Joint efforts needed to counter market unease
Dubai - Leading UAE businesses in the real estate, commodities and recruiters have high hopes for the high-level trip of His Highness Shaikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, to India beginning today.
The UAE and India have to join hands given the current global market conditions as it becomes obvious that both nations will complement each other with their strengths and boost ties, experts say.
Leading UAE businesses in the real estate, commodities and recruiters have high hopes for the high-level trip of His Highness Shaikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, to India beginning today.
Kalpesh Sampat, COO, SPF Realty - UAE's leading real estate player in the freehold sector - said this is a step in the right direction that will allow greater transparency which is something the UAE requires when it comes to doing business with India.
"The trip sets expectations high especially more so on the UAE side as they have always wanted to get into India on a larger scale. We expect the $75 billion fund to benefit in direct or indirect ways sectors such as rail, roads, healthcare, energy and many other sectors," Sampat said.
It may be recalled that the two nations exchanged several delegations following the visit of Indian Prime Minister Narendra Modi to the UAE last year. There has been lots of ground work done to create the one window clearance, which should encourage cross-border investment.
Echoing similar positive sentiments, Bharat Bhatia, CEO, Conares - the only privately owned steel manufacturer in the UAE - said trade between the two counties will increase and confidence can be built between the two nations. This is very much required in the current market conditions.
"India, with its ability to manage its diversity in the age of globalisation, has been capturing the attention of developed economies looking for new investment and trade opportunities," he said, adding that the business community in the UAE should explore more opportunities of investment in various fields of the vibrant India. "We have to pursue the ideals within a realistic framework. India, as an emerging global economy, offers an attractive destination for investments," he said.
The NRIs in the UAE feel very happy with the intensity and the increase in momentum being built between the two countries. The Expo 2020 is expected to attract a large number of tourists from around the world, and the business community hopes a good portion of that comes from India. Visitors will not only be able to sample the UAE's tourist offerings but may also invest in various sectors.
Mahesh Shahdadpuri, chief executive of TASC Outsourcing, said India and the UAE are very old trading partners with deep economic and cultural ties.
"Hopefully the UAE and India are able to make progress on making investments related to developing India's road, rail infrastructure, industrial corridors, ports and tourism projects."
Raju Jethwani, chairman, Eurostar Group, said: "I believe there are a lot of areas that need to be focused on and a proper implementation plan is due. However, this visit is also proof that plans are under way. The expat community here would look at this visit to give to a boost to the plans here, as well new business opportunities opening up in India."