India Signs 5 Agreements With UAE & 8 With Oman in PM's Middle East Visit

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Prime Minister Narendra Modi in his second visit to the United Arab Emirates (UAE) to meet Crown Prince of Abu Dhabi Mohamed bin Zayed Al Nahyan signed 5 agreements with the country.

India Signs 5 Agreements With UAE & 8 With Oman in PM's Middle East Visit

The two nations signed agreements related to the energy sector, railways, manpower and financial services which includes a historic pact awarding a consortium of Indian oil companies a 10% stake in offshore oil concession.

A Memorandum of Understanding (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, a statement issued by the Indian embassy here said. 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.

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 (BSE) and Abu Dhabi Securities Exchange was also signed to enhance cooperation between both the countries in the financial services industry. The MoU would facilitate investment in financial markets by investors from both the countries. An MoU between the 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.

After his UAE tour, PM Modi met Sultan Qaboos bin Said al Said of Oman. The two sides signed eight agreements, including an MoU on legal and judicial cooperation in civil and commercial matters.

They also signed an agreement on mutual visa exemption for holders of diplomatic, special, service and official passports and an MoU on cooperation in the field of health, tourism and peaceful uses of outer space.
The two countries also signed an agreement on cooperation between Foreign Service Institute, Ministry of External Affairs, India and Omans Diplomatic Institute.

An MoU on academic and scholarly cooperation between National Defence College, Sultanate of Oman and the Institute for Defence Studies and Analyses.

The two sides also signed annexure to the MoU on military cooperation.

During his two-day visit, Modi will also meet Deputy Prime Minister for the Council of Ministers Sayyid Fahd bin Mahmoud Al Said and Deputy Prime Minister for International Relations and Cooperation Affairs Sayyid Asaad bin Tariq Al Said.

Read more about: uae, oman, india, modi
Story first published: Monday, February 12, 2018, 10:30 [IST]
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