In a significant push to the economic partnership between India and the UAE, five leading Indian-owned businesses in the UAE have decided to invest over $3.68 billion in infrastructure and industrial development initiatives in Uttar Pradesh (UP). The decision was made after a pact was signed on May 5 during an investment forum supported by the Indian Business and Professional Council in Dubai.
The forum was organised to promote trade, investment and economic cooperation between UP and the Middle East by offering investment opportunities in major sectors, including manufacturing (especially food processing), infrastructure, energy, power and healthcare.
The Abu Dhabi-based Lulu Group has already announced that it will invest Rs 1,000 crore to set up a shopping mall, convention centre and five-star hotel in UP. This initiative by the Lulu Group is expected to create more than 3,000 jobs once the project is complete.
Further, companies have pledged to invest in the state’s manufacturing, utilities and healthcare initiatives. The UP government, which was represented by a high-level delegation of officials who visited the UAE on May 5, will announce the names of the other investors in the coming weeks.
The state government has been focusing on attracting NRI investments from across the globe, especially from the Middle East. UAE is home to a 2.6 million strong Indian diaspora.
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