India, UAE to Start Multibillion Dollar Fund

India and the United Arab Emirates (UAE) are set to start a $75 billion fund to invest in Indian infrastructure projects. The announcement came during Prime Minister Narendra Modi´s two-day visit to UAE. Modi told investors in Abu Dhabi India needs as much as $1 trillion for investments in sectors ranging from energy to tourism. A joint statement released by the two governments stated UAE would help India develop strategic petroleum in addition to its upstream and downstream petroleum sectors. A target has been set to increase bilateral trade by 60 per cent in the next five years.