India, UAE announce $5 billion investments, oil reserve and AI deals during Modi visit

India and the United Arab Emirates expanded cooperation across energy, defence, infrastructure and technology during Prime Minister Narendra Modi’s visit to the Gulf nation, with both sides announcing fresh investment commitments and strategic agreements.During the visit, PM Modi conveyed India’s “strongest condemnation” of the attacks that have taken place in the UAE and expressed solidarity with the country’s leadership and people, Foreign Secretary Vikram Misri said. The Prime Minister also reiterated the need for unimpeded transit passage through the Strait of Hormuz and called for an end to attacks on shipping vessels and mariners.

The two countries initiated an agreement to enhance the UAE’s participation in India’s strategic petroleum reserves to 30 million barrels. Discussions were also launched to establish strategic gas reserves in India and secure long-term LPG offtake supply agreements.
The visit also saw new investment commitments worth a total of $5 billion, including investments by Emirates NBD Bank in RBL Bank, by the Abu Dhabi Investment Authority in the National Infrastructure Investment Fund, and by International Holding Company in Samman Capital of India.Misri noted that cumulatively, the UAE has been the seventh-largest investor in India over the past 25 years.

India and the UAE also concluded a framework on a strategic defence partnership covering defence manufacturing, defence technology, defence equipment and industrial collaboration. An agreement was also signed between Cochin Shipyard Limited and Drydocks World of Dubai.

In the technology sector, both sides signed a term sheet to establish an 8-exaflop supercomputing facility in India to support the country’s AI mission and related infrastructure.

The two nations also operationalised the MAITRI virtual trade corridor between Indian and UAE ports, aimed at improving efficiencies in maritime commerce and logistics.