Brief by Shorts91 Newsdesk / 01:19pm on 07 Feb 2024,Wednesday India Global
Abu Dhabi Investment Authority (ADIA), the UAE's largest sovereign wealth fund, is establishing a $4-5 billion fund to invest in India via Gujarat International Finance Tec-City (GIFT City). In-principle approval from GIFT City's regulatory authority allows ADIA to become the first sovereign wealth fund investing in India through the finance hub. ADIA's move aligns with Modi's efforts to enhance ties with the UAE. GIFT City, offering a 10-year tax holiday, aims to become a global financial gateway. ADIA, exempt from long-term capital gains taxes, strengthens India's financial collaboration with sovereign wealth funds.
