Indo-UAE trade engagement thus far at a steady trot has just acquired more oomph.
The recent visit by a large Indian trade and commerce delegation headed by Minister of Commerce, Industry and Textiles Anand Sharma to Abu Dhabi to hold a high-level meeting û the first of the India-UAE task force on investments has elicited positive results with the UAE agreeing to make initial investments of $ 2 billion on infrastructure projects in India. The forward movement also includes an understanding to address outstanding issues relating to concerns in the area of investments by UAE firms like Eitisalat, DP World, Emaar and TAQA and to deal with all pending matters fairly and squarely; the setting up of five committees within the task force to look into issues of infrastructure and energy; manufacturing and technology; investment in trade, ICT and civil aviation. It is also instructive that both India and UAE have also agreed to get their public and private sectors to collaborate to take up third country projects in the oil and gas and infrastructure domain.
On the construction front, a new and unique mixed use development by Meraas Holding û the Dh 6 bn Bluewaters project, located off the Jumeirah Beach residence coastline and being touted to emerge as one of the largest tourist hot spots in the world û has being cleared by His Highness Sheikh Mohammed bin Rashid Al Maktoum, the Vice President and Prime Minister, UAE and Ruler of Dubai. The Bluewaters Island development which will have retail, residential, hospitality and entertainment zones will also have the worldÆs largest Ferris wheel û the Dh 1 billion, 210ûm Dubai Eye, as the big draw. While Bluewaters construction is set to commence in April, 2013, construction for Dubai Eye is slated for the second quarter of 2013.
And like piranhas in a feeding frenzy, development competitiveness is also hotting up in neighbouring Qatar. The country, which has embarked on an unprecedented expansion and upgrade of its infrastructure, has been parleying with the Japanese for cooperation in the area of energy development and technology. Chairman of QatarÆs Administrative Control and Transparency Authority Abdullah bin Hamad Al-Attiyah, who also heads the Qatari side in the Qatar-Japan Friendship Association, was in Tokyo recently to participate in a seminar on Qatar Infrastructure projects with a delegation comprising officials from government institutions like the Public Works Authority, Qatar Chamber of Commerce and Industry and Kahramaa. Incidentally the seminar in Tokyo followed a similar successful event held in Doha last year relating to Japanese Water Technology and Infrastructure.
The recent aggressive burst of engagement is understandable. Qatar is looking for more interaction and cooperation from Japan as it enters a crucial phase of its preparation to host the FIFA World Cup in 2022. Its government has allocated billions of dollars for the construction of major projects including roads, railway projects, housing, power, water desalination, drainage, traffic flow improvement, construction of stadia and other sports infrastructure.
Obviously Doha is clear about the road to follow. Ashghal, the Public Works Authority, is all set to launch QR100bn worth of road projects û these relate to construction, repair and maintenance of highway structures û over the next five years, and has begun the process of inviting tenders for the key projects from national and international companies. The authorities also recently unveiled the flagship QR 10 bn strategic Inner Doha Resewerage Implementation Strategy (IDRIS).
Then there is the crowning glory in the form of the planeport push. Qatar's Civil Aviation Authority is all set to launch the new Hamad International Airport on April 1. The new iconic facility will replace the old Doha airport, and have an annual capacity to handle 30 million passengers, with the number growing to 50 million by the end of the decade.
It is easy to see therefore why the Gulf air is thick with anticipation of growth.