By A Correspondent

Abu Dhabi: The United Arab Emirates (UAE), on May 15, 2026, signed an agreement with India to hold 30-million barrels of crude oil to meet the South Asian nation’s Strategic Petroleum Reserve to boost energy security, apart from a slew of deals, including on defence cooperation and shipbuilding.

During Indian Prime Minister Narendra Modi’s whirlwind visit to the UAE, the two nations also agreed on setting up an 8-exaflop supercomputing cluster and up to USD 1 billion UAE investment in the Indian infrastructure sector, USD 3 billion in RBL Bank of India, and USD 1 billion in Sammaan Capital of India.

At the end of Modi’s two-and-a-half-hour visit, India’s Foreign Secretary Vikram Misri announced the signing of the key agreements, noting that these were aimed at strengthening energy security, defence cooperation, and shipbuilding prowess.

The 30-million barrels of crude oil that the UAE will hold for India would be the South Asian nation’s Strategic Petroleum Reserve, to strengthen New Delhi’s energy security.

“On the bilateral front, the two sides have concluded several important initiatives to further deepen our comprehensive strategic partnership. Energy has always been a very important part of this relationship,” Misri told a special media briefing after Modi’s visit to the UAE concluded.

“In the energy cooperation field, we’ve seen several agreements being initialled between Indian energy sector companies and UAE entities, primarily the Abu Dhabi National Oil Company,” the Indian Foreign Secretary said.

“These include agreements on enhancing UAE participation in Indian strategic petroleum reserves to a level of 30 million barrels, the establishment of strategic gas reserves in India, and long-term LPG offtake supply agreements,” he said.

Misri said new investment commitments were signed, totalling USD 5 billion. “In the field of investment, the UAE has traditionally been a significant investor in India, cumulatively the seventh largest investor over the course of the last 25 years,” Misri said.

“Today, new investment commitments were signed totalling USD 5 billion. These include investments by Emirates NBD Bank in RBL Bank in India, by the Abu Dhabi Investment Authority in the National Infrastructure Investment Fund, and by the International Holding Company in Saman Capital of India,” he said.

Misri further said that the two sides built on the initial steps that were taken during the visit of the UAE President to India. Under the defence partnership, the two sides would strengthen their collaboration in defence manufacturing, technology, and equipment.

“Defence cooperation has also been a major area of focus in recent years. Today, the two sides built on the initial steps that were taken during the visit of His Highness President Sheikh Mohamed bin Zayed to Delhi in January this year and concluded a framework for a strategic defence partnership,” he said.

Reflecting the Government of India’s initiatives in the shipbuilding industry, agreements were signed today between Cochin Shipyard Limited and Drydocks World of Dubai.

“These include agreements on setting up a ship repair cluster at Vadinar in India and a center of excellence for skill development in the maritime field,” he said.

Misri added that both countries took steps to cooperate in advanced technology. “Cooperation in advanced technology took a giant step forward today with the signing of a term sheet for the establishment of an 8-exaflop supercomputing facility in India,” he said.

“This will add to India’s AI mission and the associated infrastructure. Furthermore, as both the UAE and India share an interest in building supply chain resilience, this visit saw the operationalisation of the virtual trade corridor called METRI between Indian and UAE ports. This will lead to much greater efficiencies in maritime commerce between the two nations,” he said.

Prime Minister Modi conveyed India’s strongest condemnation of the attacks that have taken place in the UAE. “Finally, the situation in the region came in for detailed discussion. The Prime Minister once again conveyed India’s strongest condemnation of the attacks that have taken place in the UAE,” Misri said.

The PM conveyed India’s solidarity with the leadership and the people of the UAE and reiterated the need for unimpeded transit passage through the Strait of Hormuz and the cessation of attacks on shipping and on mariners.

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