Press Information Bureau

Mumbai, 7 October 2024

Abu Dhabi Investment Authority (ADIA), the UAE’s largest sovereign wealth fund and one of the largest such funds in the world, has commenced its India operations after obtaining the necessary regulatory approvals and opening its office in the GIFT City. The office is expected to drive further intensification of ADIA’s investment activities in India.

Ways to leverage its presence in India to further deepen ADIA’s investment profile in India were discussed during the 12th Meeting of the India-UAE High-Level Joint Task Force on Investments in Mumbai today (October 7, 2024). The meeting was co-chaired by Shri Piyush Goyal, Commerce & Industries Minister, Government of India, and His Highness Sheikh Hamed bin Zayed Al Nahyan, Managing Director of Abu Dhabi Investment Authority.

Since its establishment, the Gujarat International Finance Tec-City (GIFT City) in Ahmedabad is fast emerging as a leading global financial & technology hub, providing a thriving financial ecosystem to support and expand businesses. 

During the visit of Prime Minister Narendra Modi to Abu Dhabi in July 2023, it was announced that ADIA would establish a presence in GIFT City. This was reiterated in the Joint Statement issued during the visit of the President of the UAE, His Highness Sheikh Mohammed bin Zayed Al Nahyan, to Ahmedabad in January 2024. Subsequently, ADIA announced setting up an Alternative Investment Fund in GIFT City to hold all its India-related investments. 

ADIA’s presence in the GIFT City underlines the strong interest from UAE’s institutional investors in India’s growing and dynamic economy. It also buttresses GIFT City’s reputation as a world-class financial services centre, operating under a robust regulatory and legal framework.

UAE continues to be the largest Arab investor in India, with investments amounting to around US$ 3 billion in FY 2023-24. The UAE was the sixth-largest FDI source for FY 2023-24 and the seventh-largest overall since 2000. Over 70% of all GCC investments come from the UAE. The new India-UAE Bilateral Investment Treaty, which entered into force on August 31, 2024, will further strengthen two-way investment flows.

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PIB Mumbai | SR/ SC/ DR

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