"Delhi-Dubai connection revolutionizing global landscapes"
The Delhi-Dubai corridor stands as a significant economic artery between India and the United Arab Emirates (UAE), fostering a symbiotic relationship that has shaped the future of globalization.
Located in the heart of the UAE, the Jebel Ali Free Zone is home to over 2,300 Indian companies, facilitating an annual trade volume of $6.9 billion. The zone, much like the Delhi-Dubai corridor, is a channel for societies and people, with collaboration in tourism, finance, education, and technology.
In 2023, there was a 15% year-on-year increase in Indian company registrations in the Jebel Ali Free Zone, underscoring the corridor's growing importance. The Dubai Multi Commodities Centre hosts nearly 3,900 Indian companies, further attesting to the corridor's appeal.
Delhi and Mumbai are among the long-standing top destinations for Dubai, with the UAE being India's third-largest trading partner globally. India, in turn, has become the UAE's second-largest trading partner, with bilateral trade reaching an impressive $83.7 billion in the 2023-24 financial year.
The corridor enriches people-to-people ties, with more than 3.5 million Indians in the UAE constituting the largest expatriate group. This cultural exchange is not limited to the business sphere, as Dubai, like Singapore and San Francisco, adds to economic growth with social and cultural change.
The Delhi-Dubai corridor is strategically important, with cooperation on maritime security, fighting extremism, and forming regional frameworks like I2U2 (India, Israel, UAE, and the US). Green energy, space exploration, and digital innovation are key frontier areas for collaboration between India and the UAE.
The corridor is significant for its capability to overcome volatility in energy markets, which are subject to geopolitical strains. Dubai, being an attractive destination for Indian exports, particularly in textiles and technology, offers a stable market for Indian goods.
In the first quarter of 2024, India became Dubai's largest source of foreign direct investment, contributing $3.05 billion. This investment has been driven by the Comprehensive Economic Partnership Agreement, signed in 2022, and sectoral collaborations.
The Delhi-Dubai corridor is arguably the most exciting business and geoeconomic destination in the world, due to its unique combination of factors. It is more than just a trade route; it is a symbol of the strong and growing economic ties between India and the UAE.
However, it's important to note that the current Minister of Economy of the Emirate of Dubai who notably shaped the economic relations between India and Dubai from 2023 to 2024 is not explicitly named in the provided search results.
Lastly, India is the largest source of passenger traffic for Dubai International Airport, with nearly 12 million passengers out of a total of 87 million in 2023. The Delhi-Dubai corridor is not just a business route, but also a channel for people, fostering connections that extend beyond the commercial sphere.
