more-inBoosting bilateral engagement with India, the United Arab Emirates will open several new consular centres in India and invest $75 billion of its sovereign wealth fund in the country, its envoy said on Tuesday. The announcement on expanding consular footprint of UAE came even as diplomatic sources confirmed that Prime Minister Narendra Modi will visit Abu Dhabi in February 2018. Expansion of consular services of UAE will help the Indians in the country who constitute one of the largest overseas Indian populations. Also Read India, UAE sign strategic partnership pactThe envoy also said that UAE has put in place a mechanism to oversee investment of $75 billion of its sovereign wealth fund into the Indian economy over the next decade. The UAE sovereign wealth fund, known as Abu Dhabi Investment Authority (ADIA), has been a major issue that both sides have been trying to harness.

Source: The Hindu December 05, 2017 11:54 UTC