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Current Affairs-Topics

India-UAE Ties Strengthen: Energy, Trade, and Cooperation

India-UAE ties have strengthened through high-level meetings, agreements, and strategic initiatives. Prime Minister Narendra Modi and UAE President Mohamed bin Zayed Al Nahyan signed Five MoUs and four agreements, including renewable energy investment cooperation, food park development, innovative healthcare projects, and green and sustainable ports development with DP World.

High-Level Meetings and Agreements

Prime Minister Narendra Modi welcomed UAE President Mohamed bin Zayed Al Nahyan (MBZ) in Ahmedabad

Four agreements finalized during their meeting:

a) Renewable energy investment cooperation

b) Food parks development

c) Innovative healthcare projects

d) Green and sustainable ports development with DP World

These agreements align with I2U2 grouping plans (India-Israel-UAE-US)
UAE Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan visited India in September 2024

Five MoUs/agreements signed during the Crown Prince's visit:

a) Long-term LNG supply to Indian Oil Corporation

b) Oil storage exploration with India Strategic Petroleum Reserve Limited

c) Nuclear cooperation between NPCIL and ENEC

d) Oil concession for Urja Bharat in Abu Dhabi Onshore Block 1

e) Food parks development in Gujarat

Vibrant Gujarat Global Summit 2024

10th edition held from January 10-12, 2024
Theme: "Gateway to the Future"
Participation from over 100 countries, with 30 partner nations
Notable attendees: UAE President Mohamed bin Zayed Al Nahyan (MBZ), Czech PM Petr Fiala, Timor-Leste President José Ramos Horta, Mozambique President Filipe Nyusi
Focus areas: Technology, innovation, sustainable manufacturing, green hydrogen, electric mobility, renewable energy
DP World expected to sign MoUs worth over ₹30,000 crore

Strengthening India-UAE Relations

Fourth meeting between Modi and Mohamed bin Zayed Al Nahyan in less than seven months
Bilateral trade in 2023-24: $83.6 billion (UAE is India's third-largest trading partner)
UAE home to 3.5 million Indian expatriates
Local Currency Settlement System signed in July 2023 for bilateral trade
First India-UAE bilateral army exercise 'Desert Cyclone' held in January 2024
BAPS Hindu Mandir, first grand Hindu temple in Middle East, to be inaugurated by PM Modi on February 14, 2024, in Abu Dhabi

Strategic Importance and Future Cooperation

West Asia provides nearly 45% of India's energy supplies

UAE's investment plans:

a) $2 billion for integrated food parks in India

b) 300MW hybrid renewable energy project in Gujarat

Virtual trade corridor and MAITRI interface initiated to facilitate trade
Aims to promote free trade and achieve $100 billion in non-oil trade by 2030

Cooperation in nuclear energy sector:

a) UAE has a 5.6 GW nuclear power plant at Barakah, Abu Dhabi

b) MoU to facilitate cooperation in nuclear plant operations and maintenance

Oil and gas collaboration:

a) ADNOC to supply LNG to Indian companies

b) First-time allowance for an Indian company (Urja Bharat) to bring crude oil from Abu Dhabi oil fields

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