The National Investment and Infrastructure Fund (NIIF) of India said on Monday it had signed a US$1 billion investment agreement with a wholly owned subsidiary of the Abu Dhabi Investment Authority (Adia), to invest in much-needed energy, transportation and other infrastructure-related sectors in India.
Adia, as part of the agreement, will become the first institutional investor in NIIF’s Master Fund as well as a shareholder in National Investment and Infrastructure Limited, the NIIF’s investment management company, NIIF said in a statement.
"This agreement marks the culmination of an extensive process of collaboration with Adia to develop an investment structure that is attractive to international investors while remaining closely aligned with the NIIF's objectives," said
Sujoy Bose, the chief executive of NIIF.
“We are proud to have Adia as our founding partner, and grateful for its support and contributions to date, and we now look forward to announcing further agreements with other investors.”
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Read more:
UAE considers investment proposals from India
Adia targets emerging markets as long-term gains slow
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The deal comes amid increasing interest by Adia in India and emerging markets as a whole. The sovereign wealth fund, one of the biggest funds in the world, said in its most recent annual report this year that it expects much of the world’s economic growth to come from developing nations, especially from China and India, in the next decade.
Adia has investments in a number of asset classes including equities and fixed income in India.
The fund is also in advanced talks with India's GMR Infrastructure to buy up to 49 per cent of Rajiv Gandhi Hyderabad International Airport, The Economic Times business daily in India reported in July, citing unnamed sources.
At the time, Adia would not deny or confirm its interest in buying a stake in the airport.
The agreement also comes following increasing ties between India and the UAE after prime minister Narendra Modi's visit to the country in 2015.
During the visit, Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, met with Mr Modi and the two countries pledged to boost trade with each other by 60 per cent, as well as investing up to $75bn in infrastructure.
Rundown trains, roads and other basic facilities are among the biggest hurdles to investment in India.
Finance Minister Arun Jaitley has said the country needs $1.5 trillion in infrastructure over the next decade.
Since Mr Modi came to power in 2014, the fortunes of the economy have improved as the reform minded prime minister moved to cut red tape and reduce subsidies, pushing the country's benchmark stock index to a
record high.
Still, a recent slowdown in economic growth has made investment in infrastructure even more urgent in order to reach the 8 per cent annual growth rate needed to create enough jobs for the country’s
1.3 billion population.
"The NIIF is set to play an important role in facilitating the flow of foreign capital into India's infrastructure sector," said Khadem Al Rumaithi, the executive director of the real estate and infrastructure department at Adia.
“As a long-standing investor in India and in infrastructure globally, Adia welcomes the opportunity to be the first to partner with NIIF in a platform that is sure to be of interest to other long-term institutional investors,” he said.
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
COMPANY%20PROFILE
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THE BIO
Ms Davison came to Dubai from Kerala after her marriage in 1996 when she was 21-years-old
Since 2001, Ms Davison has worked at many affordable schools such as Our Own English High School in Sharjah, and The Apple International School and Amled School in Dubai
Favourite Book: The Alchemist
Favourite quote: Failing to prepare is preparing to fail
Favourite place to Travel to: Vienna
Favourite cuisine: Italian food
Favourite Movie : Scent of a Woman
Scoreline
Swansea 2
Grimes 20' (pen), Celina, 29'
Man City 3
Silva 69', Nordfeldt 78' (og), Aguero 88'
Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
UNSC Elections 2022-23
Seats open:
- Two for Africa Group
- One for Asia-Pacific Group (traditionally Arab state or Tunisia)
- One for Latin America and Caribbean Group
- One for Eastern Europe Group
Countries so far running:
Joker: Folie a Deux
Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
Rating: 2/5
Royal Birkdale Golf Course
Location: Southport, Merseyside, England
Established: 1889
Type: Private
Total holes: 18
How to report a beggar
Abu Dhabi – Call 999 or 8002626 (Aman Service)
Dubai – Call 800243
Sharjah – Call 065632222
Ras Al Khaimah - Call 072053372
Ajman – Call 067401616
Umm Al Quwain – Call 999
Fujairah - Call 092051100 or 092224411
COMPANY%20PROFILE%20
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65
%3Cp%3E%3Cstrong%3EDirectors%3A%20%3C%2Fstrong%3EScott%20Beck%2C%20Bryan%20Woods%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3EAdam%20Driver%2C%20Ariana%20Greenblatt%2C%20Chloe%20Coleman%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E2%2F5%3C%2Fp%3E%0A
ANATOMY%20OF%20A%20FALL
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EJustine%20Triet%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3ESandra%20Huller%2C%20Swann%20Arlaud%2C%20Milo%20Machado-Graner%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%205%2F5%3C%2Fp%3E%0A
COMPANY%20PROFILE
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ACL Elite (West) - fixtures
Monday, Sept 30
Al Sadd v Esteghlal (8pm)
Persepolis v Pakhtakor (8pm)
Al Wasl v Al Ahli (8pm)
Al Nassr v Al Rayyan (10pm)
Tuesday, Oct 1
Al Hilal v Al Shorta (10pm)
Al Gharafa v Al Ain (10pm)
Results:
5pm: Conditions (PA) Dh80,000 1,400m | Winner: AF Tahoonah, Richard Mullen (jockey), Ernst Oertel (trainer)
5.30pm: Handicap (TB) Dh90,000 1,400m | Winner: Ajwad, Gerald Avranche, Rashed Bouresly
6pm: Maiden (PA) Dh80,000 1,600m | Winner: RB Lam Tara, Fabrice Veron, Eric Lemartinel
6.30pm: Handicap (PA) Dh80,000 1,600m | Winner: Duc De Faust, Szczepan Mazur, Younis Al Kalbani
7pm: Wathba Stallions Cup (PA) Dh70,000 2,200m | Winner: Shareef KB, Fabrice Veron, Ernst Oertel
7.30pm: Handicap (PA) Dh90,000 1,500m | Winner: Bainoona, Pat Cosgrave, Eric Lemartinel
Bahrain%20GP
%3Cp%3EFriday%20qualifying%3A%207pm%20(8pm%20UAE)%3C%2Fp%3E%0A%3Cp%3ESaturday%20race%3A%207pm%20(UAE)%3C%2Fp%3E%0A%3Cp%3ETV%3A%20BeIN%20Sports%3C%2Fp%3E%0A
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Company%20Profile
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