The traditionally warm relationship between India and the UAE built on mutual trust, respect, civilizational bonds and cultural moorings has grown stronger over the years. The powerful flow of bilateral investments and an annual bilateral trade of about USD 60 billion ensures that the UAE is India's 3rd largest trade partner and is also a major exporter of crude oil to India. The UAE, in the up-coming years, is expected to make more investments in the vital sectors of Indian economy. In the food sector, the UAE has already confirmed USD 7 billion worth investment. This is expected to benefit around 20 million farmers and create 200,000 new jobs. The UAE's investment in logistics, airports, highways, ports, renewable energy, defence and petrochemicals is bound to grow in the coming years while there has been a greater outflow of FDI from India to Dubai.

Many Indian entrepreneurs and start-ups wanting to set up their base and increasing to other markets have invested in Dubai. Dubai has 3,000 start-ups with around 200 Indian nationalities and Indians form 30% of Dubai's start-up community. Indians also rank 1st in investments in Dubai's real estate sector. Dubai Land Department data shows 5,246 Indian nationals invested in Dubai's real estate sector in the year 2019 pumping in more than Dh.10.89 billion. The UAE has come up with a number of new initiatives to further attract Indian talent and investors in the recent past. The latest being citizenship offered to innovators, artists, doctors, scientists and investors and their families.

Together in Performance

World Bank data confirms that the GDP of the UAE has grown from USD 104 billion in 2000 to USD 421 billion by the end of 2019. It means UAE's economy has grown 4 times during the past 20 years accounting for the world's highest per capita income at USD 43,470. The UAE currently has 79,000 high-net-worth individuals, 3,400 multimillionaires and 12 billionaires. Meanwhile, India's GDP grew from USD 468 billion in 2000 to USD 2,869 billion by the end of 2019 becoming the world's 5th largest economy. The country is currently chasing the target of a USD 5 trillion economy.

Helping Each Other in Crisis

There are 3.3 million Indians presently living in the UAE and the country has consistently acknowledged the constructive role played by them in the nation-building exercise. Covid-19 provided another opportunity for both India and the UAE to come more closer and extend a helping hand to each other. "UAE’s assistance to India comes in recognition of the profound and brotherly ties our 2 countries have shared throughout the years", the UAE ambassador to India Ahmed Abdul AlBanna had said. Interestingly, in May 2020 the UAE sent 7 tons of medical supplies to India to fight the pandemic.