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Dubai's Emaar to increase investment in India

Senior Indian government ministers were told Emaar wants to invest in logistics, food storage, and property

Emaar, led by Mohamed Alabbar, wants to establish ties with Indian companies.
Emaar, led by Mohamed Alabbar, wants to establish ties with Indian companies.

Senior trade ministers from India's government have met the chairman of Dubai-listed Emaar Properties, Mohamed Alabbar, to discuss the developer's building plans for India.

Alabbar [pictured] told the delegation, which included Suresh Prabhu, India's Minister of Trade, Industry, and Civil Aviation, that Emaar was “committed to increasing its investment in the Indian market”.

Emaar, he added, would like to diversify its investment in India by exploring logistics, food storage, as well as brick and mortar development. The developer also wants to identify partners in India's private sector.

READ: Dubai's Emaar confirms reports of new China offices

Meanwhile, Saudi Arabia's Crown Prince and Indian Prime Minister Narendra Modi met in Argentina last month to discuss the kingdom's financial support for infrastructure projects.

HRH Prince Mohammed Bin Salman Bin Abdulaziz, the Saudi Crown Prince, Vice President of the Council of Ministers, and Minister of Defense, met Modi at a residence in Buenos Aires to discuss investment in infrastructure, oil, and solar energy projects.

The pair spoke about how Saudi Arabia's sovereign wealth vehicle, Public Investment Fund, the largest project developer in the GCC, could invest in unnamed infrastructure developments in the future.

READ: Saudi Crown Prince unveils Aramco energy megaproject Spark

Saudi Arabia's downstream investment in Indian refineries, notably the $44bn (AED168bn) mega refinery in Ratnagiri to be built by Saudi Aramco, the UAE's Adnoc, and a three-strong consortium of local firms, was also discussed. Aramco and Adnoc share a 50% stake in the future refinery. 

Modi also invited the kingdom to join the International Solar Alliance, created in 2015 to push countries rich in solar resources to expand solar energy capabilities to support the aris Climate Change Agreement. 

The Crown Prince accepted India's invitation to join the alliance, according to the state-run Saudi Press Agency.

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Construction Week - Issue 725
Jan 19, 2019