Gujarat: UAE’s DP World signed $3 billion worth of memoranda of understanding with India’s Gujarat state government on Tuesday, according to the Dubai media office.

The MOUs cover the development of new ports, terminals, and economic zones in the Indian state, the statement added.

On Wednesday, UAE President Sheikh Mohamed bin Zayed Al Nahyan participated in the 10th edition of the Vibrant Gujarat Global Summit in India, where he was the chief guest.

Held in Ahmedabad, Gujarat, the three-day summit is being attended by numerous heads of state, government officials, decision-makers, and business and finance professionals from around the world.

Speaking at the summit, Sheikh Mohammed thanked the Indian Prime Minister for the invitation and congratulated him on the summit’s 20th anniversary. The UAE President noted that the Vibrant Gujarat Global Summit – which was first founded by Modi – has become an important international forum for the exchange of expertise in economic growth and investment.

Addressing the summit attendees, Sheikh Mohamed said, “It is a pleasure to join our friends from India and across the globe at this summit, embarking on a collaborative journey to discover pathways to prosperity and progress for our peoples and nations.”

He expressed his best wishes for the success of the summit in achieving an outcome that fosters cooperation, development, and prosperity for everyone involved.

Prime Minister Modi addressing the summit said India is a “powerhouse for talented youth, a technology hub for finding solutions and a democracy that delivers,” adding that the nation was on its way to becoming the third-largest economy in a few years.

Modi said India’s economy has shown momentum and resilience despite geopolitical troubles around the world and invited investors to be a part of its growth journey, saying “my determination will be as big as your dreams.”