Transaction in own currency, IIT campus in Abu Dhabi… Know what deals were done with UAE -aabtak24


PM Modi Dubai Visit: PM Modi returned home on Saturday (July 15) after visiting France and the United Arab Emirates (UAE). After a two-day visit to France, the PM reached the UAE on Saturday for a one-day visit. Where he discussed further strengthening of bilateral relations with UAE President Sheikh Mohamed bin Zayed Al Nahyan.

Let us tell you what deals have been done between the two countries during this visit of PM Modi. India and UAE have signed an agreement to start business transactions in their respective currencies. India is trying to promote transactions in local currencies to reduce dependence on US dollar transactions. 

Transact in your own currencies

In this sequence, business has been started in rupees with many countries. The official statement said that in the MoU between India and UAE related to doing business in local currencies, a Local Currency Settlement System (LCSS) has also been set up. intention has been expressed. This will increase the bilateral use of both the Indian Rupee and the UAE Dirham. 

UPI linked to UAE IPPs

IIT Delhi campus to be opened in Abu Dhabi 

It was agreed to establish the campus of IIT Delhi in Abu Dhabi. The Ministry of Education and Abu Dhabi’s Department of Education and Knowledge (ADEK) have signed an agreement to set up the Indian Institute of Technology (IIT) Delhi campus in the Gulf country. The move is part of the drive to globalize the IITs. 

Said to participate in the COP-28 conference

2023 is the United Nations Climate Change Conference or Conference of Parties of the UNFCC commonly known as COP-28, which will be held in Dubai from 30 November to 12 December. During the visit A joint statement issued during said that the leaders resolved to further enhance bilateral partnership in areas such as oil, gas and renewable energy. 

Warm welcome to PM Modi

PM Modi was formally welcomed at Rashtrapati Bhavan ‘Qasr Al Watan’. Where the President of UAE warmly welcomed him. During this, a guard of honor was also given to the Prime Minister. PM Modi told the UAE President that you have a huge contribution in the way the relations between our countries have expanded. Everyone in India sees you as a true friend. 

(also input from PTI)

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