Modi signs 5 MoUs with UAE

Prime Minister Modi’s visit to UAE has brought about several agreements which will be responsible for improving bilateral relations between India and UAE. PM Narendra Modi was visited by Sheikh Mohammed Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and other royal members at the airport. A number of buildings in Abu Dhabi were lit in tricolor, the place was all set to welcome the Indian Prime Minister. He also attended a State banquet hosted by the Crown Prince.

Prime Minister held long talks with Al Nahyan, it seems they had lots to catch up on since his last visit in 2015.

At the presence of Crown Prince of Abu Dhabi, Modi signed five MoUs related to railways, stock markets, energy, and manpower.

There was a MoU between Indian Consortium (OVL, BPRL & IOCL) and Abu Dhabi National Oil Company (ADNOC), which gave 10 percent stake in offshore oil concession to Indian oil companies for 40 years. The remaining 60 percent will be retained by ADNOC and other 30 percent will be distributed other International oil companies.

There was another MoU for institutionalizing the contractual labor in the Gulf countries. It aims to develop the labor platforms in both the countries and end mal-practices and increase awareness and education among contractual workers. In the department of railways, MoU was signed to cooperate and develop railway infrastructure and connections. A deeper bond was forged with a MoU between Bombay Stock Exchange and Abu Dhabi Securities Exchange.

All the agreements are expected to strengthen the ties and increase friendship and cooperation between India and UAE.

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