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Investors from Gulf could participate in sovereign wealth fund NIIF: Jaitley

Arun-Jaitley

Seeking investments from the UAE, Finance Minister Arun Jaitley today said investors from the Gulf region could participate in India’s maiden sovereign wealth fund NIIF, which has been set up to fund infrastructure projects.

This was emphasised by Jaitley during his meeting with the visiting UAE Minister of Economy Sultan Al Mansoori here.

Both the countries also stressed on need for increasing cooperation in the fields of innovation and small and medium enterprises, a finance ministry statement said.

The UAE Minister noted that the various institutions from Gulf have already invested in sectors, like infrastructure.

Jaitley highlighted investment opportunities available including the NIIF, it added.

The Rs 40,000-crore National Investment and Infrastructure Fund (NIIF) will have government holding of 49 per cent and the rest will be of private investors.

Mansoori reiterated that the different agencies of UAE will continue their efforts to widen their relationship with India in this regard.

With regard to the innovation, the UAE side mentioned that a strategy has been developed by them and they have also set up an Innovation Council to spearhead the activities.

Jaitley highlighted the steps taken on innovation in India including the recently launched Start Up India initiative.

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