Economic ties set to deepen as UAE Crown Prince visits India

India-UAE economic relations are expected to get a boost as UAE Crown Prince Sheikh Hamdan Bin Mohammed Al Maktoum arrives in New Delhi on Tuesday for a two-day visit. Sheikh Hamdan, who also serves as the UAE’s Deputy Prime Minister and Defence Minister, will be accompanied by senior ministers, officials and a high-level business delegation.

During his stay, the Crown Prince will meet Prime Minister Narendra Modi, External Affairs Minister S Jaishankar and Defence Minister Rajnath Singh. He will also travel to Mumbai to participate in a business roundtable with key industry leaders from both countries, aimed at strengthening bilateral trade and investment.

The UAE has traditionally played a key role in India’s commercial, cultural and people-to-people engagement. Home to a 4.3 million-strong Indian diaspora, it remains a major partner in India’s external economic outreach.

Bilateral trade has grown from $180 million annually in the 1970s to $85 billion in 2022-23, making the UAE India’s third-largest trading partner after China and the US. The UAE was also India’s second-largest export destination in 2022–23, accounting for $31.61 billion in exports.

UAE investments in India are estimated at $20-21 billion, of which $15.5 billion came through FDI. In 2022–23, the UAE ranked as India’s fourth-largest source of FDI.