Dubai’s DP World logistics firm strengthens connections with India
The UAE and India also signed a trade agreement recently, and appear to have moved past the controversy surrounding an Indian politician's criticism of Islam.
The Dubai-based logistics firm DP World today signed an agreement with India’s sovereign wealth fund.
India’s National Investment and Infrastructure Fund agreed to invest around $300 million in DP World’s Indian subsidiary Hindustan Ports Private Limited for a 22.5% stake in the entity, DP World said in a press release.
“The opportunity landscape in India remains significant and this transaction will allow us to accelerate investment across ports and logistics to drive returns for our respective stakeholders,” DP World CEO Sultan Ahmed bin Sulayem said.
Why it matters: The United Arab Emirates and India have strong economic relations. In April, the two countries signed an economic agreement that lowered tariffs in a bid to boost trade. The same month, an Emirati business delegation visited the disputed India-controlled part of Kashmir.
