Identifying potential areas of investment and collaborations between India and the UAE is the aim of the two-day conclave which is being held in Dubai.

The conclave will focus on areas that should be tapped for growth such as defence, energy, security and maritime trade, its organisers said.

The organizers of the 'The Economic Times India UAE Strategic Conclave' said that the other significant aspect of the India-UAE ties that will be discussed is the geopolitical and economic impact of strong relations of the two countries on the Asian region.

Trade and commerce forms the backbone of historically strong bilateral relations, with UAE having India as their top foreign trade partner, the organizers said.

In 2015-16, India exported goods worth USD 30 billion to the UAE in 2015-2016 with the main commodities being heavy machinery, petroleum products, and food and dairy products.

UAE has welcomed Indian businesses with open arms. As of end-2016 about 4,365 Indian commercial companies are registered with the UAE Ministry of Economy, and over 2.8 million Indians reside in the UAE.

"At The Economic Times, we have closely evaluated the relationships between India and UAE and we strongly feel that this association will act as an important contributor to the economic progress of the region.

Hence, we have designed this conclave to discuss the potential areas of investment, collaborations and ways to further improve the business environment," said Deepak Lamba, president of Times Strategic Solutions.

Some of the big names in the Indian Industry who are scheduled to attend the conclave are Harsh Mariwala, Chairman, Marico, Gautam Singhania, MD, Raymond, Ravi Khanna, CEO, Aditya Birla Solar and Rana Kapoor, Founder and CEO, YES Bank and Chairman, YES Global Institute.