PM Modi meets Crown Prince of Abu Dhabi; India, UAE sign 5 pacts | India News
ABU DHABI: Prime Minister Narendra Modi held wide-ranging talks with Crown Prince of Abu Dhabi Mohamed bin Zayed Al Nahyan on Saturday as the 2 sides signed 5 agreements together with a historic pact awarding a consortium of Indian oil firms a 10 per cent stake in offshore oil concession.
Modi, who arrived right here from Jordan on the second leg of his three-nation tour, was obtained by Mohammed Bin Zayed and different members of the Royal household on the airport. The 2 leaders hugged one another and exchanged pleasantries.
“We warmly welcome our state visitor and valued buddy, the Indian Prime Minister H.E.@narendramodi to the UAE. His go to displays our longstanding historic ties and is testomony to our pleasant bilateral relationship,” Mohammed Bin Zayed, additionally the Deputy Supreme Commander of the UAE Armed Forces, tweeted.
Prime Minister Modi, who’s right here on his second go to to the UAE, held wide-ranging talks with and Mohammed Bin Zayed. Modi had first visited the UAE as Prime Minister in August, 2015.
After their talks, the 2 sides signed 5 agreements associated to vitality sector, railways, manpower and monetary companies.
An MoU between Indian Consortium (OVL, BPRL & IOCL) and Abu Dhabi Nationwide Oil Firm (ADNOC) was signed for the acquisition of a 10 per cent collaborating curiosity within the Abu Dhabi’s offshore Decrease Zakum Concession, an announcement issued by the Indian embassy right here stated.
The concession can be for 40 years from 2018 to 2057. Sixty per cent of the collaborating curiosity can be retained by ADNOC and remaining 30 per cent can be awarded to different Worldwide oil firms, the assertion stated.
“That is the primary Indian funding in upstream oil sector of UAE, remodeling the normal buyer-seller relationship to a long-term investor relationship,” it added.
To cooperate within the discipline of manpower, India and the UAE signed an MoU that goals to institutionalise the collaborative administration of contractual employment of Indian employees within the Gulf nation.
Below the MoU, each the perimeters will work to combine their labour associated e-platforms for ending the prevailing malpractices, fight trafficking and organise collaborative packages for schooling and consciousness of contractual employees.
An MoU for technical cooperation in railways was additionally signed between the 2 sides. The MoU goals at cooperation in infrastructure sector particularly railways.
“The MoU will facilitate growth of joint tasks, data sharing, joint analysis and expertise switch. The MoU envisages formation of a Joint Working Group for institutionalising the cooperation mechanism,” the assertion stated.
To deepen bilateral cooperation within the discipline of finance, an MoU between Bombay Inventory Change and Abu Dhabi Securities Change was additionally signed. It goals at enhancing cooperation between each the international locations in monetary companies trade.
The MoU would facilitate funding in monetary markets by traders from each the international locations.
An MoU between authorities of Jammu and Kashmir and DP World was additionally signed to ascertain multi-modal logistics park and hub in Jammu comprising warehouses and specialised storage options.