India-UAE ties new bonds

Abu Dhabi

India made a big move in its West Asia strategy on Monday, while the UAE took a decisive step away from its traditional close relationship with Pakistan to line up with India.

On his first visit to Abu Dhabi, PM Narendra Modi and Crown Prince Sheikh Mohamed bin Zayed AI Nahyan agreed to cooperate against terrorism, radicalism and organized crime that, if followed through, could deny the likes of Dawood Ibrahim, Lashkar-e-Taiba and other terror groups from using the Emirates as a springboard against India.

For the first time, reflecting changed geopolitical realities, India and the UAE agreed to "enhance cooperation in counter-terrorism operations, intelligence sharing" and control of flow of terror funds. In a breakthrough agreement, both countries will "control, regulate and share information on flow of funds that could have a bearing on radicalization activities and cooperate in interdicting illegal flows and take action against concerned individuals and organizations".

 Multi billion investment

India and the United Arab Emirates on Monday decided to set up a multi-billion dollar fund to tap into investment opportunities in the country's infrastructure sector.

The fund plans to raise up to $75 billion to support investment in India's rapid expansion of next generation infrastructure, particularly in railways, ports, roads, airports, industrial corridors and parks, an official statement said. No details were available about the timeframe for raising the money or the investment plans.

Prime Minister Narendra Modi had urged UAE's top businessmen to invest in India and had offered $1 trillion investment opportunity. India has been discussing with several global funds to invest in the country and develop the infrastructure sector.