UAE President, Indian PM oversee major agreements and MoUs: All you need to know

AE Abu Dhabi: UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan and Narendra Modi, Prime Minister of the Republic of India, today witnessed the exchange of several agreements and memoranda of understanding aimed at advancing cooperation between the two countries within the framework of their strategic partnership.

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The agreements exchanged during the Indian Prime Minister’s official visit to the UAE include:

The agreements exchanged during the Indian PM’s official visit to UAE include:

• A Strategic Collaboration Agreement between Indian Strategic Petroleum Reserves Limited (ISPRL) and Abu Dhabi National Oil Company, exchanged by His Excellency Dr Sultan Ahmed Al Jaber, Group CEO of ADNOC, and Vikram Misri, Foreign Secretary of India.

• A Strategic Collaboration Agreement between Indian Oil Corporation Limited (IOCL) and Abu Dhabi National Oil Company on LPG supplies, exchanged by the same officials.

• An Agreement on the Framework for the Strategic Defence Partnership between the Ministry of Defence of the UAE and the Ministry of Defence of India, exchanged by Lieutenant General Ibrahim Nasser Al Alawi and Foreign Secretary Vikram Misri.

• A Term Sheet between G42 Group, Mohamed bin Zayed University of Artificial Intelligence and C-DAC to establish an 8-exaflop supercomputing cluster in India, exchanged by G42 International CEO Mansour Al Mansoori and Foreign Secretary Vikram Misri.

• An MoU between Cochin Shipyard Limited and Drydocks World to set up a ship repair cluster at Vadinar, exchanged by DP World Chairman Essa Kazim and Indian Ambassador Deepak Mittal.

• An MoU between Cochin Shipyard Limited, Drydocks World and CEMS on skill development in ship repair, exchanged by the same representatives.

The two sides also announced a number of agreements, including:

• Investment by Emirates NBD of Dh11.02 billion (₹28,300 crore) to acquire a 60% stake in RBL Bank

• Investment by Abu Dhabi Investment Authority (ADIA) of Dh3.67 billion (₹9,440 crore) in India’s National Investment and Infrastructure Fund (NIIF)

• Investment by International Holding Company (IHC) of Dh3.67 billion (₹9,440 crore) to acquire an equity stake in Sammaan Capital