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PM meets Crown Prince of Abu Dhabi; India, UAE sign 5 pacts

Press Trust of India  |  Abu Dhabi 

held wide-ranging talks with Crown of Mohamed bin Zayed Al Nahyan today as the two sides signed five agreements including a historic pact awarding a consortium of Indian companies a 10 per cent stake in concession.

Modi, who arrived here from on the second leg of his three-nation tour, was received by and other members of the Royal family at the airport. The two leaders hugged each other and exchanged pleasantries.

"We warmly welcome our state guest and valued friend, the Indian H.E.@narendramodi to the UAE. His visit reflects our longstanding historical ties and is testament to our friendly bilateral relationship," Mohammed Bin Zayed, also the Deputy Supreme of the UAE Armed Forces, tweeted.

Modi, who is here on his second visit to the UAE, held wide-ranging talks with and Modi had first visited the UAE as prime minister in August, 2015.

After their talks, the two sides signed five agreements related to energy sector, railways, manpower and financial services.

An MOU between Indian Consortium (OVL, BPRL & IOCL) and National Company (ADNOC) was signed for the acquisition of a 10 per cent participating interest in the Abu Dhabi's offshore Lower Zakum Concession, a statement issued by the here said.

The concession will be for 40 years from 2018 to 2057. Sixty per cent of the participating interest will be retained by ADNOC and remaining 30 per cent will be awarded to other International oil companies, the statement said.

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

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

Under the MoU, both the sides will work to integrate their labour related for ending the existing malpractices, combat trafficking and organise collaborative programs for education and awareness of contractual workers.

An MoU for technical cooperation in railways was also signed between the two sides. The MoU aims at cooperation in infrastructure sector especially railways.

"The MoU will facilitate development of joint projects, knowledge sharing, joint research and The MoU envisages formation of a Joint Working Group for institutionalising the cooperation mechanism," the statement said.

To deepen bilateral cooperation in the field of finance, an MoU between and Securities Exchange was also signed. It aims at enhancing cooperation between both the countries in industry.

The MoU would facilitate investment in financial markets by investors from both the countries.

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

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sat, February 10 2018. 22:55 IST