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18 June, 2014

NRI contribution to the UAE economy hits US$133 billion as UAE-India bilateral trade crosses US85 billion

Dubai: Contribution by the Non-resident Indians (NRIs) in the UAE economy has crossed a whopping $133 billion - or a third of the UAE's $400 billion GDP, according to a latest book - The Visionaries - written published by Pan Asian Media.

H.E. the Indian Ambassador Mr TP Seetharam and Atiq Juma Naseeb, Senior Director of Dubai Chamber of Commerce and Industry seen with 19 leadiing Indian entrepreneurs featured in the book ndash; The Visionaries: Extraordinary Stories of The UAE's Economic Miracle Through The Eyes of Indian Entrepreneurs  ndash; at a launch ceremony at the Oberoi Dubai Hotel, flanked by author and Dubai-based journalist, Saifur Rahman.

H.E. the Indian Ambassador Mr TP Seetharam and Atiq Juma Naseeb, Senior Director of Dubai Chamber of Commerce and Industry seen with 19 leadiing Indian entrepreneurs featured in the book – The Visionaries: Extraordinary Stories of The UAE's Economic Miracle Through The Eyes of Indian Entrepreneurs – at a launch ceremony at the Oberoi Dubai Hotel, flanked by author and Dubai-based journalist, Saifur Rahman.

18 June 2014
Investment by NRIs in the UAE has crossed $65 billion (Dh238 billion), including $55 billion in direct foreign investment in 40,000 registered companies and a further $10 billion in real estate, according to IBPC

News Highlights

UAE GDP to cross US$400 billion mark this year - making it the 30th biggest global economy

NRI's contribution to UAE economy crosses US$133 billion - higher than most countries' GDP

UAE-India bilateral trade already hit US$85 billion last year

UAE-India trade to hit US$100 billion in the next few years

NRIs owns more than 40,000 companies in the UAE

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NRIs investment in the UAE has crossed $65 billion (Dh238 billion)

The Visionaries - a book released today - highlights the NRI entrepreneurs contribution to the UAE
Dubai: Contribution by the Non-resident Indians (NRIs) in the UAE economy has crossed a whopping $133 billion - or a third of the UAE's $400 billion GDP, according to a latest book - The Visionaries - written published by Pan Asian Media.

The UAE has become the 30th largest global economy in 2013 according to the United Nations and the World Bank. However, the International Monetary Fund ranked it the 28th biggest economy last year, according to the nominal GDP.

NRIs - who constitutes a third of the UAE economy - are also a major investor in the UAE economy with cumulative investment crossing $65 billion into the UAE economy - that includes $55 billion coming as foreign direct investment (FDI) and a further $10 billion into real estate, according to the book - The Visionaries: Extraordinary Stories of the UAE's Economic Miracle Through the Eyes of Indian Businessmen, written by long-time Dubai journalist Saifur Rahman.

Indian Ambassador Mr TP Seetharam and Atiq Juma Naseeb, Senior Director of Dubai Chamber of Commerce and Industry unveiled the book at a launch ceremony at the Oberoi Dubai Hotel.

"India-UAE non-oil trade, valued at US$180 million per annum in the 1970s, is today over US$75 billion, making UAE India's largest trading partner for the year 2012-13. Major Indian companies have made sizeable investments in principal sectors of the UAE economy, including construction, power, health and wellness, engineering, consulting and infrastructure," Mr Seetharam said.

Hamad Buamim, President and CEO of Dubai Chamber said, "The Indian businessmen, as a group, are the largest non-Emirati investors in the UAE, making their country the emirate's top-most trading partner. They play an instrumental role in the emirate's economy and the public-private sector partnership that has made Dubai an attractive foreign direct investment (FDI) centre."

Bilateral trade between India and the UAE that crossed $85 billion (Dh312 billion), including non-oil trade of $75 billion in 2013, is likely to touch the magical figure of $100 billion (Dh367 billion) in the next few years - as economies of both India and the UAE are witnessing moderate but steady growth, according to the Indian Businessmen and Professional's Council (IBPC).

"Dubai's and India's long history has been built up over generations of trading and entrepreneurship," Atiq Juma Naseeb, Senior Director of Dubai Chamber of Commerce and Industry, said. "The Indian business community in Dubai plays a vital role in the emirate's development and private sector success. Indian businesses are a major source of employment and now account for over 30,000 Dubai Chamber members.

"India was also Dubai's number one trading partner last year, with non-oil trade valued just under Dh136 billion. Given our strong bilateral ties and future prospects, we expect this strong trade trend to continue.

"Indian companies are active across all areas of the business community and are working to create Dubai's physical landscape as well as behind the scenes."

Former United Nations Secretary-General Kofi Annan once described Dubai as 'one of the world's greatest economic miracles'.

"What Dubai achieved in ten years, others could not do that in a hundred years," said Rudy Guilliani, former Mayor of New York City.

"It is a country that has evolved from a collection of fishing settlements to the second biggest Arab economy and the 30th largest global economy with gross domestic product touching US$400 billion within a short span of just five decades," said Saifur Rahman, author of the book.

"In the 1950s, Dubai had a population of just 20,000 people and the highest building in the emirate was just limited to two floors. According to Dubai Municipality, there were just a few buildings in the city that rose beyond three levels in the 1960s.

"Fast forward to current decade - and the city emerged as the world's most connected metropolis hosting not only the world's tallest tower - but 20 of the world's tallest 100 buildings. Its airport serves the highest number of international passengers per day - surpassing global aviation hubs such as London, Paris, Atlanta, Chicago, Hong Kong and New York, etc."

Rome was not built in a day, but Dubai was - well nearly. This is how Dubai's rise from the desert sands, like the rise of a phoenix from ashes, might be referred to in future, says the author.

Unfortunately, there are not much documented academic historical references to the UAE's phenomenal growth and progress. In reality, this country has compressed the typical development of 200+ years into a span of just 40-50 years - thanks to its visionary leadership, he says.

"The emirate's economic miracle defies principles of economic theories and sometimes logic. However, it is a reality.

"When I think of it myself, I look at an amazing story - that unfortunately has never been told. When it comes to the Dubai story - I feel that the truth is really stranger than fiction! However, most of us who are part of this success story, never really felt that we were part of a great story that is continuously evolving."

He said, the book could become a reference for the historians who would want to reflect on the UAE economy in future.

"The book is not an attempt to narrate the economic history of the UAE - which is best left to historians - but an animated conversation that reflects on the country's great experiment with economy and its outstanding achievements," he said.

The book chronicles the success of the UAE in 13 economic sectors described through 32 NRI entrepreneurs including Dr Ram Buxani, Paras Shahdadpuri, Dr Azad Moopen, Dr BR Shetty, Thumbay Moideen, Faizal Kottikollon, PNC Menon, Rizwan Sajan, Shaji Ul Mulk, Husain Fakhruddin, Mahendra Pratap Singh, Dileep Rahulan, Faisal Vahedna, Vasant Menghani, Bharat Bhatia, Rajan Mathrani, KP Basheer, Dr JR Gangaramani, Ashok Korgaonkar, Shamlal Ahamed, SM Sharif, Eugene Mayne, Prabissh Thomas, Jacky Panjabi, Deepak babani, Anupam Lunavat, Sudesh Aggarwal, V. Shankar, Ajay Sethi and Ali Asgar Mir.

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© Press Release 2014