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Towering opportunity for UAE-based investors 44
It is one of the largest projects in India with a size of around $16 billion. Considering the state government is in Gujarat through GIFT City, it provides great opportunity During our recent visit we entered into a formal Memorandum of Cooperation (MoC), which provides for joint promotion of both the financial centre and providing easy access to institutions based in DIFC and ADGM to set up base in GIFT IFSC and vice-versa. The cooperation also covers sharing of information, training and related activities. Is Gujarat seeking increased investments from the UAE especially at GIFT? GIFT City provides multiple opportunities for UAE-based institutions in the field of real estate, entertainment, retail, hotel, financial services and infrastructure funding. It is one of the largest projects in India with a size of around $16 billion. Considering the state government is promoting the services sector in Gujarat through GIFT City, it provides great opportunity for UAE-based institutions to participate in GIFT City. What has been the response from the UAE so far in terms of interests and actual investments at the centre? With the completion of state-of-the-art infrastructure in GIFT City the investment is expected to increase from the UAE as more and more projects are now being offered for participation. ETA Dubai has already done a District Cooling plant and ANC Dubai has done the second tallest tower in Gujarat. With the signing of cooperation with the Dubai Multi Commodity Centre, it is expected that many intermediaries based in DMCC will participate in GIFT IFSC. Could you briefly tell us about the total investments that GIFT has attracted from investors, both Indian and international? GIFT City has already attracted more than $1.7 billion of committed investment from various financial institutions and developers to be made over the next few years. What about interests from the financial services sector in the project? Has it been as expected? GIFT City is India’s first International Financial Services Centre (IFSC) and has attracted leading financial institutions from the banking, insurance and capital markets space. Nine Indian banks have set up their IFSC Banking Units (IBUs) in GIFT SEZ and done business transactions in foreign currency worth $2 billion. These include State Bank of India, YES Bank, ICICI Bank, IDBI Bank, Kotak Bank, Federal Bank, Bank of Baroda, RBL Bank and IndusInd Bank. Prime Minister Narendra Modi recently inaugurated India’s first international stock exchange, the India International Exchange (INX) set up by Bombay Stock Exchange (BSE). The international exchange of National Stock Exchange (NSE) is likely to begin operations in April 2017. New India Assurance Co Ltd and GIC Re, India’s premier multinational insurance companies, have opened IFSC Insurance Offices (IIOs) at GIFT IFSC. In the domestic area, leading institutions like Bank of Baroda, Syndicate Bank and Bank of India have started operations. India’s premier commodity exchange, Multi Commodity Exchange of India (MCX) has also set up its office in GIFT. We have also attracted global IT/ITeS companies like Oracle, Maxim Integrated and Befree. What are the key learnings for GIFT from DIFC Dubai as a global financial centre? The key learning covers setting up of a separate regulator for the International Financial Centre, a separate dispute mechanism system and enabling business regulation for IFC. 45
Page 1: The Ease Of Doing Business
Page 4 and 5: The Ease Of Doing Business
Page 6 and 7: Contents Cover Features 08 Make In
Page 8 and 9: Annual Investment Meeting The seven
Page 10 and 11: Message | Ambassador of the UAE to
Page 12 and 13: Make In India One of the most signi
Page 14 and 15: Prime Minister Narendra Modi’s Ma
Page 16 and 17: Invest India Deepak Bagla Managing
Page 18 and 19: initiating remedial action on probl
Page 20 and 21: Smart Manufacturing ‘Make in Indi
Page 22 and 23: Interview | Chairman, Dubai Chamber
Page 24 and 25: Our visit to India was part of our
Page 26 and 27: Indian Business Major in the Gulf A
Page 28 and 29: Indian investments in the UAE Thriv
Page 30 and 31: Dubai International Financial Centr
Page 32 and 33: Above: Dubai International Financia
Page 34 and 35: All these moves are status as a gl
Page 36 and 37: DP World Huge Opportunities in Indi
Page 38 and 39: DP World invested about $200 millio
Page 40 and 41: privately managed container Above
Page 42 and 43: Delhi-Mumbai Industrial Corridor Le
Page 44 and 45: The government aims to invest about
Page 46 and 47: Gujarat International Finance Tec-C
Page 50 and 51: FDI in Tourism The Leela Palace New
Page 52 and 53: Maldives, Mauritius and Seychelles.
Page 54 and 55: Southern Charm The southern state
Page 56 and 57: The state’s Economic Development
Page 58 and 59: The Heart of India One of India’s
Page 60: Madhya Pradesh in the only state in

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