Shaikh Mohammad Bin Rashid presents a copy of his book Flashes of Thought to Modi after welcoming him in Dubai on Monday. Image Credit: WAM

Dubai: UAE and India on Monday raised their partnership to a strategic level by setting up a UAE-India Infrastructure Investment Fund with a target of $75 billion (Dh275 billion) and establishing a mechanism for regular meetings between their security agencies to improve operational cooperation.

His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, on Monday received visiting Indian Prime Minister Narendra Modi in Dubai. The Vice-President emphasised the historical ties that bind the UAE and India. The two leaders explored ways to strengthen the friendship and cooperation on strategic grounds that ensure the interests of both countries and people. Modi invited Shaikh Mohammad to visit India and he accepted, WAM reported.

Earlier at the Emirates Palace, His Highness Shaikh Mohammad Bin Zayed Al Nahyan, Abu Dhabi Crown Prince and Deputy Supreme Commander of the UAE Armed Forces and Modi discussed bilateral relations and exchanged views on a number of regional and international developments.

At the end of Modi’s two-day visit, the two countries condemned efforts, including use of religion by states to justify, support and sponsor terrorism against other countries. They decided to establish a dialogue between their national security advisers and national security councils with bi-annual meetings, and agreed to cooperate in the manufacture of defence equipment in India, work together to promote peace, reconciliation and stability in the region, promote cooperation in space technology and projects and cooperate in peaceful uses of nuclear energy.

On the economic front the two countries will facilitate participation of Indian companies in infrastructure development in the UAE and promote strategic partnerships in the energy sector, including through UAE participation in India in the development of strategic petroleum reserves, upstream and downstream petroleum sectors.

The statement said the countries will coordinate efforts to counter radicalisation and misuse of religion by groups and countries to incite hatred, perpetrate and justify terrorism or pursue political aims.

— With inputs from WAM