India and the UAE have cordial ties for a number of reasons; among them being the fact that the Indian diaspora here is the biggest and has become an integral part of the nation and its functioning. The recently proposed currency swap, property ownership by Indians and even the presence of Indian culture in UAE’s amusement parks are a testimony to this.
Since the trade between the two countries as well as the currency exchange because of Indians repatriating wealth back to India is significant, this will help to ease transactions. A currency swap has been announced between the two countries; which will enable individuals in both India and the UAE to make payments in either currency without use of a third currency such as the dollar.
This will boost trade ties between the two countries and will also reduce the impact of market volatility arising from dependency on a third currency. Transmission costs are expected to reduce as well, thanks to this step that the two countries have agreed to.
Indian investment in the UAE property market is second only to the investment made by UAE nationals. Out of a total investment of Dh62 billion, Emiratis invested Dh11.5 billion while Indian nationals invested Dh10.8 billion.
UAE will be looking to invest more in India’s petrochemical sector in times to come. Because India is a rapidly growing economy, UAE has decided to invest in India’s energy needs in terms of using Indian resources for stocking crude oil as well as financing of petrochemical projects. A complex at Ratnagiri in Maharashtra, underground strategic oil storages at Mangalore and Padur in Karnataka will be the locations for these.
The Global Village in Dubai is meant to give visitors glimpses of various different countries. The Indian pavilion here gives people a taste of authentic India without actually visiting India: folk dances, cuisine and other aspects of Indian culture. This season the village is dominated by India. Though there are about 27 pavilions of various countries, the Indian pavilion spread out across 11,000 square mt is the biggest.
Visitors enjoy the authentic taste of India at the pavilion largely manned by Indian nationals. Here people enjoy the Bhangra as well as Bollywood and the street food. There is pan Indian shopping including sarees from Hyderabad, Indian perfume, Kashmiri handloom and more.
Do you have something interesting you would like to share? Write to us at [email protected]
