India and the UAE on Friday (May 15) signed several strategic agreements spanning across vital areas such as energy, defence, infrastructure, shipping and advanced technology during Prime Minister Narendra Modi’s brief visit to UAE, the first stop of his five‑nation tour.
UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan and Modi witnessed the exchange of agreements and memoranda of understanding aimed at advancing cooperation between the two countries within the framework of their strategic partnership, said a WAM news agency report.
Giving fresh impetus to the Comprehensive Strategic Partnership, the UAE has also announced $5 billion investments in India.
• A strategic collaboration agreement between Indian Strategic Petroleum Reserves Limited (ISPRL) and Abu Dhabi National Oil Company (ADNOC).
• A strategic collaboration agreement between Indian Oil Corporation Limited (IOCL) and Abu Dhabi National Oil Company (ADNOC) on supplies of Liquified Petroleum Gas (LPG).
• An agreement on the framework for the strategic defence partnership between the Ministry of Defence of the UAE and the Ministry of Defence of India.
• A term sheet between G42 Group, Mohamed bin Zayed University of Artificial Intelligence, and the Centre for Development of Advanced Computing (C-DAC) for the establishment of an 8-Exaflop Supercomputing Cluster in India.
• A memorandum of understanding (MoU) between Cochin Shipyard Limited (CSL) and Drydocks World (DDW) on setting up a Ship Repair Cluster at Vadinar.
• An MoU between Cochin Shipyard Limited (CSL), Drydocks World (DDW) and Centre of Excellence in Maritime & Shipbuilding (CEMS) on Skill Development in Ship Repair.
The two sides also announced a number of investment agreements, including:
• Investment by Emirates NBD of AED11.02 billion ($3.01 billion) to acquire a 60% stake in RBL Bank.
• Investment by Abu Dhabi Investment Authority (ADIA) of AED3.67 billion ($1 billion0 in the National Investment and Infrastructure Fund (NIIF).
• Investment by International Holding Company (IHC) of AED3.67 billion ($1 billion) to acquire an equity stake in Sammaan Capital.
Following the visit, Modi said on social media: "This UAE visit also saw the conclusion of key agreements across vital areas such as energy, defence, infrastructure, shipping and advanced technology, giving fresh impetus to the India‑UAE Comprehensive Strategic Partnership."
"In another important development, UAE announced investments worth $5 billion in India. This will further deepen economic ties," he added.
In his remarks, Modi condemned attacks on the Emirates during the ongoing West Asia conflict and extended all possible support to help bring peace to the region.
Modi said that “the way UAE has been targeted is not acceptable”, but added that “the way UAE has handled the current situation with restraint is praiseworthy”. He highlighted how the impact of the West Asian conflict is being felt globally.
In a post on X, Modi referred to the UAE President as 'my brother' and said he conveyed appreciation for Sheikh Mohamed's "leadership, courage, and wisdom," which, he said, had been evident during the ongoing period of regional tensions. The Prime Minister also thanked the UAE leadership for the care and attention extended to the Indian community living in the Gulf nation.
