India–UAE Dynamics Set the Stage for a Stronger, Secure & Sustainable Future

Eons ago, ancient maritime routes in the Arabian Sea flourished as India and the UAE fostered a healthy exchange of spices, pearls, textiles, and metals which furthered into embracing cultural, culinary, and architectural influences from each other. Over the years India and the UAE have individually grown strong roots fuelling rapid socio-economic growth however, it is their paced progressive partnership that serves as the poster child for bilateral relations worldwide. Both India and the UAE - despite radically different governance models, geographies, foreign policies, and size - are unified in embracing a futuristic vision, strategic alignment and humanitarian cooperation while driving political and economic stability in the region.

Leveraging each other's complementary strengths India and the UAE epitomize the term “Partners in Progress”. Interestingly this partnership is not just limited to the realms of governance & leadership but also trickles down to the business landscape in both countries. Recently in a bid to explore nuances and facets of India's 'Look West Policy in Action: People, Prosperity and Progress' the Centre for Public Policy Research, Kochi in collaboration with Ministry of External Affairs, Government of India organised “Kochi Dialogues 2025” in the heart of the seaside town - Kochi - on 16th and 17th January 2025. At “Kochi Dialogues 2025”, I had the opportunity to represent the UAE alongside other panellists from Gulf States like Saudi Arabia, Oman, Qatar, and Kuwait, etc in the august presence of diplomats, ministers of state, government delegates, decision-makers, and influencers from across GCC and India.

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I was part of a panel discussion titled 'Leveraging the Diaspora Connect' - moderated by the astute Ambassador Venu Rajamony - former ambassador of India to the Netherlands, and former consul-general of India in Dubai; Advisor to CPPR (India). The floor was open for deliberate discussions on the intricacies of the role of the Indian diaspora in the UAE and GCC economy. Having served as elected Chairman of Dubai Chapter - Institute of Chartered Accountants of India (ICAI) for the term (2012-13); Secretary General of the Indian Business & Professional Council for the term (2015 – 2017) and in my professional capacity as the CEO & Managing Partner of an audit, advisory, consulting and tax firm for 30+ years, I wield a ringside view into the evolving dynamics of the Indian diaspora in the UAE. The Indian diaspora constitutes almost four million of the UAE's population and with sophisticated visa reforms taking over the UAE, the influx of Ultra High Net Worth Indians from across the globe is expected to surge significantly. The UAE-based sovereign wealth funds and investors are driving the Foreign Direct Investment (FDI) inflows in India while Indian investors are expanding their businesses in the UAE to gain access to emerging markets like Africa; thereby making a compelling case for an economic partnership that is rooted in growth & ascension.

In 2022-23, the UAE was reported as the fourth largest investor in India with FDI inflows surging over threefold to $3.35 billion from $1.03 billion in 2021-22. The UAE, on the other hand, witnessed solid momentum in golden visa approvals as volume doubled in 2023 to 158,000 from 79,617 issued in 2022 and 47,150 in 2021. The golden visa scheme has proven catalytic in driving demand for real estate in the UAE, as Indians rank among the top three investors in the UAE. Between 2015 and 2021, Indians invested heavily into Dubai real estate and are estimated to own approximately Dh84 billion worth of real estate.

The UAE wields significant importance in India's trade and foreign policy matrix. Powered by the roaring success of the Comprehensive Economic Partnership Agreement (CEPA), UAE and India reported 15 per cent increase in bilateral trade - amounting to $83.6 billion in fiscal 2023–24. CEPA was instrumental in streamlining trade processes, reducing tariffs, and curating robust pathways for businesses to thrive across borders. During the "Opportunities and Challenges in Enhancing Trade, Economy & Investments" panel discussion moderated by T.P. Seetharam, former ambassador of India to the UAE, at Kochi Dialogues 2025, the conversations fiercely reiterated that collaborations aimed at bolstering trade and investment will fast-track, powered by integrating education, technology, health, and IT sectors while nurturing human connections built on shared values.

As an Indian expat entrepreneur navigating the UAE business landscape for 30+ years, it has been gratifying to witness up, close & personal the shape shifting of the India – UAE dynamics towards a stronger trade ecosystem, secure geopolitical alignment and a sustainable diaspora connect.

- James Mathew is the CEO and Managing Partner at UHY James.