UAE plans scaling investments in Punjab

UAE plans scaling investments in Punjab

Agency News

Chandigarh, Dec 3: A spate of new investments by some of the leading groups of United Arab Emirates (UAE) is expected to take business ties between Punjab and the Gulf nation to a new high, particularly in food and logistics sectors, in the coming weeks.

As one of the partner countries for Progressive Punjab Investors Summit (PPIS) 2019, UAE is looking at increasing its stake in the state’s development and growth by strengthening their existing strategic ties.

While Lulu Group is in talks to in talks to finalize agreements to support long-term procurement of fresh fruits and vegetables from the State, DP World is exploring entry into the logistics sector in Pathankot.

Another of UAE's industry leaders, Emaar Group is looking to enter the food sector - sourcing fresh fruits and vegetables from Punjab, besides looking at setting up a poultry unit in the state, said Vini Mahajan, Additional Chief Secretary, Investment Promotion and Addl CS, Industries and Commerce.

The Group, a Dubai-based real estate company, has already come up with their first Integrated Township in Punjab, and have property spread across 630 acres in Mohali.

A UAE government delegation led by the UAE Ambassador to India will be taking part in the keynote and panel discussions at the summit.

They will be accompanied by industry delegation from UAE to explore areas for collaboration, and will include CXO level executives from Sharaf Group and Lulu Group.

Lulu Group already has a strong presence in Punjab. They have recently acquired a unit in Derabassi in Mohali district of Punjab for starting a Meat Processing Plant outside of UAE.

They have also entered into contract manufacturing of biscuits with Ludhiana-based Mrs Bectors, through their brand Cremica. Lulu is selling these biscuits through their retail chains in UAE, Qatar and Saudi Arabia. The partnership has resulted in trade of Rs 8.9 million in the last six months.

Ludhiana-based Trident Group is also in advanced talks with Lulu Group to sell products (home textiles and towels) through their retail chains across Middle East, Mahajan said. (UNI)