The government as well as the large Indian business community in the UAE are banking on Prime Minister Narendra Modi’s two-day visit to step up trade between the two countries, which last year crossed $59 billion. Currently, India is the UAE’s second largest trade partner and provider of its largest workforce.
For India, the seven-sheikhdom federation, with its economic hub in Dubai, is the third largest trade partner and employer of the second largest Indian expatriate community in the world.
This indicates that an economic and trade partnership is crucial for both the countries.
Ahead of Modi’s visit, UAE Foreign Minister Sheikh Abdulla bin Zayed Al Nahyan pointed out that a number of top domestic companies have operations in India and that there are 45,000 Indian working in UAE, too.
He also noted that there are 950 direct weekly flights between the UAE and India, indicating the extent of economic ties between the two.
Top Indian tycoons who have their business hubs in the UAE, such as MA Yusuffali of the Abu Dhabi-based Lulu Group International and Ravi Pillai of Dubai-based RV Group, have said the Modi visit would definitely step up trade and business.
The UAE is home to the largest number of NRI super-rich in the world. Of the 10 billionaires in the UAE who made it to the Forbes’ 2015 Billionaires’ List, six were Indians. These include Micky Jagtiani, MA Yusuffali, Ravi Pillai, Sunny Varkey, BR Shetty and Azad Moopen. Of these six, four hail from Kerala. Of the “50 richest Indians in the GCC” list — compiled annually by the journal Arabian Business , a good number are based in the UAE.
Unique demography The UAE, one of the fastest growing economies in the world with Dubai as its economic driver, has a unique demography. Of a total population of 92 lakh, only 14 lakh are UAE citizens. The balance 78 lakh are expatriates from various nations.
This means that for every citizen, there are more than 5.5 expatriates. And, of the 78 lakh expats, nearly 27 lakh are Indians. Together, they send nearly a half of the foreign remittances made by expat workers in the UAE.
It is against this backdrop that Modi’s visit is raising hopes of increased trade and investments between the two countries. Both the governments as well as the Indian business and expat communities want the economic partnership to expand.