A United Arab Emirates sovereign wealth fund plans to invest billions of dollars in India, according to a Wednesday report, the latest indication of rising Gulf interest in the South Asian country.
Reuters reported that the Abu Dhabi Investment Authority is setting up a $4-5 billion fund to invest in India. The fund will invest via a tax-neutral finance hub in the northwest Indian province of Gujarat. The Gujarat International Finance Tec-City, a regulatory authority in the province, has approved of the move in principle, according to the outlet.
The news follows UAE President Sheikh Mohammed bin Zayed Al Nahyan (MBZ) visit to India last month. MBZ discussed improving bilateral relations with Indian Prime Minister Narendra Modi during the visit. The meeting occurred in Gujarat, and MBZ attended the Vibrant Gujarat Global Summit as well.
In other news, a senior Saudi Aramco executive said on Wednesday that the company is in talks to invest in Indian companies, according to Reuters.