Some 3.5m Indians live in the UAE, compared with 1.2m Emiratis. These expats collectively sent home $20bn in 2021, a transfer exceeded only by remittances from America to Mexico
Rather than serving merely as an ethnic enclave, the Meena Bazaar is the visible tip of a vast, growing network of Indian businesses—one that includes many of the most important companies in the United Arab Emirates . To live in Dubai is to play a part in Indian commerce. The local business chamber reports that some 11,000 Indian-owned companies were added to its records in 2022, bringing the total number to 83,000. Trade links between the two countries are getting ever tighter.
Travel between the two regions is frenetic and growing. Emirates, Dubai’s flagship airline, is capped by Indian authorities at 66,000 seats a week; it wants another 50,000 and argues higher limits would benefit other carriers, too. Mumbai businessmen frequently make day trips to the. Many choose to stay longer, often with “golden” ten-year visas. A survey by the Indian Embassy in thefinds that 60% of chief financial officers of major firms are Indian.
The range of investments is impressive. There are direct stakes in some of India’s leading banks, manufacturers and startups. It is widely assumed that if Gautam Adani, India’s second-richest tycoon, recapitalises his businesses, a crucial source of finance will be Abu Dhabi, which has already invested billions of dollars in several of his companies. All of this suggests that the Emirates is evolving into a financial capital for India.
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