Growing Brotherhood – News

Paras Shahdadpuri, Chairman, Nikai Group of Companies

The group continues to promote economic and investment relations between the two countries

With strong trade ties that have grown and grown over the past decades, the UAE and India have been exploring different ways to help foster a mutually beneficial relationship.

India-UAE economic cooperation is gearing up to celebrate the 50th anniversary of the UAE and the 75th anniversary of India’s independence, with a deepening fraternity between the two sides, with the development of a comprehensive strategic relationship on many fronts, from the energy sector to food security to infrastructure, to education, Defense production, space research to cybersecurity and more. Another game-changing and first-of-its-kind agreement signed by the UAE and India is the Comprehensive Economic Partnership Agreement (CEPA). This watershed agreement will push India-UAE relations on a different trajectory than ever before. The agreement will not only open the floodgates for two-way investment, but will also create a platform for technological and financial investment in third countries, which will help these countries reduce poverty and stimulate economic growth.

Bilateral trade has now grown to $60 billion a year, with India becoming the UAE’s second largest trading partner. In the next four to five years, the trade volume is sure to grow further to $100 billion. In the near future, even the investment sector will undergo major changes with the implementation of many government programs. Given that the UAE is home to more than 3.3 million Indians, the relationship between the two countries is more than just a trade network. Both the UAE and India have grown strongly over the past two decades. According to the World Bank, the UAE’s GDP has nearly quadrupled in 20 years, from $104 billion in 2000 to $421 billion at the end of 2019. The economy of India has also shown rapid growth in this corresponding period. To be precise, India’s nominal GDP grew from $468 billion in 2000 to $2,869 billion by the end of 2019, making it the world’s fifth largest economy. It is worth adding that India’s GDP has grown to over $10 trillion in purchasing power parity (PPP) terms, making it the third largest economy in purchasing power parity terms.

In August 2015, Indian Prime Minister Narendra Modi’s visit to the UAE marked the beginning of a new comprehensive strategic partnership between the two countries. With Prime Minister Narendra Modi’s re-election, this golden era of UAE relations is destined to continue. The frequent visits to the UAE by Prime Minister Modi and President His Highness Sheikh Mohamed bin Zayed Al Nahyan are in themselves ample proof of the deep ties between the two countries.

The Nikai Group of Companies is one of the most well-known companies in the UAE, a business group led by former diplomat Paras Shahdadpuri. The group proudly cheers the flags of India and the UAE and represents the success of Indian and UAE business minds. Shahdadpuri is indeed delighted to see that India has a special connection with the UAE, where he currently resides. Over the years, Erkai Group has been contributing to various educational institutions in the UAE and NGOs working in India. On a personal level, Shahdadpuri has invested his time and energy in promoting India-UAE economic and investment relations by taking leadership roles in various associations such as the Indian Business and Professional Council (IBPC).

Since its establishment in 1995, Nikai has grown into a one-stop destination for the needs of clients’ families. It offers an impressive 400+ products covering lifestyle entertainment, kitchen appliances, home care, personal care, refrigeration and cooling and heating, and more, and has more than 60 million satisfied customers worldwide.

Headquartered in Dubai, Nikai has direct operations in many countries including Saudi Arabia, Oman, Qatar, Egypt and Georgia. Nikai has always focused on innovation and convenience for customers – one of the reasons why their demand for innovative products has grown over the years.

The group also diversified into other companies including Fast Moving Consumer Goods (FMCG), Staffing and Outsourcing (TASC), Digital Transformation Solutions (Spotnik); and 3PL Logistics, among others.

Shahdadpuri noted: “I really hope this relationship can continue with greater strength and strength. Desperate to see the two countries take a comprehensive strategic partnership to the next level, covering investment, defence production, education, energy, space technology and all areas.”