NEW DELHI: The UAE\u2019s largest sovereign wealth fund has started its operations in India, in a move expected to increase investment activity in the region.<\/p>\n
Established in 1976, Abu Dhabi Investment Authority is one of the largest sovereign wealth funds in the world that invests funds on behalf of the government of Abu Dhabi.<\/p>\n
The start of its operations at the GIFT City (Gujarat International Finance Tec-City) was announced at a meeting of the India-UAE High Level Joint Task Force on Investments in Mumbai on Monday, which was co-chaired by Indian Commerce Minister Piyush Goyal and Sheikh Hamed bin Zayed Al-Nahyan, managing director of ADIA.<\/p>\n
\u201cThe office is expected to drive further intensification of ADIA\u2019s investment activities in India,\u201d the Ministry of Commerce and Industry said in a statement.<\/p>\n
\u201cADIA\u2019s presence in the GIFT City underlines the strong interest from UAE\u2019s institutional investors in India\u2019s growing and dynamic economy. It also buttresses GIFT City\u2019s reputation as a world-class financial services center, operating under a robust regulatory and legal framework.\u201d<\/p>\n
A flagship project in Prime Minister Narendra Modi\u2019s home state, the GIFT City has been promoted by the Indian government as a \u201crobust gateway for global capital and financial services\u201d for the Indian economy.<\/p>\n
Companies operating in GIFT City enjoy a complete tax exemption on business profits for any 10 consecutive years within a 15-year period, and no taxes on the transfer of funds from overseas jurisdictions.<\/p>\n
\u201cIndia is one of the world\u2019s fastest-growing economies and has been a key focus for ADIA\u2019s investment activities for a number of years. We have built an extensive portfolio that spans asset classes, and we remain confident in India\u2019s long-term growth prospects,\u201d Sheikh Hamed said, as quoted by the Emirati state news agency WAM.<\/p>\n
\u201cEstablishing ADIA\u2019s subsidiary at GIFT City underlines our belief in the opportunities presented by India\u2019s continued growth. GIFT City is creating a dynamic, world-class financial services ecosystem, operating under a strong regulator and a robust legal framework.\u201d<\/p>\n
The establishment of ADIA\u2019s presence in the Gujarat hub was announced during Modi\u2019s state visit to Abu Dhabi in July 2023.<\/p>\n
The UAE is the largest Middle Eastern investor in India, with investments amounting to around $3 billion in the financial year 2023-24, according to Indian government data.<\/p>\n","protected":false},"excerpt":{"rendered":"
NEW DELHI: The UAE\u2019s largest sovereign wealth fund has started its operations in India, in a move expected to increase investment activity in the region. Established in 1976, Abu Dhabi Investment Authority is one of the largest sovereign wealth funds in the world that invests funds on behalf of the government of Abu Dhabi. The …<\/p>\n","protected":false},"author":4,"featured_media":71287,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-71275","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-world"],"_links":{"self":[{"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/posts\/71275","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/comments?post=71275"}],"version-history":[{"count":1,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/posts\/71275\/revisions"}],"predecessor-version":[{"id":71291,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/posts\/71275\/revisions\/71291"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/media\/71287"}],"wp:attachment":[{"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/media?parent=71275"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/categories?post=71275"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/tags?post=71275"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}