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UAE delegation explores funding alternatives in Indian-controlled Kashmir
MEE workers
Mon, 03/21/2022 – 14:08
A high-level UAE-led enterprise delegation is visiting Indian-controlled Kashmir to discover funding alternatives within the area, a month after Abu Dhabi and New Delhi signed a commerce settlement aimed toward deepening ties.
The delegation arrived in Srinagar on Sunday and is anticipated to go to vacationer spots, together with Pahalgam and Gulmarg, in the course of the four-day journey, in line with Indian media.
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Among the many CEOs of greater than 30 corporations, together with Saudi and Indian entrepreneurs, are the CEOs of the Emirati Royal Worldwide Group and Dubai-headquartered Al Tayer Group.
The delegation is led by Bal Krishen, CEO of UAE monetary companies group Century Monetary.
The delegation will likely be trying into funding choices in hospitality and tourism.
The administration in Jammu and Kashmir is “aiming to draw new investments in industries and tourism by highlighting key alternatives and development sectors,” an official was quoted as saying by Republic World.
The Indian authorities final yr introduced that Dubai would spend money on infrastructure and different tasks in Jammu and Kashmir, a area claimed by India and Pakistan.
The announcement was the primary by any international authorities since Kashmir’s autonomy was revoked in 2019 and the Muslim-majority state was divided into two territories instantly dominated by New Delhi.
In January, Jammu and Kashmir Lieutenant Governor Manoj Sinha signed main funding offers with a number of UAE-based corporations, together with the LuLu Group, Al Maya Group, MATU Investments LLC, GL Employment Brokerage LLC & Midday Group on the Dubai Expo.
Sinha additionally signed a memorandum of understanding with Century Monetary for a $100m funding by the Dubai-based monetary consultancy agency.
In February, the UAE and India signed a free commerce settlement that cuts duties on virtually 90 % of products traded between them, together with metals, minerals, petrochemicals and petroleum, in line with Bloomberg.
The deal can also be anticipated to double bilateral non-oil commerce to $100bn inside 5 years. India is the UAE’s second-largest commerce associate.
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