Prime Minister Narendra Modi held wide-ranging talks with Crown Prince of Abu Dhabi Mohamed bin Zayed Al Nahyan on Saturday as the two sides signed five agreements including a historic pact awarding a consortium of Indian oil companies a 10% stake in offshore oil concession.
After their talks, the two sides signed five agreements related to energy sector, railways, manpower and financial services.
List of 5 MOUs signed between India & UAE :-
- An MOU between Indian Consortium (OVL, BPRL & IOCL) and Abu Dhabi National Oil Company (ADNOC) was signed for the acquisition of a 10% participating interest in the Abu Dhabi’s offshore Lower Zakum Concession. The concession will be for 40 years from 2018 to 2057. 60% of the participating interest will be retained by ADNOC and remaining 30% will be awarded to other international oil companies, the statement said.
- To cooperate in the field of manpower, India and the UAE signed an MoU that aims to institutionalise the collaborative administration of contractual employment of Indian workers in the Gulf country.Under the MoU, both the sides will work to integrate their labour related e-platforms for ending the existing malpractices, combat trafficking and organise collaborative programs for education and awareness of contractual workers.
An MoU for technical cooperation in railways was also signed between the two sides. The MoU aims at cooperation in infrastructure sector especially railways.
- To deepen bilateral cooperation in the field of finance, an MoU between Bombay Stock Exchange and Abu Dhabi Securities Exchange was also signed. It aims at enhancing cooperation between both the countries in financial services industry.
The MoU would facilitate investment in financial markets by investors from both the countries.
- An MoU between government of Jammu and Kashmir and DP World was also signed to establish multi-modal logistics park and hub in Jammu comprising warehouses and specialised storage solutions.