United Arab Emirates (UAE) would contribute to the $75 billion fund allotted for investments in India for which it has identified key sectors including railways, housing, ports, roads and renewable energy (mainly solar). Abu Dabhi Investment Authority (ADIA) had announced to invest a huge $75 bn for various sectors where the government is seeking FDI to boost economy.
India is now a strategic partner for UAE and Abu Dabhi wants to invest in India's growth and seeking expedition of the process on the ground. UAE is pushing to begin the process of investments in near future by various Ministries in keeping with Modi's promise.
Additionally, the Finance Minister has also invited large participation and investment in recently constituted National Investment and Infrastructure Fund (NIIF) by the Sovereign Wealth Funds and Pensions Funds of the UAE stating that the investment in NIIF will ensure good returns on investment as the Government will invest these funds in infrastructure projects. Furthermore, Jaitley raised the issue of fresh negotiations among officials of India and UAE for finalizing the terms of reference of the new Bilateral Investment Promotion Agreement (BIPA) as the existing BIPA is expiring by this December and the new BIPA will come in existence from next January.