Ani |Updated: October 7, 2024 18:00 IST
Mumbai (Maharashtra) [India]October 7 (ANI): Abu Dhabi Investment Authority (ADIA), the UAE’s largest sovereign wealth fund and one of the largest in the world, has received the necessary regulatory approvals and is opening its office in GIFT. After opening the company, it started its business in India. Gujarat city.
Founded in 1976, ADIA is a globally diversified investment institution that prudently invests capital on behalf of the Government of Abu Dhabi through strategies focused on long-term value creation.
This office is expected to further strengthen ADIA’s investment activities in India.
How to leverage its presence in India to further deepen ADIA’s investment profile in India was discussed at the 12th meeting of the India-UAE Investment High-Level Joint Task Force held in Mumbai on Monday.
The meeting was co-chaired by Piyush Goyal, Minister of Commerce and Industry, and Sheikh Hamed bin Zayed Al Nahyan, Managing Director, Abu Dhabi Investment Authority.
Since its inception, Gujarat International Finance Tech City (GIFT City) in Ahmedabad has rapidly emerged as a world-leading financial and technology hub, offering a thriving financial ecosystem to support and expand businesses. .
During Prime Minister Narendra Modi’s visit to Abu Dhabi in July 2023, it was announced that ADIA would be based in GIFT City.
This was reiterated in a joint statement issued during UAE President Sheikh Mohammed bin Zayed Al Nahyan’s visit to Ahmedabad in January 2024.
Later, ADIA announced that it would establish an alternative investment fund in GIFT City that would hold all India-related investments.
“ADIA’s presence in GIFT City highlights the strong interest of UAE institutional investors in the growing and dynamic Indian economy. It also strengthens GIFT City’s reputation as a service center,” the Indian Ministry of Commerce said. Ministry.
The UAE continues to be the largest Arab investor in India, with investments amounting to approximately USD 3 billion in 2023-2024.
The UAE will be the sixth largest source of FDI in 2023-2024 and the seventh largest overall since 2000.
More than 70% of all investments in Global Capability Centers (GCCs) come from the UAE. The new India-UAE Bilateral Investment Treaty, which came into effect on August 31, 2024, will further enhance two-way investment flows. (Ani)