Currency Swap Agreement is depiction of friendship

– PNC Menon, Indian-born Omani billionaire businessman.

Read this exclusive interview with PNC Menon, Founder & Chairman, Sobha Group, delving deeper thoughts on growing relationship between India and UAE.

ET-Insights: India and UAE signed a currency swap agreement in order to reinforce strong bond of friendship and boost trade and economic relations between the two countries. What do you have to say about it?

PNC Menon: The currency swap agreement is testament to the long-standing relationship between the UAE and India and presents a platform for both countries to further boost their economic and trade ties. The intent of the agreement is very promising, allowing UAE and India to reduce their dependency on hard currencies and give a push for the local currencies of the two countries.  Last year alone, bi-lateral trade relations between UAE and India reached $60 billion, and the coming years will surely see an increase in bilateral trade investment.

He also said, “For decades the UAE and India have shared strong bilateral relations and played a key role in each other’s political, economic and cultural development, with the two nations having inked a multitude of strategic partnerships across industries. Under the present Modi administration, I believe there continues to be potential to further strengthen this relationship as both countries achieve great strides in their pursuit of technological innovation, sustainability, and geo-political stability.”

ET-Insights: In your opinion what is the Impact and Significance of growing relationship between India and UAE on the Real Estate sector?

PNC Menon: With operations in both UAE and India, we see the valuable contributions that these strong relations have brought, in terms of facilitating and creating opportunities for businesses to establish, grow, expand, and innovate. Dubai is home to our flagship project, Sobha Hartland, an 8-million square foot development in the heart of Mohammed Bin Rashid Al Maktoum City, and while this project has seen a strong interest from local and international buyers, Indians are among the top international investors.

ET-Insights: In your opinion Mutual opportunities in Real Estate – The two-way road

PNC Menon:  While Indians contribute to a large proportion of investors in the UAE, there continues to be great potential for cooperation in the real estate sector between the two countries. With the Indian infrastructure developing, projects launching, and new layouts introduced, buyers now have a bigger choice when buying property in India. The existing relations, and agreements between the two nations should also be a motivation and source of trust for investors.