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UAE firms keen to tap potential Indian investors

MUMBAI - The Indians were late to realise the potentials of doing projects in the Gulf region, including the UAE and before they could comprehend the huge demand, most of the Western countries were firmly settled in those markets, according to the governor of Maharashtra Mohammed Fazal.

Addressing a select gathering of participants from the UAE trade exhibition yesterday in Mumbai, he said that even though it is late, today India has the technology and the capabilities in various areas from space science to petrochemical projects. There have been some deliveries of such projects in the Gulf region also in the recent past, he added. The governor was giving his address at a seminar organised by India-Tech Foundation where UAE companies like Emaar and Dubai Islamic Bank also made presentations.

Abdulla Al Falasi, sales manager of Emaar, who made a presentation at the seminar, told this paper that India is a big market for his company, but till now there was not much marketing done to tap this market. He said that the reason for Emaar's participation was to make the Indian investors aware that property buying has been opened up in Dubai and anybody could buy properties now.

Jassim Mohammed Rasool Raisi, branch manager of Dubai Islamic Bank (DIB), who also made a presentation at the seminar talked about the difference between normal and Islamic banking. He said that his bank has been involved with the Indian business for many years now, but there are lots of opportunities for expansion, including attracting deposits for the bank from the Indian business community.

Jameel Nasir Al-Shamsi, exhibition supervisor of Dubai Chamber of Commerce & Industry (DCCI), said that the first day of the show, which began on Tuesday, passed off very well with many quality visitors enquiring about doing business in Dubai. He said that many visitors have expressed interest in investing the UAE, while they have also sought to know more about joint venture opportunities and the facilities that are being provided by the various free zones in the country. There has been also substantial interest in Dubai Internet City, Dubai Media City and the financial markets, he added.

"We are giving a lot of importance to the Indian market with the country being the second largest trading partner for Dubai. There are a lot of investment opportunities in Dubai, but we are also saying that there are lots of opportunities in India. We are looking at a reciprocal relationship of investments and promotions with India," he added.

Participants at the exhibition endorsed Al-Shamsi's opinion about the quality visitors. Nasir Islam, group marketing director of Jebel Ali Free Zone-based Zams International, said that there have been a number of serious enquiries and there is all likelihood that his company would be able to enter the Indian market with its products.

Vijay B. Whabi, managing director of Al-Whabi Traders, which sells various eatable items, including Nezo salt, said that his company has already booked orders and the exhibition has also provided a number of serious enquiries. The property developers participating at the show are also witnessing a stream of visitors.