NEW DELHI // Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, arrived in New Delhi on Wednesday, beginning a three-day trip to boost India-UAE relations to new levels of cooperation.
Sheikh Mohammed was warmly embraced by prime minister Narendra Modi on his arrival at the airport in New Delhi. Later in the evening, Sushma Swaraj, India’s foreign minister, met with the Crown Prince as well.
Sheikh Mohammed was accompanied by a delegation of seven ministers and 60 UAE-based entrepreneurs — 40 of these of Indian origin, and the remaining 20 Emirati.
The centrepiece of Sheikh Mohammed’s trip will be a session of talks with prime minister Narendra Modi on Thursday. The discussions are expected to cover a number of topics related to economy and trade, investment, security and research, said Anil Wadhwa, the Indian foreign ministry’s secretary for its eastern division.
“The importance of this visit can be gauged from the excellent rapport between the leaders of the two countries,” Mr Wadhwa said on Wednesday. “This visit comes only a few months after the visit of our prime minister to the UAE in August 2015.”
On Thursday, Sheikh Mohammed will receive a ceremonial guard of honour at Rashtrapati Bhavan, the official residence of the Indian president. In keeping with tradition, he will then proceed to Raj Ghat, the state memorial for Mahatma Gandhi, where he will sign the visitors’ book and plant a sapling.
Sheikh Mohammed and Mr Modi will have their first meeting at the prime minister’s residence. In the afternoon, the Crown Prince will call on the Indian president, Pranab Mukherjee, who will host a lunch in his honour. Later in the day, Sheikh Mohammed will also meet India’s vice president, Hamid Ansari.
In the evening, Mr Modi will receive Sheikh Mohammed once more for longer and more detailed talks, to exchange memoranda of understanding drawn up by the two delegations. Talks will continue into a working dinner, hosted by the prime minister.
At least 16 agreements are under negotiation between the two countries. But Mr Wadhwa would only describe their subjects in broad terms, saying that it would be premature to go into further specifics until negotiations were concluded.
The agreements propose extended cooperation between India and the Emirates in space research, renewable energy, financial regulation, skills development and cyber security.
Perhaps the most-watched of these agreements involves an effort to help the UAE’s institutional investors fund several major infrastructure projects in India.
During Mr Modi’s trip to the UAE last August, the two countries announced that the Emirates would look to invest US$75 billion (Dh275.49bn) in Indian infrastructure. One part of this strategy would involve giving “the Abu Dhabi Investment Authority (Adia) a chance to be on the board of the National Investment and Infrastructure Fund,” Mr Wadhwa said. The National Investment and Infrastructure Fund, set up by the Indian government in December, will channel Indian and foreign infrastructure investments into projects being planned by relevant ministries.
He pointed out that Sheikh Hamed bin Zayed, the managing director of Adia, had visited India last week, to attend the India Investment Summit 2016 in New Delhi.
“Really, many of the subjects of the other memoranda stem from the high level task force of officials from both countries that has already been identifying areas for investment,” Mr Wadhwa added.
He said that while “a general framework agreement will be signed now, the modalities of how this will operate — what projects they will be investing in — will have to be worked out in the future.”
“The fund has just taken off, and it’s in its initial stages, but it’s a good investment opportunity,” he said.
On Friday, Sheikh Mohammed will fly to Mumbai. That afternoon, he will visit the Mumbai Stock Exchange to meet executives from financial institutions. He will then attend a reception held by the UAE’s ambassador to India, Ahmed Al Banna, before flying back to Abu Dhabi later that evening.
ssubramanian@thenational.ae
Company%20Profile
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EXPATS
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ETFs explained
Exhchange traded funds are bought and sold like shares, but operate as index-tracking funds, passively following their chosen indices, such as the S&P 500, FTSE 100 and the FTSE All World, plus a vast range of smaller exchanges and commodities, such as gold, silver, copper sugar, coffee and oil.
ETFs have zero upfront fees and annual charges as low as 0.07 per cent a year, which means you get to keep more of your returns, as actively managed funds can charge as much as 1.5 per cent a year.
