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Sunday, June 16, 2024

Abu Dhabi encourages Indian start-ups to build base for economic diversification



Abu Dhabi is actively seeking investment opportunities from India and inviting Indian startups to establish a hub in the capital to expand their operations beyond hydrocarbons. The move is expected not only to benefit the local economy but also provide Indian companies with a platform to expand globally. Priority sectors for investment opportunities include tourism, agtech, healthcare, pharmaceuticals and financial services. Abu Dhabi looks forward to welcoming Indian businesses to explore these opportunities and invest in these sectors.

Acting Director General of Abdullah Abdul Aziz Alshamsi Abu Dhabi Investment Office (ADIO), highlighted the importance of developing relations between India and the UAE. Alshamsi has committed to provide all necessary assistance to Indian companies to explore investment opportunities in Abu Dhabi. He urged Indian start-ups to leverage on Abu Dhabi’s strategic location to expand their global reach and contribute to the growth of the local economy. As Indian start-ups increasingly seek overseas investment avenues, Abu Dhabi is positioning itself as an attractive destination for innovative companies, especially those operating in the priority areas identified by ADIO.

Abdulla Abdul Aziz Alshamsi, Acting Director General of the Abu Dhabi Investment Office (ADIO), highlighted the potential of the agtech sector, especially given that Abu Dhabi and the dry and arid climate of the Middle East. He highlighted the role of agtech in addressing global food security challenges. Alshamsi also referred to the recently signed free trade agreement between India and Abu Dhabi, highlighting its potential for economic cooperation and knowledge sharing in addition to boosting trade in goods and services.

India and the UAE have a long-standing trade relationship and according to the Ministry of Foreign Affairs, the bilateral trade is worth $72.8 billion in 2021-22. The UAE is India’s third largest trading partner after China and the US. Also, the UAE is India’s second largest export destination with an export value of close to $28 billion in 2021-22, after the US. These figures underscore the strong economic relationship between the two countries and the potential for further cooperation and growth in the future.

Abu Dhabi attracts Indian startups to set up hub

The UAE’s investment in India is estimated to be around US$1.7-1.8 billion, of which US$11.67 billion is foreign direct investment (FDI) and the rest is portfolio investment. As the ninth largest investor of FDI in India, the UAE has been a major contributor to India’s economic growth. Some Middle Eastern funds, especially sovereign wealth funds, have invested heavily in India, attracted by the country’s high returns.

Abu Dhabi Investment Office (ADIO) Plays a vital role in supporting investors and businesses of all sizes to establish and expand their operations in Abu Dhabi, while also contributing to the development of the emirate’s private sector and economic diversification. The office is committed to supporting Abu Dhabi’s sustainable and long-term investment philosophy.

Abdulla Abdul Aziz Alshamsi said that due to Abu Dhabi’s advanced capital access regulations, especially in Abu Dhabi Global Market, Abu Dhabi In a favorable position in the global market competition. As a free zone that allows foreign business ownership and encourages innovative thinking, Abu Dhabi is an attractive destination for venture capitalists, equity funds and public investment opportunities. These regulations enable Abu Dhabi to maintain a competitive edge in the global market and ensure that the emirate continues to attract investment and promote economic growth.

Abdulla Abdul Aziz Alshamsi revealed that the Indian company “Fresh to Home” was one of the first companies to start operations in Abu Dhabi, focusing on research and development and entering the US market. Alshamsi described the move as mutually beneficial, noting that it has helped Abu Dhabi attract more companies to the region.

In addition, he pointed out that Indian venture capital fund “Stride Ventures” is also active in Abu Dhabi. Alshamsi also highlighted the availability of Abu Dhabi’s talent pool and said the emirate is taking steps to make it easier for international talent to settle and retire in Abu Dhabi.

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