Jan 17 2012 |
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Wealth fund of Abu Dhabi eyes India investment
Tuesday, Jan 17, 2012
Gulf News
Abu Dhabi: Abu Dhabi’s sovereign wealth fund, the Abu Dhabi Investment Authority (Adia), could be poised to invest in India.
India’s Trade Ministry said yesterday that Adia had a “keen interest” in putting cash into the country’s infrastructure market, which is likely to see investment of up to $1 trillion (Dh3.67 trillion) over the next five years.
“This is an opportunity to enter this huge market,” said Shaikh Hamed Bin Zayed Al Nahyan, managing director of Adia, according to the statement.
Reuters reported that this could include money for the Delhi Mumbai Industrial Corridor (DMIC), a project that aims to build 24 industrial hubs along a railway line connecting the two cities, but details of Adia’s specific targets in the subcontinent were unclear last night.
More engagement
“We will be very happy to see your participation in India’s infrastructure building,” Sharma said.
The two countries have agreed to set up a joint working group to facilitate the flow of investments, the Commerce and Industry Ministry said in a statement after the meeting.
“Keeping in mind the worsening investment climate in developed nations, both leaders agreed that UAE and India should engage more,” the statement said.
Gary Dugan, chief investment officer at Emirates NBD, said that the news made sense given Adia’s ability to invest long-term in the Indian market at a time when the country is struggling economically.
Not surprising
“It is a long-term investor, and it is prepared to take a risk where others are not,” he said. “Adia will have looked and said it is a good opportunity to buy, but it will take time. I think they will see at as a place that is ripe for long-term value investors.”
Said Hirsh, an economist at Capital Economics in London, agreed.
“There is no surprise in this since Adia has been, for some time, diversifying its investment base, both by sector and geography,” he said. “Since India is one of the fastest growing economies, it is natural that this will be one of its target markets.”
Dugan said infrastructure was sorely needed in India. “If you say India to people they say infrastructure. It’s the kind of investment that the country needs.”
By Orlando Crowcroft, Business News Editor
© Gulf News 2012. All rights reserved.
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