Gandhinagar: United Arab Emirates (UAE) based Abu Dhabi Investment Authority (ADIA) will set up its presence in Gujarat International Finance Tec-City (GIFT City). This announcement has been mentioned in the joint statement of India and UAE after the meeting between the Indian Prime Minister Narendra Modi and UAE President Zayed Al Nahyan.

ADIA’s setup will come up at GIFT City in the next few months. This will further facilitate investment opportunities for the UAE in India, reads the statement.

The relevant portion of the joint statement reads: The leaders reiterated their resolve to further strengthen investment ties between the two countries. In this context, they appreciated the efforts of the bilateral High-Level Joint Task Force of Investments. They acknowledged that the UAE became the fourth largest investor in India in 2022-2023, compared to the seventh in 2021-2022. They appreciated the plan of the Abu Dhabi Investment Authority (ADIA) to set up a presence in Gujarat International Finance Tec-City (GIFT City), a financial free zone in Gujarat, in the next few months. This will further facilitate investment opportunities for the UAE in India.

Meanwhile, in another development, a Memorandum of Understanding (MoU) has been signed between the Ministry of Education, and Abu Dhabi Department of Education and Knowledge (ADEK), and the Indian Institute of Technology Delhi (IIT Delhi) to establish 1st campus of IIT Delhi in Abu Dhabi.

The signing took place in the presence of  Sheikh Mohamed Bin Zayed Al Nahyan, President of the UAE, and Narendra Modi, Prime Minister of India. The MoU was signed by Mubarak Hamad Al Mheiri, ADEK Under Secretary, Sunjay Sudhir, Indian Ambassador to the UAE, and Professor Rangan Banerjee, Director, Indian Institute of Technology Delhi.

IIT Delhi – Abu Dhabi will complement the academic, research, and innovation ecosystem in Abu Dhabi through collaboration with key players such as Mohamed bin Zayed University of Artificial Intelligence, Khalifa University, New York University Abu Dhabi, Technology Innovation Institute, and Hub71 to offer complimentary programs, conduct cutting edge research, and advance the local startup ecosystem.

The IIT Delhi – Abu Dhabi campus is expected to launch its academic programs in 2024  and a host of bachelor’s, master’s, and Ph.D. programs, and operate research centers related to sustainable energy and climate studies, as well as computing and data sciences. IIT Delhi – Abu Dhabi is expected to offer a diverse range of programs covering Energy and Sustainability, Artificial Intelligence, Computer Science and Engineering, Mathematics and Computing and other disciplines of engineering, sciences, and humanities.

IIT Delhi recently ranked among the world’s top 50 institutions for engineering and technology. It also scored a top 30 rank for global employability in the 2022 QS World University Rankings. IIT Delhi has been a frontline contributor to India’s R&D ecosystem in sectors ranging from defense, healthcare, and rural development, to transportation, IT, and software. (with inputs from PIB)