New Delhi. Prime Minister Narendra Modi arrived in Abu Dhabi on Saturday on a one-day visit and met Sheikh Mohammed bin Zayed Al Nahyan, President of the United Arab Emirates (UAE). Aiming to deepen the multi-faceted bilateral ties, the two leaders held wide-ranging talks and agreed to start trade payments in local currency, link India and UAE’s fast payment systems and open an IIT-Delhi campus in the Gulf country . After this conversation, PM Modi said on Twitter that ‘the end of a useful UAE visit. Our countries are working together on many issues with the aim of improving our planet. I thank His Highness Sheikh Mohamed bin Zayed Al Nahyan for the warm hospitality.
In this visit of PM Modi, India has signed an agreement with the United Arab Emirates, which will allow it to do business in rupees instead of dollars. This will boost India’s efforts to cut transaction costs by eliminating the cost of converting rupees into dollars. The two countries also agreed to link India’s Unified Payments Interface (UPI) and UAE’s Instant Payment Platform (IPP) to facilitate easy cross-border money transfers. According to the Reserve Bank of India (RBI), both the agreements will enable seamless cross-border transactions and payments and promote greater economic cooperation.Ahead of PM Modi’s visit to the United Arab Emirates, the education ministries of the two countries on Saturday signed a memorandum of understanding (MoU) to set up a campus of IIT Delhi in the Gulf country. Regarding this, Union Education Minister Dharmendra Pradhan tweeted that ‘The MoU for the establishment of the campus of IIT Delhi in Abu Dhabi in the presence of Prime Minister Narendra Modi opens a new chapter in the internationalization of India’s education.’
IIT in Abu Dhabi, business in own currency… This big deal happened on PM Modi’s UAE tour
Along with this, PM Modi met COP28-nominated President Sultan bin Ahmed Al Jaber on Saturday and assured him of India’s full support for the presidency of the Gulf country. PM Modi also held talks with Sultan bin Ahmed Al Jaber on sustainable development and ways to take bilateral energy cooperation forward. PM Modi tweeted that ‘Had a very fruitful meeting with the nominated President of COP28, Dr. Sultan Al Jaber. Our discussions focused on ways to advance sustainable development. India’s contribution in this direction was highlighted, especially our emphasis on mission life.
