Infrastructure

Modi visit: UAE, India aim to raise $75bn infrastructure fund

Two countries look to fund railways, ports, roads and airports in India; PM presents a total of $1 trillion in investment opportunities

PHOTO: Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi, right, met with Narendra Modi, India's prime minister. Credit: WAM

The UAE and India aim to raise a $75 billion infrastructure fund for projects in the South Asian country, it was announced at the conclusion of a two-day state visit by Prime Minister Narendra Modi.

The Indian PM presented the UAE government with investment proposals worth a total of $1 trillion as he looks to further reform the Indian economy, it was reported.

A proposed UAE-India Infrastructure Investment Fund will aim to pump $75 billion into India, the two countries said in a joint statement, which also set a target of increasing trade by 60% over the next five years.

The fund would “support investment in India’s plans for rapid expansion of next-generation infrastructure, especially in railways, ports, roads, airports and industrial corridors and parks,” a statement carried by the UAE state news agency WAM said.

The nations will also look to facilitate the participation of Indian companies in infrastructure development in UAE.

At least 2.6 million Indians live and work in the UAE, of which about 60% are blue-collar workers, according to figures from the Indian embassy.

“The visit of an Indian Prime Minister to UAE after 34 years marks the beginning of a new and comprehensive strategic partnership between India and UAE in a world of multiple transitions and changing opportunities and challenges,” the joint statement said.

“Today, in Abu Dhabi, His Highness Crown Prince Mohamed Bin Zayed Al Nahyan and Prime Minister Shri Narendra Modi agreed to seize this historic moment of opportunity and shared responsibility to chart a new course in their partnership for the 21st century.”

Earlier in his visit to the UAE, Modi visited a labour camp in Abu Dhabi, in a move said to highlight India’s concern about the welfare of its migrant workers in the Arabian Gulf.

The prime minister met with Indian workers based in the ICAD residential city in Abu Dhabi, which provides accommodation to 50,000 residents, WAM reported.

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