UAE's Next $25 Billion Bet On India Includes Energy Sector

The United Arab Emirates plans to inject an additional $25 billion into India's economy, as reported by Indian Commerce and Industry Minister Piyush Goyal at a high-level gathering in Mumbai. The UAE has already committed $25 billion to India, with aspirations to increase that investment to $100 billion in the long run, according to Goyal.

The two countries are set to formalize their economic ties during the 14th Meeting of the India-UAE High Level Joint Task Force on Investments, co-chaired by Sheikh Hamed bin Zayed Al Nahyan, the managing director of Abu Dhabi Investment Authority (ADIA), and Thani bin Al Zeyoudi, the Emirati Minister of Foreign Trade.

During the meeting, Goyal highlighted the significance of discussing avenues to deepen the robust trade and investment relationship between the two nations, focusing on sectors such as energy, infrastructure, logistics, advanced technology, food security, and other priority areas. The Comprehensive Economic Partnership Agreement (CEPA), signed four years ago, has already spurred a doubling of bilateral trade between India and the UAE to $100 billion. Goyal further revealed the ambitious target to double this figure to $200 billion by 2032.

Earlier this year, India and the UAE reached strategic agreements to secure liquefied petroleum gas (LPG) supplies and establish a Memorandum of Understanding (MoU) on strategic petroleum reserves. Indian Prime Minister Narendra Modi signed these deals during a brief visit to the UAE in mid-May, amid growing concerns over energy supply pressures affecting the Indian economy.