New Delhi— India and the United Arab Emirates (UAE) have signed several significant agreements aimed at deepening their bilateral economic partnership during the visit of Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, and Minister of Defense of the UAE.
As part of the collaboration, the Indian Institute of Management Ahmedabad (IIM-A) will establish a new campus in Dubai, with its first MBA program set to launch in September 2025. Additionally, the Indian Institute of Foreign Trade (IIFT) will open its first overseas campus at the India Pavilion in Expo City Dubai.
Among the newly signed Memorandums of Understanding (MoUs) are the commencement of construction for Bharat Mart, the unveiling of a 3D rendering of the Bharat Mart complex, allocation of land for the UAE-India Friendship Hospital in Dubai, and plans to develop ship repair clusters in Kochi and Vadinar.
An India Office will also be established at the Dubai Chamber of Commerce to further enhance business relations.
The launch of overseas campuses by IIM-A and IIFT marks a significant step in educational cooperation between the two nations, reinforcing Dubai and the UAE’s position as a regional and global hub for leading Indian educational institutions. These developments follow the inauguration of the first Indian Institute of Technology (IIT) campus in the Middle East, located in Abu Dhabi last year. Collectively, these efforts are expected to benefit the 4.3 million-strong Indian diaspora in the UAE and nearly 9 million Indians residing in the Gulf region.
The announcements regarding Bharat Mart, the Virtual Trade Corridor (VTC), and the MAITRI interface (supporting the VTC) underscore India’s growing trade and economic ties with the UAE. These efforts are a continuation of the momentum generated by the Comprehensive Economic Partnership Agreement (CEPA), which has significantly boosted bilateral trade in recent years. India also reaffirmed its commitment to the India-Middle East-Europe Economic Corridor (IMEEC). Bilateral trade, projected to exceed $97 billion, is set to receive further impetus from these initiatives, with the goal of achieving $100 billion in non-oil trade, according to a statement by the Ministry of External Affairs.
India has long been a preferred destination for UAE citizens seeking high-quality healthcare. Generations of Emiratis, including members of royal families, have benefited from India’s health and wellness ecosystem. In recognition of this longstanding relationship, the Dubai government has allocated land for a 100-bed “India-UAE Friendship Hospital” to provide affordable healthcare, particularly for the Indian blue-collar community in the UAE. This gesture also acknowledges the immense contributions of Indian workers to the growth and development of Dubai, the statement noted.
Cochin Shipyard Ltd. (CSL) and Drydocks World (DDW), a DP World company, signed an MoU to develop ship repair clusters in Kochi, Kerala, and Vadinar, Gujarat. The partnership aims to leverage their combined expertise to enhance India’s ship repair capabilities and introduce global best practices. The agreement also outlines collaboration on potential offshore fabrication projects involving major ports and other entities.
The establishment of an India Office within the Dubai Chamber of Commerce highlights the strong investment relationship between the two countries. Indian companies rank among the top investors in Dubai across sectors such as tourism, hospitality, healthcare, retail, education, and entertainment. They continue to lead the list of newly registered non-UAE companies with the Chamber, accounting for 30–40% of all registered businesses in Dubai, including in its free zones.
During a high-level business meeting in Mumbai, Sheikh Hamdan met with India’s Minister of Commerce and Industry, Piyush Goyal. The two discussed the positive impact of CEPA on accelerating bilateral trade. Goyal welcomed the signing of key MoUs and expressed confidence that these developments will elevate India-UAE economic engagement to new heights. (Source: IANS)
