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ABU DHABI, 4th December (PTI) In an effort to diversify business activities in Abu Dhabi beyond hydrocarbons, the UAE capital is seeking more investment from India, which will not only benefit the local economy but also allow Indian companies to It is used as a platform to expand their footprint around the world.
Abu Dhabi has identified priority sectors where Indian companies can invest, including agritech, tourism, healthcare, pharmaceuticals and financial services.
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Abdulla Abdul Aziz Alshamsi, acting director-general of the Abu Dhabi Investment Office (ADIO), which is responsible for pulling in investments, told PTI that his office will be for India. The company facilitates all investment channels, saying it is a natural extension of the growing relationship between India and the UAE.
Alshamsi called on Indian companies to use Abu Dhabi as a platform to expand globally, adding that their presence would also benefit the local economy.
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At a time when Indian start-ups are looking for better opportunities abroad, Abu Dhabi is keen to attract such innovative companies, especially those working in targeted priority sectors, to set up a base in the emirate.
Agritech (agritech) is an exciting industry given Abu Dhabi’s dry and arid climatic conditions, which are spread across the Middle East, Alshamsi said, adding that their work could help address global food security challenges.
Citing the recently signed Free Trade Agreement on Economic Cooperation with India, he said it would not only facilitate trade in goods and services but also knowledge sharing.
India and the UAE have shared trade links for centuries. India-UAE trade is worth $72.8 billion in 2021-22, making the UAE India’s third-largest trading partner after China and the US, according to the foreign ministry.
The UAE is India’s second largest export destination (after the US), with exports worth close to $28 billion in 2021-22.
The UAE’s investment in India is estimated to be about US$1.7-1.8 billion, of which US$11.67 billion is FDI and the rest is portfolio investment.
The UAE is the ninth largest investor in India in terms of FDI.
Some funds from the Middle East, especially sovereign wealth funds, have made big bets on India, investments driven by the higher returns the country offers.
ADIO helps investors and companies of all sizes to set up, grow and grow their businesses in Abu Dhabi. It aims to help develop the emirate’s private sector and diversify its economy. Long-term, sustainable thinking was another major goal of the office.
Asked how Abu Dhabi can compete with the world market while pursuing its own interests, Alshamsi said Abu Dhabi has the most advanced regulations in accessing capital, especially in Abu Dhabi Global Market.
It is a free zone that allows foreign ownership and regulation, allows innovative thinking and attracts venture capitalists, equity funds as well as public opportunities in Abu Dhabi.
Indian company Fresh to Home was one of the first to set up a base in Abu Dhabi, Alshamsi said. Their presence focuses on R&D and also facilitates access to the US market.
“It’s a mutual benefit for us and we have learned to provide this service so that we can attract more companies to Abu Dhabi,” he said, adding that Indian venture capital fund “Stride Ventures” is also active in Abu Dhabi .
Regarding the availability of Abu Dhabi’s talent pool, Alshamsi said, “Not only do we have a talent pool, but we also make it easier for international talent to set up in Abu Dhabi and retire in Abu Dhabi.”
(PTI reporter visited Abu Dhabi at the invitation of the Abu Dhabi government)
(This is an unedited and auto-generated story from a Syndicated News feed, the content body may not have been modified or edited by LatestLY staff)
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