ADIA gets nod for $5bn fund in India’s new business hub

ADIA gets nod for $5bn fund in India’s new business hub

Abu Dhabi Investment Authority (ADIA), the UAE’s largest sovereign wealth fund, will set up a $4-$5 billion fund in India’s latest special economic zone. The regulatory authority for financial services at Gujarat International Finance Tec-City (Gift City) has granted in-principle approval to ADIA to set up the fund, the Reuters news agency reported, citing informed […]Abu Dhabi Investment Authority (ADIA), the UAE’s largest sovereign wealth fund, will set up a $4-$5 billion fund in India’s latest special economic zone.

The regulatory authority for financial services at Gujarat International Finance Tec-City (Gift City) has granted in-principle approval to ADIA to set up the fund, the Reuters news agency reported, citing informed sources.

The Abu Dhabi fund announced its intention to establish a presence in the hub last July.

The approval will make ADIA the first sovereign wealth fund to begin investing in India via Gift City.

The nod comes days before Prime Minister Narendra Modi is set to visit Abu Dhabi to open the Baps Hindu Mandir, a traditional Hindu place of worship, address the World Government Summit, Dubai, and sign the first bilateral investment treaty with the UAE.

In September, Saudi Arabia’s Public Investment Fund (PIF) announced plans to set up an office in Gift