UAE-India ties: If you’re not in Dubai or Mumbai, it’s goodbye, forum hears

Mumbai: The growing India-UAE partnership, particularly through the key economic hubs of Mumbai and Dubai, is reshaping the business landscape and presenting immense opportunities across diverse sectors, top officials said.

The Dubai-India Business Forum, held in Mumbai on Tuesday, gathered 200 industry leaders, including about 40 who flew in from Dubai. R Mukundan, Vice President of the Confederation of Indian Industry (CII), livened up the discussions by highlighting the crucial importance of the twin cities in global business.

“The power of India and the power of the UAE, and Dubai and Bombay [the old name for Mumbai], is so strong that an American colleague came here, landed at my office, and said: ‘Now I realise, if you are not in Dubai or Mumbai, it’s goodbye.’ So, that tells you the huge power of what these two countries, in combination, can do,” Mukundan said, to cheers and applause from the audience at the forum organised on the sidelines of the visit of Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, Minister of Defence, and Chairman of the Executive Council of Dubai, to India.

Mukundan pointed out that the cultural similarities between India and the UAE, coupled with their shared ambition to act swiftly while building and valuing deep personal relationships, are the driving forces behind this dynamic synergy.

“India offers immense potential, as well as all the strengths Dubai has.”
Mukundan noted that with India pivoting toward digitalisation and sustainability, Dubai’s experience, especially in areas like fintech, creates fertile ground for mutual growth.

“Dubai is the way the entire world wants to be in the future,” he said, earning another round of applause.

Robust strategy
Mohammad Ali Rashid Lootah, President and CEO of Dubai Chambers, said that Dubai is an ideal platform for startups, with events like Expand North Star attracting the largest number of startups from India.

“We had more than 300 startups coming from India. This has never happened, even with Silicon Valley or other places. Now, India is considered the third-largest producer of unicorns. This shows the very robust strategy India has in place.”

Lootah highlighted how Dubai has transformed itself into a business hub, not only for the Middle East but for Africa as well.

Tip of the iceberg
Adeeb Ahamed, Chair of the Federation of Indian Chambers of Commerce and Industry’s (FICCI) Middle East Council, highlighted the deep cultural and business ties between the two countries.

“A large part of the fabric of Indian and UAE businesses, especially in Dubai, shares the same pattern – mostly family-owned, family-run businesses,” he said, explaining the shared values that underpin the thriving economies. The UAE is increasingly becoming a springboard for Indian companies to tap into international investments, while UAE-based companies are keen to expand into India’s diverse markets.

“I think we are only touching the tip of the iceberg. There is a lot more interaction necessary to involve more first-generation and second-generation companies, to understand each other’s strengths and how we could invite more FDI into India and leverage those investments to make the UAE a knowledge-led hub of the future as well,” Ahamed added.
Meanwhile, Anant Singhania, past President and current Managing Committee Member of the IMC Chamber of Commerce and Industry, underscored the role of innovation in the relationship. Dubai’s vision, such as building Ski Dubai in the middle of a desert, and India’s vast pool of skilled professionals and robust systems, he noted, create a complementary synergy, and could be the key to a progressive future.