Dubai – Mubasher: Dubai Investment Development Agency (Dubai FDI) on Tuesday announced plans to invest up to AED 6.12 billion in India over the coming three years.
The step aims at strengthening economic and investment collaboration between two of the most strategic cities around the world, the investment development agency of Dubai Economy (DED) said in a statement.
Around 80 companies of Dubai’s leading business entities in trade and investment, real estate and startup development have recently visited India as part of a Dubai FDI-led business delegation.
In 2018, Indian investors completed almost 31 foreign direct investment (FDI) projects launched in Dubai with a total of AED 3.71 billion, making India the second largest investor in the GCC emirate in terms of FDI capital and the fourth largest in terms of projects during the first nine months of the year.
“Dubai maintains a steady and long-standing trade and economic relations with India, especially in booming cities such as Bengaluru and Chennai,” Ibrahim Hussain Ahli, director of Investment Promotion Department, Dubai FDI, said.
He added the Indian investments in the UAE reflect 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.
“The recent Dubai FDI delegation visit provided Expo 2020 with a unique opportunity to meet with some of India’s leading businesses to encourage further foreign direct investment from India,” Khalid Sharaf, head of International Business Engagement at Expo 2020 Dubai, said.
The six-month Expo 2020 Dubai will be held on 20 October 2020 to 10 April 2021 and is expected to welcome more than 25 million visitors.
