Connected with a strong trading bond that has grown from strength to strength over the past many decades, the UAE and India have constantly been exploring different methods that will help facilitate mutually beneficial relations.
The India-UAE economic engagement is getting ready to celebrate the 50th anniversary of the founding of UAE and the 75th anniversary of India’s independence, with an ever-growing brotherly bond and with multifaceted and comprehensive strategic relationship ranging from energy sector to food security to infrastructure development to education to defense production to space research to cyber security, etc. etc. Another gamechanger and path breaking first-ever agreement signed by UAE with India is the Comprehensive Economic Partnership Agreement (CEPA). This watershed agreement will catapult India-UAE relationship to a different trajectory not witnessed before. This agreement is going to open floodgates not only for two-way investments but will create a platform for technological and financial investments in third countries, which will help those countries alleviate poverty and spur economic growth.
The bilateral trade has now grown to $60 billion per annum with India becoming the second largest trading partner of UAE. The trade volume is certain to grow even further to $100 billion in next four to five years. Even the investment scene will witness major change with many governmental programmes that are being organised in the near future. Given that the UAE being home to over 3.3 million Indians, the relations maintained by both these countries have been beyond mere trading networks. Both the UAE and India have grown robustly over the past two decades. As per the World Bank data, the GDP of UAE has grown by almost four times in a span of twenty years, i.e., from $104 billion in 2000 to $421 billion by the end of 2019. India too has exhibited a swift growth in the economy in this corresponding period. To be precise, India grew its GDP from $468 billion in 2000 to $2,869 billion on nominal basis, by the end of 2019, becoming the world’s fifth-largest economy. It is worthwhile to add that on purchasing power parity (PPP) basis, India’s GDP has grown to above $10 trillion, making it the third largest economy on PPP basis.
India Prime Minister Narendra Modi’s visit to UAE in August 2015 marked the beginning of a new comprehensive and strategic partnership between the two countries. With the re-election of Prime Minister Modi, this Golden Era of the UAE-India relationship is destined to continue. The frequent visits made by Prime Minister Modi to the UAE and by The President His Highness Sheikh Mohamed bin Zayed Al Nahyan, itself is an ample testimony of an in-depth relationship carried by both countries.
The Nikai Group of Companies, amongst the most renowned in the UAE, is a business group led by Paras Shahdadpuri, a former diplomat. The Group is proud to hail the Indian and UAE flags and stand for the success of Indian and UAE business minds. Shahdadpuri is indeed elated to see India share an exceptional bond with the UAE where he currently resides. Over the years, Nikai Group has been contributing to various educational institutions in the UAE and NGOs working in India. At an individual level, Shahdadpuri has devoted time and energy by providing leadership in various associations such as the Indian Business and Professional Council (IBPC) and contributed to promoting the India-UAE economic and investment relationship.
Since its establishment in 1995 with a few products, Nikai has grown to become a one-stop-destination for its customers’ home needs. It offers an impressive lineup of more than 400 products across lifestyle entertainment, kitchen appliances, home care, personal care, cooling and refrigeration and heating, etc., and has a growing number of over 60 million satisfied customers from all over the world.
Headquartered in Dubai, Nikai has direct operations in many countries abroad like Saudi Arabia, Oman, Qatar, Egypt and Georgia to name a few. Nikai has always focused on innovation and offered convenience to customers — which is one of the reasons why they have experienced an ever-increasing demand of their innovative products over the years.
The group has also diversified into other companies including fast moving consumer goods (FMCG), staffing and outsourcing (TASC), digital transformation solutions (Spotnik); and 3PL Logistics, etc.
Shahdadpuri noted: “I really wish that this relationship continues with more strength and power. Eagerly waiting to see both the countries scale newer heights in terms of their comprehensive and strategic partnership encompassing all fields of investments, defense production, education, energy, space technology, et al.”