India and the UAE sign five key agreements
The agreements, signed during PM Narendra Modi's visit to Abu Dhabi, were related to energy sector, railways, manpower and financial services.
India and the United Arab Emirates (UAE) on February 10, 2018 signed five Memorandum of Understanding (MoUs) in key areas during PM Narendra Modi's visit to Abu Dhabi.
The MoUs were signed in the presence of PM Modi, Crown Prince of Abu Dhabi HH Sheikh Mohammed bin and Deputy Supreme Commander of the UAE Armed Forces Zayed Al Nahyan at the Presidential Palace, Abu Dhabi.
The MoUs were signed in key areas of energy sector, railways, manpower and financial services.
MoU between Indian Consortium (OVL, BPRL & IOCL) and ADNOC
• An MOU was signed between Indian Consortium (OVL, BPRL & IOCL) and Abu Dhabi National Oil Company (ADNOC) for acquisition of 10 per cent participating interest in the offshore Lower Zakum Concession. The concession will be for 40 years from 2018 to 2057.
• Under the MoU, 60 per cent of the participating interest will be retained by ADNOC and remaining 30 per cent will be awarded to other International oil companies. This is the first Indian Investment in upstream oil sector of UAE.
MoU in the field of Manpower
• Indian Government and Government of UAE signed an MoU in the field of Manpower with an aim to institutionalise the collaborative administration of contractual employment of Indian workers in UAE.
• Under the MoU, both the sides will work together to integrate their labour related e-platforms for ending the existing malpractices, combat trafficking and organize programs for education of workers.
MoU for Technical Cooperation
• An MoU was signed between Railways Ministry of India and Federal Transport Authority - Land & Maritime of UAE for technical cooperation in Rail Sector. The MoU aims at cooperation in Infrastructure sector especially Railways.
• It will facilitate development of joint projects, knowledge sharing, joint research and technology transfer. It also envisages formation of a Joint Working Group for institutionalising the cooperation mechanism.
MoU for bilateral cooperation in the field of finance
• With an aim to extend the bilateral cooperation in the field of finance, an MoU was signed between Bombay Stock Exchange (BSE) and Abu Dhabi Securities Exchange (ADX). It aims to enhance cooperation between both the countries in financial services industry.
• It will facilitate investment in financial markets by investors from both the countries.
MoU between Jammu and Kashmir and DP World
An MoU between Jammu and Kashmir Government and DP World, UAE was signed to establish multi-modal logistics park and hub in Jammu comprising warehouses and specialized storage solutions.