Leading firms in oil-rich Gulf region propose to invest $6 billion in UP

The investment is expected to flow in multiple sectors, including energy, retail, real estate, and electric mobility

Leading companies in the oil-rich Gulf region have proposed to invest nearly $6 billion (about Rs 50,000 crore) in Uttar Pradesh, according to state cabinet minister Rakesh Sachan. The investment is expected to flow in a bouquet of sectors including energy, retail, real estate, electric mobility, logistics, tourism, health, food processing, etc.

Some of the top firms and investment agencies which will invest in the state include the Lulu Group, Abu Dhabi Global Market, Transnational Computer LLC, Burjeel Hospital, etc. For example, Lulu Group will invest Rs 4,500 crore to set up shopping malls and hypermarkets in different cities, including Noida, Kanpur, and Ayodhya.

Sachan, who holds the UP MSME portfolio, led a high-level delegation to the Gulf countries, and held parleys with top investors and businesses during his recent three-day stopover.

He said more than 150 industrialists and business group representatives had attended the roadshows in Abu Dhabi and Dubai. “Exclusive interactions were also held with nearly 50 business groups in the United Arab of Emirates (UAE) having the maximum investment potential,” sources said.

The UP government also signed an agreement with the 130-member strong chamber of commerce and industry in Abu Dhabi for facilitating investment. “We apprised the Gulf about the marked improvement in the infrastructure, law and order, and connectivity in UP under the present regime. As such, the Gulf region is ready to invest in the state and participate in the forthcoming UP Global Investors Summit 2023,” Sachan said after returning from his hectic Gulf sojourn.

Sachan had called upon UAE minister of state for foreign trade Thani bin Ahmed Al Zeyoudi to discuss the investment roadmap since a large number of big companies in the UAE are owned and promoted by the government.

Similar UP delegations were also dispatched to other continents, including Europe, Asia, North America, and South America in the run-up to the investor summit and to showcase ‘Brand UP’ among investors and business houses.Meanwhile, UP Chief Minister Yogi Adityanath is likely to visit a few foreign countries, including the US, as part of the ongoing roadshows for the GIS.

At the UP Investors Summit 2018, the state had garnered investment proposals of nearly Rs 4.68 trillion. Of these, according to the government, projects worth Rs 3 trillion had already been launched in different sectors and regions in UP.