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Bilateral trade continues to strengthen with the signing of the Comprehensive Economic Partnership Agreement in February 2022
Officers at the inauguration. – Photos provided
The UAE’s sovereign wealth fund has invested more than $10 billion in renewable energy, telecommunications, road infrastructure and more, the Indian envoy said at an event in Abu Dhabi.
Speaking at the three-day Confederation of Real Estate Developers Associations of India (CREDAI) annual conference, Sunjay Sudhir, Ambassador of India to the UAE, stressed that bilateral relations have been accelerating with a surge in two-way investment. “Since 2014, we have made great strides in our bilateral relationship,” he said in his keynote speech at CREDAI NATCON 2022.
Bilateral trade continues to strengthen with the signing of the Comprehensive Economic Partnership Agreement (CEPA) in February 2022. “India-UAE partnership is accelerating rapidly. We are seeing this reflected in the investments of leading UAE companies in India over the past few years. In the past five years alone, the UAE Sovereign Wealth Fund has invested in renewable energy, telecommunications, road infrastructure Over $10 billion has been invested in facilities, affordable housing and start-ups,” Sudhir said.
CREDAI is the apex body of over 13,000 private real estate developers in India. Moderated by Sheikh Mohammed bin Nahyan bin Mubarak Al Nahyan, the conference was attended by over 1,300 developers from India.
Sudhir asked builders to learn from the experience of UAE real estate companies and explore partnership opportunities. – Photos provided
Sudhir asked builders to learn from the experience of UAE real estate companies and explore partnership opportunities. “Our bilateral relationship gives you the opportunity to work with Emirati companies on a broad scale and learn from their experience,” Sudhir said, noting that Indian companies have invested heavily in the UAE in many areas, including energy.
At the same time, CREDAI members pledged to be carbon neutral by 2050. said Harsh Vardhan Patodia, President of CREDAI.
CREDAI also announced a series of measures, including a partnership with HDFC to empower second- and third-tier cities with $3 billion in funding. The agency will set up the $100 million Spyre VC Proptech Fund in partnership with India’s first and largest comprehensive start-up incubator and accelerator – Venture Catalysts and NeoVon.
“India is a start-up hub and many new-age startups are finding solutions to real-world problems faster and more efficiently. Our Sphyre VC fund will bring together many young leaders who will help us bring sustainable real estate to life,” said Boman Irani, president-elect of CREDAI.
CREDAI chairman Satish Magar noted that India’s real estate ecosystem has witnessed “the best year in decades”, supported by pent-up demand and positive consumer sentiment in the wake of Covid-19.
The three-day conference will end on Sunday.
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