Abu Dhabi invites Indian enterprises to establish hubs
As an extension of emerging relations between India and the UAE, Abu Dhabi Investment Office will facilitate all investment avenues for Indian companies.
Abu Dhabi is seeking more investments from India. The priority sectors identified by the United Arab Emirates (UAE) capital city include agritech (agricultural technology), tourism, healthcare, pharma and financial services, where Indian firms can invest.
Abdulla Abdul Aziz Alshamsi, Acting Director General of the , which is tasked with pulling the investments, told Press Trust of India (PTI) that his office will facilitate all investment avenues for Indian companies. He addressed this step as a natural extension of the emerging relations between India and the UAE.
Further, he asked Indian enterprises to utilise Abu Dhabi as a platform to grow their global footprints, adding that their presence will also benefit the local economy.
Highlighting agritech an exciting sector given for the Middle East, he added that their work can help solve global food security challenges.
Further, citing the recently signed Comprehensive Economic Partnership Agreement (CEPA) agreement with India for economic collaboration, he said that it will help in the trade of goods and services and facilitate knowledge sharing.
According to the Ministry of External Affairs, the India-UAE trade is valued at around $73 billion making UAE, India's third largest trading partner after US and China, for the year 2021-22.
The UAE’s investment in India is estimated to be around $20-21 billion. Out of this, $15.18 billion is in the form of foreign direct investment (FDI), while the remaining is portfolio investment. In terms of FDI, it is the 7th biggest investor in India.
The ADIO aids investors and companies of all sizes to set up their businesses, grow, and develop in Abu Dhabi. Its key aims include growing UAE's private sector, diversifying its economy and ensuring long-term, sustainable ideas for the office.
According to Alshamsi, UAE has the most advanced regulations in terms of capital access, specifically within the Abu Dhabi global market. "Not only do we have a talent pool, but we are also making it easier for international talent to establish themselves in Abu Dhabi and retire in Abu Dhabi," he added.
He highlighted that an Indian firm 'Fresh to Home' was among the earliest to establish in the UAE capital city. The firm's presence is focused on research and development along with helping gain access to the US market.
“This was mutually beneficial to us and we learnt to offer that to be able to attract further companies to come to Abu Dhabi," he added.