UAE’s largest sovereign wealth fund begins India operations from GIFT City

Abu Dhabi Investment Authority Begins India Operations at GIFT City

Mumbai (Maharashtra) [India], October 7: Abu Dhabi Investment Authority (ADIA), the largest sovereign wealth fund of the United Arab Emirates and one of the largest in the world, has launched its India operations after receiving the necessary regulatory approvals and its inception. Office at GIFT Nagar, Gujarat.

Founded in 1976, ADIA is a globally diversified investment firm that invests funds prudently on behalf of the Government of Abu Dhabi through a strategy focused on long-term value creation.

The office is expected to further intensify ADIA’s investment activities in India.

Ways to enhance ADIA’s presence in India to further deepen ADIA’s investment profile were discussed at the 12th meeting of the India-UAE High Level Joint Working Group on Investments held in Mumbai on Monday.

The meeting was chaired by Commerce and Industry Minister Piyush Goyal and Sheikh Hamad bin Zayed Al Nahyan, Managing Director of Abu Dhabi Investment Authority.

Since its establishment, Gujarat International Finance Tech-City (Gift City) in Ahmedabad has rapidly grown into a leading global financial and technology hub, providing a thriving financial environment to support and expand businesses.

During Prime Minister Narendra Modi’s visit to Abu Dhabi in July 2023, it was announced that ADIA will have a presence at GIFT City.

This was reiterated in a joint statement issued during the visit of the President of the United Arab Emirates, 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 India-related investments.

“ADIA’s presence in GIFT City underscores the strong interest of UAE’s institutional investors in India’s growing and dynamic economy. GIFT City is a world-class financial services hub operating under a strong regulatory and legal framework,” India Trade said. ministry. The UAE continues to be the largest Arab investor in India with investments of around USD 3 billion by 2023-24.

The UAE was the sixth largest source of FDI for 2023-24 and the seventh largest overall since 2000.

More than 70 percent of all Global Competency Center (GCC) investments come from the UAE. The new India-UAE Bilateral Investment Agreement, which came into effect on August 31, 2024, will further strengthen two-way investment flows.