India, UAE sign five pacts as Modi meets Abu Dhabi's Crown Prince

Modi meets Abu Dhabi Crown Prince Sheikh Mohamed
Prime Minister Narendra Modi held wide-ranging talks with Abu Dhabi Crown Prince Sheikh Mohamed bin Zayed al Nahyan here yesterday evening following which the two sides signed five agreements, including a pact under which a consortium of Indian oil companies has been awarded a 10% stake in an offshore oil concession.
Mr. Modi, who arrived here from Palestine on the second leg of a three-nation tour that will also take him to Oman, and was received by Sheikh Mohamed and several other members of the Abu Dhabi ruling family.
Before their delegation level talks, Mr. Modi and Sheikh Mohamed had a tete-a-tete, during which they discussed steps to upgrade the relationship between India and the United Arab Emirates (UAE).
Abu Dhabi is the largest and Dubai is the second largest of the seven emirates that make up the UAE federation.
The talks were held at the Royal Palace here. Mr. Modi became the first foreign leader to be invited to this palace by Sheikh Mohamed, who appreciated the role played by Indian workers in the development of the UAE as a modern nation.
Under the MoU signed today with the Abu Dhabi National Oil Company (ADNOC), an Indian consortium consisting of ONGC Videsh Limited (OVL), Bharat PetroResources Limited (BPRL) and Indian  Oil Corporation Limited (IOCL) will acquire 10% participating interest in the offshore Lower Zakum Concession.
The two sides also signed MoUs to institutionalise the collaborative administration of contractual employment of Indian workers in UAE; for cooperation in the rail sector; and to enhance cooperation between the Bombay Stock Exchange and the Abu Dhabi Securities Exchange.
An MoU was also signed between the Government of Jammu and Kashmir and DP World, the Dubai-based logistics major, to establish multi-modal logistics park and hub in Jammu comprising warehouses and specialized storage solutions.
This is Mr. Modi's second visit to the Gulf State as Prime Minister, having visited the country in August 2015. In between, Sheikh Mohamed had visited India in February 2016 and again in January 2017, when he was the Chief Guest at India's Republic Day celebrations.
Apart from the Abu Dhabi Crown Prince, he will also told talks with  Sheikh Mohammed bin Rashid Al Maktoum, the Vice-President and Prime Minister of UAE and Ruler of Dubai.
He will address the 6th edition of the World Government Summit in Dubai, where India is the Guest Country of Honour.
He will also meet leading UAE and Arab CEOs in Dubai on the vast economic opportunities in India and what more can be done together to bolster business collaboration.
This morning, Mr. Modi will travel to Wahat Al Karama, a memorial built by the UAE in honour of its soldiers who were martyred in 1971 in the first war on Tunb Island.
He will also meet members of the Indian community, during which he will lay the foundation stone of a Hindu temple in Abu Dhabi. The temple is coming up on land donated by the UAE leadership and members of the temple committee presented its plans and other details to Mr. Modi and Sheikh Mohamed here yesterday. This will be the first stone temple to be built in Abu Dhabi off the Dubai-Abu Dhabi highway. Plans for the construction of the temple had been announced during Mr. Modi's previous visit to the UAE.
The UAE, Oman and the four other Gulf Cooperation Council (GCC) states account for almost 20 percent of bilateral trade. They are by far the largest trading bloc for India with about $ 110 billion of trade, of which oil is a very small portion. About 50 percent of India's oil comes from these countries.
There are some nine million non-resident Indians (NRIs) in the region and they remit some $ 35 billion every year, which sustains millions of families back home.
The UAE committed in August 2015 to invest $ 75 billion in India. The UAE is a partner in India's strategic oil reserves. It has also come the first partner in India's National Investment and Infrastructure Fund (NIIF).
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