New Delhi, May 15: India and the United Arab Emirates on Thursday signed a series of strategic agreements and investment commitments spanning energy security, defence cooperation, artificial intelligence, shipbuilding, infrastructure and banking during Prime Minister Narendra Modi’s visit to the Gulf nation.
According to an official statement issued by the Press Information Bureau, the outcomes of the visit included multiple Memoranda of Understanding (MoUs), strategic frameworks and investment announcements aimed at deepening economic and strategic ties between the two countries.
A major focus of the agreements was energy cooperation. Indian Strategic Petroleum Reserves Limited (ISPRL) and Abu Dhabi National Oil Company signed an MoU for strategic collaboration in petroleum storage and reserves management. The agreement envisages potential ADNOC crude oil storage of up to 30 million barrels in India’s strategic petroleum reserves, including participation in facilities at Vishakhapatnam in Andhra Pradesh and future reserve facilities in Chandikol, Odisha.
The agreement also provides for possible storage of crude oil in Fujairah in the UAE as part of India’s strategic petroleum reserve network, besides exploring collaboration in Liquified Natural Gas (LNG) and Liquified Petroleum Gas (LPG) storage infrastructure in India.
In another key energy-related agreement, Indian Oil Corporation Limited and ADNOC signed a strategic collaboration agreement to explore long-term LPG supply arrangements. The partnership aims to facilitate long-term sale and purchase agreements between ADNOC Gas Limited and IOCL.
India and the UAE also adopted a Framework for Strategic Defence Partnership covering defence industrial cooperation, innovation and advanced technology, joint training, military exercises, maritime security, cyber defence, interoperability and secure communications.
In the maritime sector, Cochin Shipyard Limited and Drydocks World signed an MoU for setting up a ship repair cluster at Vadinar under India’s Maritime Development Fund Scheme. The proposed collaboration includes offshore fabrication and maritime infrastructure development.
Another tripartite agreement involving Cochin Shipyard Limited, Drydocks World and the Centre of Excellence in Maritime & Shipbuilding seeks to develop a skilled maritime workforce through training, mobilization and employment initiatives in shipbuilding and ship repair sectors.
The visit also saw advancement in India-UAE cooperation in artificial intelligence and high-performance computing. A term sheet was signed between the Centre for Development of Advanced Computing (CDAC), India, and UAE-based G-42 for establishing an 8 Exaflop super computing cluster as part of India’s AI Mission.
The two sides additionally announced major investment commitments from UAE institutions into India. These include plans by Abu Dhabi Investment Authority and India’s National Infrastructure & Investment Fund (NIIF) to explore investments of up to US$1 billion in India’s infrastructure sector.
Further, Emirates NBD announced plans to invest US$3 billion in RBL Bank, while International Holding Company committed a proposed US$1 billion investment in Sammaan Capital.
The agreements are being viewed as a significant step toward expanding India-UAE cooperation in strategic sectors including energy security, defence, maritime infrastructure, banking and emerging technologies.
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