD campus
Favourite photography style: Street photography
Favourite book: Harry Potter
Business Insights
- Canada and Mexico are significant energy suppliers to the US, providing the majority of oil and natural gas imports
- The introduction of tariffs could hinder the US's clean energy initiatives by raising input costs for materials like nickel
- US domestic suppliers might benefit from higher prices, but overall oil consumption is expected to decrease due to elevated costs
Fixture and table
UAE finals day: Friday, April 13 at Rugby Park, Dubai Sports City
- 3pm, UAE Conference: Dubai Tigers v Sharjah Wanderers
- 6.30pm, UAE Premiership: Dubai Exiles v Abu Dhabi Harlequins
UAE Premiership – final standings
- Dubai Exiles
- Abu Dhabi Harlequins
- Jebel Ali Dragons
- Dubai Hurricanes
- Dubai Sports City Eagles
- Abu Dhabi Saracens
What is double taxation?
- Americans living abroad file taxes with the Internal Revenue Service, which can cost hundreds of dollars to complete even though about 60 per cent do not owe taxes, according to the Taxpayer Advocate Service
- Those obligations apply to millions of Americans residing overseas – estimates range from 3.9 million to 5.5 million – including so-called "accidental Americans" who are unaware they hold dual citizenship
- The double taxation policy has been a contentious issue for decades, with many overseas Americans feeling that it punishes them for pursuing opportunities abroad
- Unlike most countries, the US follows a citizenship-based taxation system, meaning that Americans must file taxes annually, even if they do not earn any income in the US.
The%20specs
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UAE%20Warriors%2033%20Results
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Company%20Profile
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Company%20Profile
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City's slump
L - Juventus, 2-0
D - C Palace, 2-2
W - N Forest, 3-0
L - Liverpool, 2-0
D - Feyenoord, 3-3
L - Tottenham, 4-0
L - Brighton, 2-1
L - Sporting, 4-1
L - Bournemouth, 2-1
L - Tottenham, 2-1
The specs
Engine: 1.5-litre 4-cyl turbo
Power: 194hp at 5,600rpm
Torque: 275Nm from 2,000-4,000rpm
Transmission: 6-speed auto
Price: from Dh155,000
On sale: now
The details
Heard It in a Past Life
Maggie Rogers
(Capital Records)
3/5
Farasan Boat: 128km Away from Anchorage
Director: Mowaffaq Alobaid
Stars: Abdulaziz Almadhi, Mohammed Al Akkasi, Ali Al Suhaibani
Rating: 4/5
if you go
The flights
Air Astana flies direct from Dubai to Almaty from Dh2,440 per person return, and to Astana (via Almaty) from Dh2,930 return, both including taxes.
The hotels
Rooms at the Ritz-Carlton Almaty cost from Dh1,944 per night including taxes; and in Astana the new Ritz-Carlton Astana (www.marriott) costs from Dh1,325; alternatively, the new St Regis Astana costs from Dh1,458 per night including taxes.
When to visit
March-May and September-November
Visas
Citizens of many countries, including the UAE do not need a visa to enter Kazakhstan for up to 30 days. Contact the nearest Kazakhstan embassy or consulate.
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Killing of Qassem Suleimani
Killing of Qassem Suleimani
THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,000
On sale: Available for preorder now
When Umm Kulthum performed in Abu Dhabi
Known as The Lady of Arabic Song, Umm Kulthum performed in Abu Dhabi on November 28, 1971, as part of celebrations for the fifth anniversary of the accession of Sheikh Zayed bin Sultan Al Nahyan as Ruler of Abu Dhabi. A concert hall was constructed for the event on land that is now Al Nahyan Stadium, behind Al Wahda Mall. The audience were treated to many of Kulthum's most well-known songs as part of the sold-out show, including Aghadan Alqak and Enta Omri.
Miguel Cotto world titles:
WBO Light Welterweight champion - 2004-06
WBA Welterweight champion – 2006-08
WBO Welterweight champion – Feb 2009-Nov 2009
WBA Light Middleweight champion – 2010-12
WBC Middleweight champion – 2014-15
WBO Light Middleweight champion – Aug 2017-Dec 2017
COMPANY%20PROFILE%20
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