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ESPA Middle East: Building the next chapter of India–UAE growth
As economic ties continue to deepen, India and the UAE are finding new opportunities across investment, business and construction
- PUBLISHED: Mon 17 Aug 2026, 8:00 AM
- By:
- Dr. Neelivethil Rajeev
India's growth story has gathered considerable pace over the past five years, backed by large-scale infrastructure development, a stronger manufacturing base and continued investment in technology and logistics. The changes are also creating fresh opportunities for businesses outside India, including those in the UAE.
This has coincided with a significant expansion in India–UAE economic ties. While trade has long been at the heart of the relationship, companies are now building a much deeper presence in each other's markets. Indian businesses continue to expand across the UAE, while growing opportunities in India are drawing greater interest from UAE-based companies.
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Bilateral trade has continued to grow strongly, with both countries now working towards an even more ambitious expansion in economic ties over the coming years.
Behind this growth is a relationship that is becoming increasingly business-led, with more companies looking beyond trade to investment, partnerships and a longer-term presence in both markets.
Business Ties Are Getting Stronger
The Comprehensive Economic Partnership Agreement (CEPA), which came into effect in May 2022, has played an important role in bringing the two markets closer. Its impact is visible not only in trade, but also in the number of businesses expanding between the two countries.
Indian companies continue to have a strong presence in Dubai, with Indian businesses among the largest groups of foreign companies joining Dubai Chamber of Commerce.
Abu Dhabi is seeing similar growth, with a significant and expanding presence of Indian companies in the emirate.
For many Indian companies, the UAE offers access not only to its domestic market but also to the wider Middle East, Africa and other international markets. Its location, connectivity and established business environment have made it an important base for Indian companies looking to expand overseas.
The opportunity works both ways. India's continuing investment in infrastructure, manufacturing and urban development is creating more room for UAE-based businesses to participate in the market. The country's continued focus on public capital expenditure reflects the scale of development planned across India.
For businesses operating in the UAE, these developments are being watched closely. A larger and more accessible Indian market creates opportunities for companies that may not have actively considered India in the past.
Construction Creates New Opportunities
Construction is one area where India and the UAE have considerable scope to work more closely.
India is investing heavily in roads, airports, housing, logistics, industrial development and urban infrastructure. The UAE, meanwhile, continues to expand its real estate and infrastructure sectors and has developed considerable experience in delivering large and complex projects.
This creates opportunities across the industry, including for contractors, consultants, manufacturers, suppliers and specialist companies.
At the same time, growth in construction brings challenges that need to be addressed. Rising material costs, tighter margins and delayed payments can place significant pressure on companies involved in delivering projects. Subcontractors and material suppliers can be particularly affected when payment cycles become longer.
These issues were discussed recently when ESPA Group partnered with IBPC Dubai to deliver Construction: The Way Forward, the inaugural event of the Real Asset & Built Environment (RABE) Focus Group.
The discussion looked at some of the practical issues facing the construction industry and the need for stronger systems as the sector continues to grow.
Dubai has already taken steps to improve governance and accountability across parts of its property sector. Clearer rules and greater oversight have helped improve transparency and provide more certainty for those involved in projects. There may be lessons from this experience that can be considered more widely across construction. Better financial discipline, clearer responsibilities and greater transparency can help create a healthier environment for contractors, subcontractors, suppliers and other businesses involved in project delivery.
As construction activity increases in both India and the UAE, sharing experience in these areas can be as useful as increasing the volume of business between the two countries.
ESPA Looks to India
For ESPA, India's changing business landscape has brought the market back into focus. Although we began operations more than 15 years ago, India was not a market we actively pursued at the time.
That is now changing. As part of our current agenda, we are reviving our India business with a potential investment focused on project retailing, managed through ESPA Middle East. CEPA, along with the strong growth in India’s construction and infrastructure sectors, has created a more favourable environment for this expansion.
We see strong potential for our products and expertise in India, particularly as the scale and complexity of projects continue to grow. Our experience across the Middle East gives us a strong base from which to develop this business and respond to the needs of the Indian market.
For ESPA, India is now an important part of our growth plans, and our focus is on building the business steadily and establishing a stronger presence in the years ahead.
— Dr Neelivethil Rajeev is the Managing Director at ESPA for MENA and APAC, a Spanish consortium predominantly operating in the MEP/HVAC sector. He has been with the brand since its inception for more than three decades — a journey that has reinforced one simple truth: the future belongs to partnerships that choose consistency over spectacle.