UAE, Saudi Arabia look to strengthen trade with India
The two richest states in the Persian Gulf region find themselves locked in competition to maximize opportunities for stronger economic ties to Indian markets.
DP World, a leading global company from UAE, has recently launched plans to develop logistics infrastructure in the territory of Jammu and Kashmir in India. Though an initial memorandum of understanding was signed between the government of Dubai and the government of Jammu and Kashmir in 2018, the deal has now been formalized according to an announcement in late October.
DP World chairman and CEO Sultan Bin Sulayem had projected India’s logistics sector to be worth $215 billion in 2020, with 34 logistics parks and 1,300 infrastructure projects underway. Handling a quarter of India’s total container trade volume, DP World had invested over $2 billion in ports and logistics infrastructure.
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