CW In Focus | The importance of Indian PM Modi's UAE visit in Aug'19
Construction Week rounds up why the Indian Prime Minister's recent visit to the Emirates means for UAE businesses
During his third visit to the UAE in August 2019, Indian Prime Minister Narendra Modi was awarded the Order of Zayed, the UAE's highest civil honour, by HH Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.
As part of his two-day visit, Modi launched the Rupay card, an indigenous Indian equivalent of Mastercard or Visa, which according to Navdeep Singh Suri, the Indian Ambassador to the UAE will soon be rolled out by Emirates NBD, First Abu Dhabi Bank and Bank of Baroda in the country.
In an exclusive interview with UAE state news agency, Wam, Modi said that India finds a partner in the UAE to achieve its ambitious dream of achieving a $5tn economy by 2024-25.
Modi said that UAE-India relations are "at their best ever".
"There has been an increasing interest in investments in India in sectors ranging from renewable energy, food, ports, airports, defence manufacturing and other sectors," Modi added.
Speaking about the Indian diaspora in the UAE, Modi said that India is also witnessing a steady increase in investments into by some of the top Indian business leaders in UAE.
He also lauded the UAE leadership for the steps taken recently to provide long-term visas and other benefits to expatriates.
During his visit Modi held an interaction with UAE-based Indian businessmen which was attended by representatives of 21 business groups, who were present at the launch ceremony of the Rupay card.
According to Wam, chairman of Lulu Group, Yusuff Ali M A; founder and chairman of NMC Healthcare, B R Shetty; chairman and managing director of Aster DM Healthcare, Dr Azad Moopen; and group chief executive officer of EFS Facilities, Tariq Chauhan, were among the attendees.
The founder and CEO of Dubai-based steel company Conares, Bharat Bhatia, was present during the ceremony, alongside representatives from Landmark Group, Sobha Group, Apparel Group, Nikai Group, Regal Group of Companies, ITL Cosmos, Jashanmal National Company, Allana Group FMCG Products, Petrochem Middle East, Transworld Group, Al Dobowi Group, VPS Healthcare, UPL Group, Al Maya Group, EFS Facilities Services Group, Emaar, and DP World, according to the Indian Embassy in Abu Dhabi.
In this episode of Construction Week In Focus, Ranju Warrier, reporter at Construction Week, rounds up the key developments that took place during PM Modi's visit to the UAE.
Construction Week In Focus is a twice-weekly bulletin of the Middle East's top news from the real estate development and contracting sectors. The series is hosted on Construction Week's YouTube channel, alongside weekly series published by its sister titles. The latter includes MEP Engineered by MEP Middle East, FM Live by facilities management Middle East, and Heavy Metal by PMV Middle East.
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Construction Week In Focus episodes are published each Sunday and Wednesday. Heavy Metal episodes are published on Mondays, and FM Live updates are presented on Tuesdays. MEP Engineered rounds off the week each Thursday. All videos are published at 4.30pm Dubai time.