UAE-India Joint Working Group on Infrastructure Investments holds first meeting

ABU DHABI, 17th November, 2016 (WAM) — The UAE-India Joint Working Group on Infrastructure Investments yesterday held its first meeting in Abu Dhabi. The meeting addressed a range of infrastructure investment-related topics of mutual interest.

The Working Group was created under an MoU signed between the UAE and India in February 2016 during the state visit to India of H.H. Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.

The agreement seeks to establish a framework to facilitate the participation of UAE institutional investors in infrastructure investments in India, in a manner consistent with the established investment criteria and standards of these institutions to secure appropriate and suitable commercially achievable financial returns. Comprising senior relevant representatives from the UAE and India, the Working Group operates under the auspices of the UAE-India Joint Task Force on Investments, formed in 2012 to progress efforts to cement close bilateral economic cooperation between the respective countries.

 The Working Group’s inaugural meeting was co-chaired by Sujoy Bose, Chief Executive Officer of the National Investment and Infrastructure Fund, NIIF, and Khadem Alremaithi, the Co-Chair of the UAE side. Speaking on the occasion, Mr. Bose said, “India’s infrastructure sectors are projected to grow rapidly over the next few years in line with India’s GDP growth. Such growth rates, along with the on-going reforms, provide an exciting opportunity for international capital to play an important role in India’s infrastructure sector. We are very pleased to be in Abu Dhabi for the inaugural meeting of The Working Group and with the interest shown by UAE institutional investors to invest in the infrastructure sector in India.” Mr. Alremeithi said, “The Working Group is an important platform to advance discussions on the possible structures and terms that would assist in facilitating UAE institutional investment in Indian infrastructure projects. We look forward to continuing this constructive dialogue over the coming months.”

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