PM Modi flags off $1 trillion dream for UAE investors

Drumming up the India growth story in the Gulf dynamo, India’s Prime Minister Narendra Modi exhorted investors in the United Arab Emirates to cash in on an “immediate investment opportunity of USD 1 trillion in India.”

During his visit to Masdar city, a zero-carbon city, near Abu Dhabi, UAE, India’s Prime Minister Narendra Modi addressed an investor meet where he underlined huge opportunities spawned by India’s growing economy and called for dovetailing UAE’s power and India’s potential to make it an Asian century.

Citing reports by major global institutions such as World Bank, IMF, Moodys, Mr Modi said India is the world’s fastest growing economy and has a huge potential to develop. “On one hand India is growing fast and on the other hand, the world is looking at Asia. But is Asia complete without UAE? I can clearly see that the UAE should be at the centre of mainstream of things in Asia. UAE’s power and India’s potential can make it Asia’s century,” he told top business leaders from the UAE.

Alluding to lethargy and indecisiveness that was seen in policy-making during previous governments in New Delhi, the prime minister said his government has got some legacy problems and his immediate priority would be to kick-start the economic reforms process.

Read More

A date with Masdar: Smart zero-carbon city in UAE inspires Modi

Clean and Green – this new focus on smart living and sustainable urban space, found affirmation in India’s Prime Minister Narendra Modi’s maiden visit to the world’s zero carbon smart city in the UAE. Mr Modi, who has unfurled the dream of 100 smart cities in India, looked visibly impressed as he took a ride in a self-driven car that runs on solar powered batteries in Masdar, a 5.95 sq km strip located 17 km southeast of Abu Dhabi international airport.

Mr Modi discussed urban development and next generation urban spaces with United Arab Emirates officials on August 17. He was also briefed on Masdar city’s Private Rapid Transport System. Impressed with the city, Mr Modi wrote ‘Science is Life’ in the visitor’s book at Masdar city.

Masdar city project aims to turn Abu Dhabi into an international hub for renewable energy and to support the development and commercialisation of sustainable technology. The smart city concept is a key agenda of Mr Modi’s development plans. Masdar was meant to be an incubator for a new generation of Emirati green start-ups with an aim to garner investments in green energy and technology. This, in the long run, would earn Abu Dhabi significant revenue if its oil runs out. But due to the global financial crisis in 2008, Dubai’s state-owned investment company ran up a debt of USD 59 billion that left Abu Dhabi with little to invest in Masdar city.

Read More

Modi’s Gulf diplomacy: India, UAE join hands to combat Islamic State

Against the backdrop of the emergence of the Islamic State as the top security threat to the region, India’s Prime Minister Narendra Modi has called for intensifying counter-terror cooperation with the United Arab Emirates, the first Gulf country he has visited after taking charge in May last year.

As Mr Modi arrived in the UAE on a two-day visit on August 16, the first visit by an Indian prime minister to the Gulf dynamo in 34 years, he was accorded a grand welcome and was received by none other than the Crown Prince of Abu Dhabi Sheikh Mohamed bin Zayed Al Nahyan and his five brothers.

Speaking about the agenda of his visit, Mr Modi said in an in an interview to Khaleej Times that he wanted to see the UAE as India’s top partner in trade and counter-terrorism, while noting that both countries had a range of common security and strategic concerns in the region including extremism. “We have a range of common security and strategic concerns in the region, including terrorism and extremism. So India and UAE have everything to be a top priority for each other. This is the way I look at the UAE. The Gulf region is vital for India’s economic, energy and security interests,” he said.

Read More