ISLAMABAD – Prime Minister Narendra Modi is set to visit the UAE later thisweek which authorities and business leaders say signifies the specialimportance India attaches to its ties with the oil-rich nation and willhelp in furthering cooperation in diplomatic, economic and security issues.

Modi will be in the UAE on February 10 and 11 and will address the sixthWorld Government Summit in Dubai, a PTI report said. This will be Modi’ssecond visit to the UAE. He first visited the country in August 2015.

“Prime Minister Narendra Modi’s second visit to UAE is an indication of thespecial importance we attach to the India-UAE relationship,” India’sAmbassador to the UAE Navdeep Singh Suri said. According to him, the visitbuilds in the momentum that has developed since India hosted Crown Princeof Abu Dhabi Sheikh Mohammed bin Zayed as chief guest on Republic Daylink>in2017.

Besides bilateral engagements, Prime Minister Modi is scheduled to addressmembers of the Indian community at the Dubai Opera House. “During the year,we have seen major UAE investments into India, a significant increase indefence and security cooperation, a transformation in our energy ties froma buyer seller relationship to a strategic partnership.

“For the community, the first Hindu temple in Abu Dhabi will be greatnews,” Suri said. Echoing Suri’s sentiments, the UAE ambassador to IndiaAhmed Al-Banna said the visit “tells us the direction that India and theUAE have in mind and also the characteristics of our respectiveleaderships.”

“The leadership has put us on a challenging and interesting track where therelationship is very important, on many sectors, and our leaders arepushing to rewrite future plans for both nations,” Al-Banna said. WhileAmbassador Suri highlighted the trade and investment component of thisrapidly-evolving relationship, Ambassador Al-Banna chose to emphasise onthe connectivity aspect of it.

“There are 1,076 flights a week between India and the UAE, which is thelargest operation of its kind. More than 50 per cent of Indians, who traveloutside India to different destinations, such as Europe or America, useDubai and Abu Dhabi as their transit hub,” he said. It is obvious that bothsides are banking on prime minister’s visit to go over and above the 17bilateral agreements signed in January 2016, and 14 agreements in February2017.

With an eye on India, some leading Gulf businesses with Indians at the helmsee this as realisation of long-held dreams. Yusuffali MA, chairman LuluGroup International and member of Abu Dhabi Chamber of Commerce, said Indiahad been on an aggressive forward march with regard to attracting FDIs.

“The recent report by leading rating agencies and financial institutionshave all lauded India’s fiscal policies and ease of doing business, soobviously India does look like a hot destination for investment. As farIndo-UAE business relationship is concerned, it is at all time high withboth countries being each other’s top trading partner,” Yusuffali said.

According to him, till recently India was seen as an investment destinationonly, but off late UAE has been trying to woo Indian businesses to investand set up operations here. “This move shows the kind of confidence UAE hason Indian economy and I am sure business houses in both countries will beeagerly looking forward to this visit to open up new areas ofco-operation,” Yusuffali said.

Manoj Prasad, Executive Chairman, of DIFC-based investment banking firm,Que Capital Limited, believes this visit truly signifies the seriousnessamong top Indian leadership toward making an ever growing relationshipbetween two countries more meaningful. “The ambition is obviously growth towhich both countries have already started contributing, be it through Indiainvesting in infrastructure or the bilateral investment fund which is inthe process of being setup,” says Prasad.

According to him, businesses among the two countries have witnessedunprecedented growth in recent years. “The comfort and mutual respect forleaders of both the countries are clearly visible and the visit of PrimeMinister Modi to the land with highest NRI diaspora in the world wouldfurther enhance it,” he said.

A wide spectrum of companies stands to gain from improving bilateralrelations facilitating business climate on both sides, he said. KulwantSingh, the founder and managing director of Lama Hospitality group, feelsthe visit signifies that we are serious about our relationship and take ourcommitments, business associations, joint opportunities, and strategic tieups seriously.

“We see the formula of successful businesses matching with the perfectplatform of opportunities available in India. With the new budget in place,NRIs will have huge opportunities in sectors like healthcare, education,and infrastructure,” Singh told PTI. Prasanth Manghat, CEO and ExecutiveDirector, NMC Health Plc, says the visit will not only develop his outreachto the Arab world but also offer a prospect to further the strategicpartnerships in the region.

According to him, the visit is seen by many as cementing the closerelationship Modi shares with the UAE leadership, also furtheringcooperation in diplomatic, economic and security issues. “At the groundlevel of delivery, the strategic partnership is being expanded and the UAEhas announced plans to invest USD 75 billion over a decade to meet India’sinfrastructure needs,” he said.

Indian expatriates in the UAE actively participate in projects toward thedevelopment of the UAE and this visit will help further evolve the deep andhistoric relationship shared between the two countries, said Mehirr NathChoppra, CEO Qasbah Group. “It would certainly help to get an overview ofthe projects that have been announced in the past and their current statusso serious players can set their timelines accordingly,” Choppra said.