Over 80 firms visit Bengaluru and Chennai as India is named the second largest investor in Dubai in terms of foreign direct investment capital last year
A delegation of businesses from Dubai has visited India in an effort to build on the AED3.7 billion ($1 billion) foreign direct investments seen during 2018.
More than 80 firms representing trade and investment, real estate and startups were part of the delegation which was led by Dubai Investment Development Agency (Dubai FDI), the investment development agency of Dubai Economy (DED).
The delegation held seminars and meetings in Bengaluru and Chennai, a statement said.
It added that India is one of UAE’s strongest economic partners with huge investments from both parties. In 2018, Indian investors accumulated 31 FDI projects launched in Dubai with a total of AED3.71 billion in capital.
This makes India the second largest investor in Dubai in terms of FDI capital and the fourth largest in terms of projects during the first nine months of the year.
Ibrahim Hussain Ahli, director of Investment Promotion Department, Dubai FDI, said: “Dubai maintains a steady and long-standing trade and economic relations with India, especially in booming cities such as Bengaluru and Chennai.
"Visiting these major economic hubs is part of our continuing efforts to promote other sectors where investing partners can explore new growth opportunities and how to effectively take advantage of them in an easy and facilitative manner, especially with the upcoming Expo 2020, the robust property market, and the growing prominence of the emirate as a global hub conducive for startups and entrepreneurs.”
He added: “We are confident that this visit will further boost India’s leading position as a major investor in Dubai.”
FDI flows from India to Dubai between 2015 and 2018 reached a total of AED6.12 billion in a total of 109 projects, based on the latest data released by the Dubai FDI Monitor.
From Bengaluru, there were a total of nine FDI projects with AED22.6 million FDI capital since 2015 while Chennai had three FDI projects in Dubai with a total investment of AED34.2 million.