UAE Bank in Talks for Major Stake in Indian Bank: UAE Ambassador Reveals
In an exclusive interview with CNBC-TV18, Abdulnasser Alshaali, the UAE Ambassador to India, disclosed that an Abu Dhabi-based bank is in advanced negotiations to acquire a substantial stake in an Indian bank. Although the ambassador refrained from naming the banks involved due to market sensitivities, he indicated that the deal could be valued at several billion dollars, highlighting the expanding economic ties between the two countries.
Ambassador Alshaali acknowledged that some unresolved issues remain before the deal can be finalized. However, he expressed optimism that these matters will be resolved soon, allowing the significant investment to proceed.
This potential banking investment follows the recent visit of UAE Crown Prince Sheikh Khaled Bin Mohamed Bin Zayed Al Nahyan to India. During his visit, which included a meeting with Indian Prime Minister Narendra Modi at Hyderabad House in New Delhi, the focus was on strengthening bilateral relations across various sectors such as finance, trade, and infrastructure.
Ambassador Alshaali emphasized the growing scope of UAE-India relations, noting that the UAE is India's second-largest export destination, third-largest trade partner, and fourth-largest investor. He highlighted the progress in trade flows and investment projects and discussed ongoing talks in areas such as ports, renewable energy, and advanced technologies.
The ambassador also underscored the deepening cultural and strategic ties between the two nations, referencing the strong people-to-people connections that underpin the relationship. Discussions during the Crown Prince's visit also covered potential enhancements in trade settlement mechanisms, including the use of local currencies and digital payment systems like India's Unified Payments Interface (UPI).
As both countries work through the final details of these significant deals, the future of UAE-India economic cooperation looks promising, with key investments in banking and other sectors poised to further strengthen their strategic partnership.
