India and UAE Target 200 Billion Dollar Trade Goal

India and the United Arab Emirates have established a bilateral trade target of 200 billion dollars by 2032, doubling current volumes. During the 14th meeting of the India-UAE High-Level Joint Task Force on Investments in Mumbai, Piyush Goyal, India's Union Commerce and Industry Minister, and Sheikh Hamed bin Zayed Al Nahyan announced plans for the UAE to provide an additional 25 billion dollars in investment intent, moving toward a total goal of 100 billion dollars.

Investment priorities include artificial intelligence, space, fintech, and the shipping sector, where six new working groups will focus on port development and ship manufacturing. Specific projects discussed include an 11.5 billion dollar integrated aluminium complex in Odisha and an aviation and logistics hub in Dholera, Gujarat. The nations also reviewed major financial deals, including Emirates NBD's 3 billion dollar acquisition of a majority stake in RBL Bank and a 1 billion dollar investment in Sammaan Capital by International Holding Company.

To safeguard energy security, India is exploring the UAE as a primary source for liquefied natural gas and liquefied petroleum gas. A strategic agreement between the Abu Dhabi National Oil Company and Indian Strategic Petroleum Reserves Ltd allows the UAE to store up to 30 million barrels of crude oil in facilities at Visakhapatnam and Chandikhol. Additionally, both nations are considering storing a portion of India's strategic crude reserves in Fujairah to mitigate geopolitical risks. To further facilitate these ties, an Invest India office will open in the UAE by the end of 2026.