His Excellency Navdeep Suri, India’s ambassador to the United Arab Emirates, has celebrated India’s Independence Day by ringing the market-opening bell at Nasdaq Dubai.
The ceremony reflected the rapid growth of the already extremely close financial and economic ties between the UAE and India as well as their strong social and political links. Bilateral trade has increased from 52 billion US dollars in 2017 to 60 billion US dollars in 2018, according to official Indian figures. More than three million Indians live in the UAE.
H.E. Navdeep Suri said: “I am delighted to join Nasdaq Dubai in celebrating India’s Independence Day. The initiative taken by Nasdaq Dubai is a reflection of the increasingly close strategic partnership between India and UAE. It also demonstrates recognition of India’s position as a driver of regional economic growth and the enormous possibilities that this opens up for Dubai to create a dynamic, mutually beneficial pathway for capital flows.”
Hamed Ali, Chief Executive of Nasdaq Dubai, said: It is a great pleasure to be celebrating India’s Independence Day at the exchange and we look forward to further strengthening bilateral capital markets ties. Indian companies and nationals continue to make an outstanding contribution to the economic success of the UAE and Nasdaq Dubai is ready to support the growing development of a broad range of markets activities.”
UAE companies including Nasdaq Dubai-listed DP World are major investors in India in sectors including ports, transport infrastructure, energy and housing. Political ties include a visit in 2018 to the UAE by Narendra Modi, the Indian prime minister, during which he met with His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President and Prime Minister, and Ruler of Dubai.