Bilateral trade between the UAE and India is set to grow by about 6 per cent annually in the coming two years, as the two countries deepen ties and the pace of regulatory reform in India quickens.
"We have witnessed great growth [in UAE-India trade] over the last 10 years – if you add it up it reaches half a trillion dollars," said Juma Mohammed Al Kait, assistant undersecretary for foreign trade affairs at the UAE's Ministry of Economy. "During the upcoming year or two this number will increase and we will keep growing at the same momentum – around 6 per cent."
Bilateral trade for 2016 including oil reached US$50 billion, Mr Al Kait said. Trade between the two countries, excluding oil, stood at $36bn. India accounts for about 10 per cent of the UAE’s foreign trade. The country, which has been among the top three UAE trading partners in the past few years – is currently the largest partner.
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“India is significant for us, and, what’s more, there is no trade imbalance,” he said. About 9 per cent of the UAE’s total exports go to India, while 8 per cent of the UAE’s imports come from India.
Gold makes up the bulk of bilateral trade, which accounts for just under half of all trade, Mr Al Kait said. The UAE has developed various platforms for the buying and selling of gold between the two countries. “We are trying to go beyond this, to go upstream and further develop the gold trade through many different kind of products,” he said.
There is “enormous potential” to deepen trade and investment links between the two countries that can help leverage “major economic shifts the two countries are undergoing,” said Mr Al Kait who was speaking at the UAE-India Economic Forum in Dubai on Wednesday.
Investment from India in the UAE outweighs UAE investment in the country. Indian investments in the UAE reached $6.4bn in 2015 compared with $5bn in UAE investment in India. Market reforms by the Indian prime minister Narendra Modi may entice more foreign investors and may lead to an increase in the UAE's investment in India, Mr Al Kait said. "We have a huge investment [in India] but we think this is not enough," he said. "There is room for doubling this number...A lot of tough economic reforms have been made to increase transparency and tackle other issues faced by emerging economies and this is encouraging for the business community here."
Last week, a consortium of UAE private investors called the NRI-Emirati Investors Group, said it would raise $1bn for a fund to finance infrastructure projects in India – said to be the biggest local private fundraising effort of its kind.
Earlier last month, Abu Dhabi Investment Authority (Adia), one of the world's biggest sovereign wealth funds, signed a $1bn agreement with India's National Investment and Infrastructure Fund to invest in energy, transport and other infrastructure projects across India.
There is appetite to resurrect talks for a GCC-India free trade agreement (FTA), Mr Al Kait said. These first began a decade ago but stalled against an uncertain investor climate in India before Modi came to power.
“We have had ongoing trade negotiations between the GCC and India,” Mr Al Kait said.
“We need to [recommence] the negotiations from some years back. I don’t have a clear timeframe as it sits within the GCC secretariat, but given how well we are doing without
[an FTA], if we can sign, it will take the relationship to a totally new level.”
%3Cp%3EThe%20Department%20of%20Culture%20and%20Tourism%20-%20Abu%20Dhabi%E2%80%99s%20Arabic%20Language%20Centre%20will%20mark%20International%20Women%E2%80%99s%20Day%20at%20the%20Bologna%20Children's%20Book%20Fair%20with%20the%20Abu%20Dhabi%20Translation%20Conference.%20Prolific%20Emirati%20author%20Noora%20Al%20Shammari%2C%20who%20has%20written%20eight%20books%20that%20%20feature%20in%20the%20Ministry%20of%20Education's%20curriculum%2C%20will%20appear%20in%20a%20session%20on%20Wednesday%20to%20discuss%20the%20challenges%20women%20face%20in%20getting%20their%20works%20translated.%3C%2Fp%3E%0A
Guide to intelligent investing
Investing success often hinges on discipline and perspective. As markets fluctuate, remember these guiding principles:
- Stay invested: Time in the market, not timing the market, is critical to long-term gains.
- Rational thinking: Breathe and avoid emotional decision-making; let logic and planning guide your actions.
- Strategic patience: Understand why you’re investing and allow time for your strategies to unfold.
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
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Electric scooters: some rules to remember
- Riders must be 14-years-old or over
- Wear a protective helmet
- Park the electric scooter in designated parking lots (if any)
- Do not leave electric scooter in locations that obstruct traffic or pedestrians
- Solo riders only, no passengers allowed
- Do not drive outside designated lanes
Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
Cryopreservation: A timeline
- Keyhole surgery under general anaesthetic
- Ovarian tissue surgically removed
- Tissue processed in a high-tech facility
- Tissue re-implanted at a time of the patient’s choosing
- Full hormone production regained within 4-6 months
Kalra's feat
- Becomes fifth batsman to score century in U19 final
- Becomes second Indian to score century in U19 final after Unmukt Chand in 2012
- Scored 122 in youth Test on tour of England
- Bought by Delhi Daredevils for base price of two million Indian rupees (Dh115,000) in 2018 IPL auction
MATCH INFO
Uefa Champions League, last-16, second leg (first-leg scores in brackets):
PSG (2) v Manchester United (0)
Midnight (Thursday), BeIN Sports
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.
Vidaamuyarchi
Director: Magizh Thirumeni
Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra
Rating: 4/5
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
Liverpool’s fixtures until end of 2019
Saturday, November 30, Brighton (h)
Wednesday, December 4, Everton (h)
Saturday, December 7, Bournemouth (a)
Tuesday, December 10, Salzburg (a) CL
Saturday, December 14, Watford (h)
Tuesday, December 17, Aston Villa (a) League Cup
Wednesday, December 18, Club World Cup in Qatar
Saturday, December 21, Club World Cup in Qatar
Thursday, December 26, Leicester (a)
Sunday, December 29, Wolves (h)
Name: Brendalle Belaza
From: Crossing Rubber, Philippines
Arrived in the UAE: 2007
Favourite place in Abu Dhabi: NYUAD campus
Favourite photography style: Street photography
Favourite book: Harry Potter