India-UAE pacts deepened partnership in energy, defence and AI: Report

(IANS)

NEW DELHI, May 23: Agreements signed between India and the United Arab Emirates during Prime Minister Narendra Modi’s visits deepen strategic-economic partnership across energy storage, long-term fuel supplies, defence cooperation and artificial intelligence, a report said.

The report from India Narrative said the agreement builds India’s energy resilience, maritime security, digital ecosystems, and emerging artificial intelligence capabilities. It includes a $5 billion investment commitment through the National Investment and Infrastructure Fund of India and the Abu Dhabi Investment Authority and an arrangement to store up to 30 million barrels of crude oil possibly in Fujairah as part of India’s strategic petroleum reserves.

At the domestic level, $5 billion investment commitment facilitates long-term capital accumulation in critical sectors that require sustained and patient investment.

Analysts said the crude storage agreement possibly holding Indian strategic oil in Fujairah outside the Strait of Hormuz reduces chances of supply disruption and strengthens India’s buffer against supply shocks.