Narendra Modi, Abu Dhabi, Sheikh Mohamed bin Zayed Al Nahyan

India and the United Arab Emirates on Saturday signed five Memorandum of Understandings (MoUs) at the Presidential Palace in Abu Dhabi.

The five government-to-government MoUs related to the energy sector, railways, manpower and financial services were signed in the presence of Prime Minister Narendra Modi and Crown Prince of Abu Dhabi Sheikh Mohammed bin Zayed Al Nahyan.

A MoU between Indian Consortium (OVL, BPRL and IOCL) and ADNOC was signed for the acquisition of 10 percent participating interest in the offshore Lower Zakum Concession, a statement said.

This is the first Indian Investment in the upstream oil sector of UAE, transforming the traditional buyer-seller relationship to a long-term investor relationship.

To cooperate in the field of manpower, India and the UAE signed a MoU that aims to institutionalise the collaborative administration of contractual employment of Indian workers in the UAE.

A MoU for Technical Cooperation in Rail Sector was also signed between the Ministry of Railways and Federal Transport Authority - Land and Maritime of UAE, which aims at cooperation in infrastructure sector especially Railways.

To deepen bilateral cooperation in the field of finance, a MoU between Bombay Stock Exchange (BSE) and Abu Dhabi Securities Exchange (ADX) was signed and exchanged to enhance cooperation between both the countries in the financial services industry.

A MoU between Jammu and Kashmir government and DP World was also signed to establish multi-modal logistics park and hub in Jammu comprising warehouses and specialised storage solutions.