The second week of February has marked a landmark between India and UAE with several agreements. These will promote economic relations between them. Prime Minister Narendra Modi and Mohamed bin Zayed Al Nahyan, the Crown Prince of Abu Dhabi, have signed not one or two but five agreements. India’s decision to participate in Dubai Expo 2020 has also been welcomed by Sheikh Mohammad. Here is the list of agreements from Modi’s UAE visit.
In addition, Modi has restated interest of Indian companies to be a partner in the infrastructure projects being undertaken by UAE. Other than these moves, there are five major agreements.
Five Agreements During Modi’s UAE Visit
1. Oil Pact
The Indian Consortium (OVL, BPRL & IOCL) and the Abu Dhabi National Oil Company have signed a MoU during Modi’s UAE visit. The MoU marks a 10% stake in Abu Dhabi’s offshore Lower Zakum Concession. The Indian embassy in Abu Dhabi furnished a statement saying, “The concession will be from 2018 to 2057 (for 40 years). 60% of the participating interest will be retained by ADNOC and remaining 30% will be awarded to other international oil companies.”
2. Integration of labour related e-platforms
India and UAE have agreed to work towards integrating labour related e-platforms to end the prevailing malpractices and combat trafficking. They will mutually organize collaborative programs for education as well as awareness of contractual workers.
3. Establishment of IIMA Extension Centre and Dubai Manipal Medical College in Dubai
The Indian Institute of Management Ahmedabad (IIMA) and BRS Ventures Investment Limited (UAE) will now jointly establish IIMA Extension Centre in Dubai. Prof. Errol D’Souza, Director, IIMA, and Dr. B R Shetty, Chairman, BRS Ventures, signed the MoU to confirm the tie-up. This shall be the first augmentation of IIMA outside India. The centre will come up with leadership programs for corporates and partner with the UAE Government to formulate public policy. While IIMA provides for academic and training, BRS Ventures will provide for local support including infrastructure, industry links and logistics.
Also, Manipal Global Education Services Private Limited, India, and BRS Ventures Investment Limited will also jointly set up Dubai Manipal Medical College (DMMC) in the UAE. The MoU signed by Dr. Ranjan Pai, Director, Manipal Education Private Limited, from India, and Dr. Shetty. They will develop a detailed plan with regard to the management structure of DMMC. It includes academic and operational policies and procedures, financial operations, admissions process, ownership and use of intellectual property.
4. Agreement to develop online agricultural trading marketplace
CropData Technology Private Ltd (CDT), an Indian company, signed an agreement with Dubai Multi Commodities Centre (DMCC). Jointly, they will develop an online agricultural trading marketplace pan-India. Sachin Suri, MD of CDT, and Gautam Sashittal, CEO-DMCC, signed this agreement. DMCC shall design and develop the platform, acting as a gateway for Indian Exports to Middle East region. Probably, the online platform will create a network of 500 logistics hubs within India to ensure seamless physical delivery of agricultural produce. Farmers may get benefits with this move with better price for their produce.
5. MoU to promote financial ties
Bombay Stock Exchange and Abu Dhabi Securities Exchange have signed a MoU to grow the bilateral cooperation in the field of finance. Also, two major think tanks – Emirates Policy Centre and Observer Research Foundation of UAE have signed a mutual cooperation MoU.