UAE sovereign wealth fund Abu Dhabi Investment Authority starts ops in GIFT
This story was originally published at 18:35 IST on 7 October 2024
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NEW DELHI – The United Arab Emirates' largest sovereign wealth fund, the Abu Dhabi Investment Authority, has started its operations at the Gandhinagar-based Gujarat International Finance Tec-City. The move is expected to intensify the sovereign wealth fund's investment activity in India, the commerce ministry said in a release on Monday.
The Abu Dhabi Investment Authority had announced setting up office in GIFT city in July 2023 when Prime Minister Narendra Modi visited the UAE.
Commerce and Industry Minister Piyush Goyal and Abu Dhabi Investment Authority Managing Director Sheikh Hamed bin Zayed Al Nahyan, who co-chaired the 12th meeting of the India-UAE High Level Joint Task Force on Investments on Monday in Mumbai, discussed ways to deepen the sovereign wealth fund's investment profile in India, the ministry said.
GIFT City is deemed as a foreign jurisdiction under the Foreign Exchange Management Act. It has been set up by the government to boost foreign investments in Indian assets.
"ADIA’s presence in the GIFT City underlines the strong interest from UAE’s institutional investors in India’s growing and dynamic economy," the commerce ministry said. "It also buttresses GIFT City’s reputation as a world-class financial services centre, operating under a robust regulatory and legal framework."
The UAE made investments worth $3 billion in India in 2023-24 (Apr-Mar). "The UAE was the sixth-largest FDI (Foreign Direct Investment) source for 2023-24 and the seventh-largest overall since 2000," the ministry said. End
US$1 = INR 83.98
Reported by Krity Ambey
Edited by Saji George Titus
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