There are thousands to choose from, with the five biggest providers BlackRock’s iShares range, Vanguard, State Street Global Advisors SPDR ETFs, Deutsche Bank AWM X-trackers and Invesco PowerShares.
The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
How green is the expo nursery?
Some 400,000 shrubs and 13,000 trees in the on-site nursery
An additional 450,000 shrubs and 4,000 trees to be delivered in the months leading up to the expo
Ghaf, date palm, acacia arabica, acacia tortilis, vitex or sage, techoma and the salvadora are just some heat tolerant native plants in the nursery
Approximately 340 species of shrubs and trees selected for diverse landscape
The nursery team works exclusively with organic fertilisers and pesticides
All shrubs and trees supplied by Dubai Municipality
Most sourced from farms, nurseries across the country
Plants and trees are re-potted when they arrive at nursery to give them room to grow
Some mature trees are in open areas or planted within the expo site
Green waste is recycled as compost
Treated sewage effluent supplied by Dubai Municipality is used to meet the majority of the nursery’s irrigation needs
Construction workforce peaked at 40,000 workers
About 65,000 people have signed up to volunteer
Main themes of expo is ‘Connecting Minds, Creating the Future’ and three subthemes of opportunity, mobility and sustainability.
Expo 2020 Dubai to open in October 2020 and run for six months
COMPANY%20PROFILE
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Where to submit a sample
Volunteers of all ages can submit DNA samples at centres across Abu Dhabi, including: Abu Dhabi National Exhibition Centre (Adnec), Biogenix Labs in Masdar City, NMC Royal Hospital in Khalifa City, NMC Royal Medical Centre, Abu Dhabi, NMC Royal Women's Hospital, Bareen International Hospital, Al Towayya in Al Ain, NMC Specialty Hospital, Al Ain
Country-size land deals
US interest in purchasing territory is not as outlandish as it sounds. Here's a look at some big land transactions between nations:
Louisiana Purchase
If Donald Trump is one who aims to broker "a deal of the century", then this was the "deal of the 19th Century". In 1803, the US nearly doubled in size when it bought 2,140,000 square kilometres from France for $15 million.
Florida Purchase Treaty
The US courted Spain for Florida for years. Spain eventually realised its burden in holding on to the territory and in 1819 effectively ceded it to America in a wider border treaty.
Alaska purchase
America's spending spree continued in 1867 when it acquired 1,518,800 km2 of Alaskan land from Russia for $7.2m. Critics panned the government for buying "useless land".
The Philippines
At the end of the Spanish-American War, a provision in the 1898 Treaty of Paris saw Spain surrender the Philippines for a payment of $20 million.
US Virgin Islands
It's not like a US president has never reached a deal with Denmark before. In 1917 the US purchased the Danish West Indies for $25m and renamed them the US Virgin Islands.
Gwadar
The most recent sovereign land purchase was in 1958 when Pakistan bought the southwestern port of Gwadar from Oman for 5.5bn Pakistan rupees.
COMPANY PROFILE
Name: Lamsa
Founder: Badr Ward
Launched: 2014
Employees: 60
Based: Abu Dhabi
Sector: EdTech
Funding to date: $15 million
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BORDERLANDS
Starring: Cate Blanchett, Kevin Hart, Jamie Lee Curtis
Director: Eli Roth
Rating: 0/5
Confirmed%20bouts%20(more%20to%20be%20added)
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KEY%20DATES%20IN%20AMAZON'S%20HISTORY
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The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
Blackpink World Tour [Born Pink] In Cinemas
Starring: Rose, Jisoo, Jennie, Lisa
Directors: Min Geun, Oh Yoon-Dong
Rating: 3/5
The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
What are the GCSE grade equivalents?
- Grade 9 = above an A*
- Grade 8 = between grades A* and A
- Grade 7 = grade A
- Grade 6 = just above a grade B
- Grade 5 = between grades B and C
- Grade 4 = grade C
- Grade 3 = between grades D and E
- Grade 2 = between grades E and F
- Grade 1 = between grades F and G
COMPANY%20PROFILE
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The Matrix Resurrections
Director: Lana Wachowski
Stars: Keanu Reeves, Carrie-Anne Moss, Jessica Henwick
Rating:****
COMPANY%20PROFILE%20
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