India, UAE sign 4 key deals, including one nuclear

Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, the Crown Prince of Abu Dhabi, and Prime Minister Narendra Modi on Monday signed a raft of deals, including nuclear energy, natural gas supply and development of food parks.
The leaders also reviewed bilateral relations between the two countries and discussed ways to further advance these alliances, “building on the ongoing progress across fields of cooperation.”

During the meeting, several strategic agreements were announced within the UAE-India Comprehensive Economic Partnership Agreement (CEPA), Emirates News Agency-WAM said.

Abu Dhabi National Oil Co. (ADNOC) has signed a 15-year liquefied natural gas (LNG) supply deal with Indian Oil Co. Ltd for 1 million metric tons per annum (mmtpa) of LNG. The natural gas will be primarily sourced from ADNOC’s lower-carbon Ruwais LNG project.

ADNOC has also signed a strategic framework agreement with Indian Strategic Petroleum Reserve Ltd to extend its existing oil storage agreement and support India’s energy security.

ADQ, an Abu Dhabi-based investment and holding company, has signed a memorandum of understanding with the government of Gujarat state to develop a major food and agriculture park featuring state-of-the-art technologies in India, a statement from the ministry of external affairs said.

The Emirates Nuclear Energy Corp. has partnered with the Nuclear Power Corp. of India to “provide a formal framework to share knowledge and exchange expertise” across all areas of nuclear energy development.”

A production concession agreement for Abu Dhabi Onshore Block 1 between Urja Bharat and ADNOC have also been signed, an Indian ministry of external affairs statement said.

In a separate development, the India-UAE Business Forum kicks off in Mumbai on Tuesday to explore mutually beneficial trade, investment, and partnership opportunities.

Organized by the UAE’s ministry of economy in collaboration with the UAE embassy in New Delhi and the ministry of commerce and industry, the event will gather government officials, business leaders, industrialists, and entrepreneurs as part of bilateral efforts to leverage the opportunities created by the Comprehensive Economic Partnership Agreement, which came into force in May 2022, a statement said.

Under the theme “Beyond CEPA: Innovation and Future-Ready Economies”, the forum will focus on the potential of healthcare, biotechnology, renewable energy, sustainability, AI, logistics and supply chains, and agricultural technology.

“The India-UAE Business Forum is another important opportunity to bring our business leaders together to discuss areas of mutual benefit and develop the networks that will support our respective economic growth and diversification objectives,” Thani bin Ahmed Al Zeyoudi, minister of state for foreign trade, said.

“The forum will build on the consistent rise in bilateral non-oil trade, which reached $28.2 billion in the first six months of 2024 – a 9.8% increase on the same period in 2023 and set against a marked decline in trade growth around the world in H1 2024,” Al Zeyoudi said.