India signed the first concessional agreement with the United Arab Emirates in the oil sector.
Indian Ambassador to the UAE Navdeep Singh Suri said, "The single most important agreement that was signed and which reflects a change in our energy relationship with the UAE was the one signed between Abu Dhabi National Oil Company (ADNOC) and a consortium of the Indian oil companies and for the acquisition of 10% participating interest in the offshore Lower Zakum Concession,"
The Ambassador also said that this is the first time ever that the Indian Consortium has received concession in the Gulf.
"It is the first concessional agreement which has been signed between India and ADNOC which will be for 40 years from 2018 to 2057," Ambassador Suri said.
The Ambassador also used the occasion to emphasis that the UAE's Etihad Railways is looking for a major expansion plan and that they are looking forward to India as their partner.
In a bid to consolidate the financial architecture, India and the UAE will sign two more agreements in upcoming days.
Navdeep Singh Suri emphasized on another agreement wherein the Financial Intelligence Units of the two countries will function in cooperation to prevent money laundering.
With regards to education, Indian Institutes of Management (IIM) Ahemdabad will expand its campus overseas in the UAE and Manipal University has announced the opening of a medical institute.
"We want to combine our e-migrate system with the UAE. People visit here on tourist visa and then take up a job. If they come by e-migrate we'll have their details. We're trying to integrate with their labor laws so that contract is acceptable to them too." said the Ambassador