While the ambassador did not reveal the names of the banks involved, citing market sensitivities, he confirmed that the investment could be valued in billions of dollars, reflecting the growing economic collaboration between the two nations.
While the bank investment represents a great opportunity, the ambassador noted that certain unresolved issues must be addressed before the deal can move forward.
“There are some issues that need to be resolved for this to move forward,” Alshaali said, although he was optimistic that they would soon be resolved, allowing the significant investment to go ahead.
This potential banking deal comes close on the heels of UAE Crown Prince Sheikh Khaled Bin Mohamed Bin Zayed Al Nahyan’s recent visit to India during which he held key talks with Indian Prime Minister Narendra Modi focusing on deepening bilateral ties in various sectors including finance, trade and infrastructure.
The meeting took place at Hyderabad House in New Delhi, marking another milestone in the strategic partnership between the UAE and India.
Expansion of bilateral relations
Ambassador Alshaali highlighted the growing scope of UAE-India relations, particularly in trade and investment. “We are India’s second-largest export destination, third-largest trading partner and fourth-largest investor,” he said, highlighting the notable progress in bilateral trade flows and investment projects.
The ambassador noted that the discussions during the Crown Prince’s visit covered numerous sectors, including ports, renewable energy and advanced technologies. He also highlighted the UAE’s commitment to supporting India’s energy security and India’s role in ensuring UAE’s food security.
Furthermore, ongoing talks focused on pharmaceuticals, logistics and supercomputing, underscoring the multidimensional nature of the relationship.
Cultural and strategic ties
Reflecting on the deeper significance of the Crown Prince’s visit, Alshaali underlined the “third-generation connection” between the UAE and India, highlighting the strong people-to-people ties that underpin the relationship.
He further mentioned ongoing discussions on improving trade settlement mechanisms, including the use of local currencies and public digital infrastructure for payments, such as India’s UPI (Unified Payments Interface).
The ambassador’s remarks indicate that UAE-India relations continue to strengthen and that strategic investments in key sectors such as banking and ports will play a key role in deepening this partnership. As both nations finalize the details of these agreements, the future looks bright for further cooperation in various economic spheres.
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