The Abu Dhabi Investment Authority (ADIA) is to open an office in Gujarat, India, following a written commitment by the UAE and India following the recent visit by Indian prime minister Narendra Modi to the UAE on 15 July.
In the official Joint Statement it was stated:
"The leaders reiterated their resolve to further strengthen investment ties between the two countries. In this context, they appreciated the efforts of the bilateral High-Level Joint Task Force of Investments. They acknowledged that the UAE became the fourth largest investor in India in 2022-2023, compared to the seventh in 2021-2022. They appreciated the plan of Abu Dhabi Investment Authority (ADIA) to set up a presence in Gujarat International Finance Tec-City (GIFT City), a financial free zone in Gujarat, in the next few months. This will further facilitate investment opportunities for the UAE in India."
The visit follows a growing series of meetings between the two countries in recent years. This latest visit by Modi to meet UAE president Sheikh Mohamed bin Zayed Al Nahyan follows one made in 2015 as the first prime minister of India to visit in 34 years.
The UAE presiden in return visited India in 2016 and again in 2017, when the two countries committed to a Comprehensive Strategic Partnership.
According to the Joint Statement, India-UAE trade rose to $85bn in 2022, making the UAE India's third-largest trading partner for the year 2022-23 and India's second-largest export destination. India is the UAE's second largest trading partner. In February 2022, India became the first country with which the UAE signed a Comprehensive Economic Partnership Agreement (CEPA). Bilateral trade has increased by approximately 15% since the entry into force of the CEPA on 1 May 2022.
Founded in 1976, the ADIA sovereign wealth fund invests globally across multiple asset classes. It is one of the largest such funds, with assets estimated at over $850bn.
