UAE has agreed on a deal with India worth $5 billion across energy, defense, financial, and banking sectors. This part of the investment will support liquidity for housing finance, banking, and infrastructure projects in India. This deal has shown an investor's confidence in India's growth story and long-term cooperation in the Gulf nation.
India has signed an MoU with the UAE on Strategic Petroleum Reserves to protect India against crude oil supply and strengthen crude oil storage. This agreement would expand India's strategic oil reserve programme and would suggest storage cooperation. A long-term LPG supply deal was also signed between ADNOC and IOCL for a stable supply of fuel in India. Due to West Asia tensions, global energy markets are currently volatile.
Another major push signed between the UAE and India is to set up a ship repair cluster in Gujarat. This project would strengthen India's maritime infrastructure system. Maritime workforce skill development, cooperation in logistics and shipping were also discussed between the two leaders of India and the UAE.
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