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PM eyes UAE’s $800 billion sovereign fund to boost infrastructure spending

News:

  • PM would try to lure a share from $800-billion sovereign fund of the UAE for infrastructural needs as well as give momentum to Bilateral Investment Protection Agreements (BIPA) that has not functioned to its potential to attract investments.
  • The two sides had signed the BIPA two years back but it has not functioned smoothly. It is also expected that Modi’s first visit to the UAE on August 16-17 can give confidence to UAE’s investors, some of whom did not have a smooth run here.
  • Currently, the UAE investments in India are estimated to be $8 billion of which around $3.01 billion is in the form of foreign direct investment, while the rest is portfolio investment. UAE’s investments in India are concentrated mainly in five sectors: construction development (15.52%), power (13.09%), metallurgical industries (9.90%), services (9.58%), and IT (4.90%) sectors.

    Source: ET

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