Modi to visit UAE amid rising oil prices and pressure on India’s economy

Modi is expected to meet UAE President Sheikh Mohamed bin Zayed Al Nahyan during the visit. The two leaders will discuss bilateral cooperation, with a focus on energy ties, as well as regional and international issues of mutual interest.

The UAE will be the first stop on Modi’s May 15-20 tour, which will also take him to the Netherlands, Sweden, Norway and Italy.

The visit comes as higher energy prices linked to the Middle East crisis raise concerns for India, a major net energy importer. Rising oil prices could put pressure on inflation, growth and the country’s current account balance.

Modi recently called for measures aimed at easing pressure on the economy, including fuel conservation, fewer imports and gold purchases, and reduced travel. Indian shares fell on Monday following the remarks, while the rupee recorded its steepest drop in more than a month and closed at its weakest level on record.

Energy cooperation is expected to be among the central topics of Modi’s talks in Abu Dhabi. The two sides will also discuss ways to strengthen their Comprehensive Strategic Partnership, which is supported by political, economic, cultural and people-to-people ties.

The UAE is India’s third-largest trade partner and its seventh-largest source of cumulative investment over the past 25 years. The country is also home to more than 4.5 million Indian nationals, whose welfare is expected to be discussed during the visit.

Earlier, Qazinform News Agency reported that Indian Prime Minister Narendra Modi called for the return of pandemic-era practices, including remote work and virtual meetings, to conserve foreign currency and reduce energy imports.