Winning Bizness Desk
Mumbai. Whenever Indians go to Dubai, they hardly feel that they are in Dubai and missing India's land and culture. Standing amidst the bustling Meenabazar in Dubai gives an impression that we are shopping in a market of Mumbai or Delhi city. You will easily find the bylanes of the markets are dotted with names like Biryani Wala & Co, Mini Punjab Restaurant and Tanishq Jewellery. You will find signboards of shops in Hindi, Malayalam, besides local Arabic languages. Meenabazar gives a glimpse of the growing vast network of Indian business. Considering the advantage that country offers, more than 11,000 companies owned by Indians were registered in 2022. Including these, the total number of Indian companies has increased to 83 thousand.
35 lakh Indians in UAE
According to the data available with the govt, over 35 lakh Indians living in the United Arab Emirates (UAE) as immigrants and these have sent more than 1.63 lakh crore rupees to India in 2021. India is a source of food, gems, jewellery, leather goods, medicines and investment opportunities for the UAE. UAE is an important source of capital for India. Such a situation was unimaginable in 1973 when a store carrying Indian sarees was named Meenabazar. Abu Dhabi was not so rich as it is today. Until 1966, a version of the Indian rupee was the currency there - the external rupee. The entire international business was done through Bombay. Fifty years later the situation has completely changed.
Indian CFOs are in demand
Emirati shopping malls are brimming with products from around the world. Dubai's 68-storey Almas Tower houses a large number of Indian jam traders. Trade between India and the Emirates is growing rapidly. A survey by the Indian Embassy found that 60% of chief financial officers in major companies are Indians. Fund manager Pankaj Gupta says Indians occupy high positions in Emirates industries. Trade between the two countries grew by 16% last year. Investment is increasing due to the tax system of UAE. There is no personal tax. Since the beginning of 2020, when Mukesh Ambani raised billions of dollars from several sovereign wealth funds of UAE, it has been considered as a major source of capital. According to consultancy company Bains, between 2018 and 2022, Emirati sovereign wealth funds and other private equity companies have invested more than Rs 2.78 lakh crore in India. Capital is being pumped into India's leading banks, manufacturers and startups.
Mukesh Ambani bought a palace in Dubai
India's richest businessman Mukesh Ambani bought a property in Dubai in August for about Rs 650 crore. He bought another property in October for Rs 1300 crore. Last year, Indians spent over Rs 35,000 crore on the purchase of residential properties in Dubai. It is difficult to trace the details of the purchase of commercial property.
