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Indian firms’ stake in UAE seen at $52bn
Dubai, August 21, 2013
India has been ranked among the top investors in the UAE with around 26,500 companies from the subcontinent investing as much as $52 billion in the Emirates, a top official said.
"Our estimates show India's investment in the UAE could be around $52 billion, excluding companies based in free zones in Dubai, Abu Dhabi and other emirates,” Paras Shahdadpuri, president of the Indian Business and Professional Council (IBPC) in Dubai was quoted as saying in a report in Emirates 24-7.
"As for the UAE investments in India, they are estimated at $15 billion," he told Dubai-based Arabic language daily Al Bayan, according to the report.
Trade between the two countries reached a record high of $75 billion during 2012-2013, as against $43 billion in the fiscal year 2009-2010, the report quoted Shahdadpuri as saying.
UAE’s real GDP should grow between 5 and 7 per cent in 2013-2014, according to Shahdadpuri.
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