UAE and India launch the UAE Chapter of the Business Council

Tags: International News

The UAE and India launched the UAE India Business Council - UAE Chapter (UIBCUC) on 18 February to strengthen economic ties and enhance bilateral trade and investment.

An overview of the news

• It was launched by Dr Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade in Dubai.

• One year of signing of the India-UAE comprehensive free trade agreement, completed.

• The UIBCUC aims to increase bilateral trade to $100 billion and attract investments of $75 billion from the UAE to India.

• The council will bring together key partners and stakeholders from both countries and encourage innovative collaboration between Emirati and Indian businesses.

• The Council will play a key role in supporting the two governments in their joint mission to promote bilateral trade and investment.

• It will operate under the supervision of the Federation of UAE Chambers of Commerce and Industry.

• It is registered with the Dubai Chamber of Commerce as a legal and financial entity.

• UIBC-UC will have its office in Dubai.

• Faizal Kottikollon of Kef Holdings has been appointed as the Chairman of UIBC-UC.

• Major General (Retd.) Sharafuddin Sharaf, the Chairman of the UIBC (India Chapter), will serve as the Vice Chairman.

Key partners and stakeholders 

• Sovereign Wealth Funds from the UAE and large conglomerates from India such as - TATA group, Reliance, and Adani, as well as tech innovators like OLA, Zerodha, and EaseMyTrip. 

The founding members of the UIBC-UC from the UAE side

• Mubadala - Sovereign Wealth Fund of the UAE, Wizz Financial, DP World, EMAAR, Emirates Airlines, Emirates NBD Bank.

The founding members of the UIBC-UC from Indian side

• TATA, Reliance, and Adani, OLA, Zerodha, Udaan, and EaseMyTrip. 

• Prominent Indian entrepreneur-led corporations based in the UAE such as KEF Holdings, Buimark Corporation, Apparel Group, EFS and Lulu Financial.