Indian envoy rings Nasdaq Dubai bell amid $60bn trade links

Ambassador Navdeep Suri celebrates India's Independence Day by ringing the market-opening bell at Nasdaq Dubai
Indian envoy rings Nasdaq Dubai bell amid $60bn trade links
By Sam Bridge
Thu 15 Aug 2019 04:32 PM

Navdeep Suri, India’s ambassador to the United Arab Emirates, on Thursday celebrated India’s Independence Day by ringing the market-opening bell at Nasdaq Dubai.

The ceremony reflected the rapid growth of the close financial and economic ties between the UAE and India as well as their strong social and political links, a Nasdaq Dubai statement said.

It added that bilateral trade has increased from $52 billion in 2017 to $60 billion in 2018, adding that more than three million Indians live in the UAE.

Suri said: “I am delighted to join Nasdaq Dubai in celebrating India's Independence Day. The initiative taken by Nasdaq Dubai is a reflection of the increasingly close strategic partnership between India and UAE. 

"It also demonstrates recognition of India's position as a driver of regional economic growth and the enormous possibilities that this opens up for Dubai to create a dynamic, mutually beneficial pathway for capital flows."

Hamed Ali, chief executive of Nasdaq Dubai, added: "Indian companies and nationals continue to make an outstanding contribution to the economic success of the UAE and Nasdaq Dubai is ready to support the growing development of a broad range of markets activities.”

UAE companies including Nasdaq Dubai-listed DP World are major investors in India in sectors including ports, transport infrastructure, energy and housing.

Political ties include a visit in 2018 to the UAE by Narendra Modi, the Indian prime minister, during which he met with Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President and Prime Minister, and Ruler of Dubai.

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