Emirates News Agency (WAM), the country’s official news agency, has reported that the UAE ranks first among the foreign countries that provide employment to Indian citizens. There are 35 lakh Indian expatriates in the UAE. After that, most Indians work in Saudi Arabia.
7.93 million Indians live in UAE, Saudi Arabia, Qatar, Bahrain, Kuwait and Oman alone. The latest migration figures announced by India’s Minister of State for External Affairs V Muraleedharan in the Lok Sabha session last Saturday explain the continued flow of Indian talent to the Gulf countries.
The Union Minister disclosed that there are currently 35.54 million Indians living in the UAE. 79.3 lakh Indians live in six Gulf countries alone. The Government of India has established Overseas Help Centers in Dubai, Riyadh, Jeddah and Kuala Lumpur to provide guidance and counseling to Indian workers abroad.
India and UAE have enhanced their strategic partnership by strengthening trade. Also, during Indian Prime Minister Narendra Modi’s visit to UAE, it was revealed that India’s prestigious Indian Institute of Technology (AKA IIT) will start courses in Abu Dhabi next year. Abu Dhabi is also opening the region’s first traditional Hindu temple in February 2024.
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The Comprehensive Economic Cooperation Agreement (CEPA) signed between India and the UAE in February last year has further strengthened trade and diplomatic ties between the two countries. Following this, an agreement was made to trade oil in Indian rupees and UAE dirhams. A major milestone was the Local Currency Settlement (LCS) MoU, which enabled bilateral trade to be conducted in rupees and dirhams. It is the first time that India has entered into a local currency settlement agreement. With the agreement to connect India’s digital payment system UPI and UAE’s IPP, transactions will be faster.
