UAE business delegation on a 4-day visit to Mumbai to boost economic ties

Dubai: A business delegation from United Arab Emirates (UAE) will visit Mumbai for four days to open up new areas for greater commercial engagement in trade and investment in order to strengthen economic ties with India. The Dubai International Financial Centre (DIFC) delegation will arrive on Monday to highlight internationally recognized platforms for stimulating trade and investment. They will also promote the stability, efficiency and world-class regulation offered by an advanced business ecosystem located at the heart of the Middle East, Africa and South Asia (MEASA) region, which has an estimated combined GDP of US$ 7.9 trillion. It also aims to increase its assets under management to US$ 250 billion from current US$ 10.4 billion. Mr Arif Amiri, Deputy Chief Executive Officer of the DIFC Authority recognizes the vast opportunities of growth in India and is confident of opening up new areas of potential collaboration between the financial capital cities of Dubai and Mumbai. Bilateral trade between India and the UAE crossed US$ 59 billion for the financial year 2014-2015 while Indian exports to the UAE are valued at US$ 33 billion. UAE-based Non Resident Indians (NRIs) account for US$ 15 billion in annual remittances, own more than 40,000 UAE companies and hold investments worth an estimated US$ 55 billion, out of which US$ 18 billion is in real estate.

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