As part of his official visit to India, His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, and Minister of Defence, visited the Bombay Stock Exchange. Located in Mumbai, India’s financial and commercial capital, the exchange is one of the oldest stock exchanges in the world and the first in Asia, established in 1875.
Sheikh Hamdan rang the opening bell to mark the start of the day’s trading session after he was received at the exchange by Sundararaman Ramamurthy, managing director and CEO of the Bombay Stock Exchange.
One of the fastest trading exchanges in the world, the Bombay Stock Exchange is a key pillar of India’s capital markets. For nearly 150 years, it has played a vital role in supporting the growth of Indian companies by providing a dynamic platform for raising capital.
In May 2024, the total market capitalization of BSE-listed companies crossed $5 trillion for the first time, underscoring the strength and growth momentum of the Indian economy.
UAE seeks stronger cooperation with international markets
During the visit, Sheikh Hamdan was briefed on the operations of the exchange, which today ranks among the world’s largest global stock exchanges in terms of the number of listed companies—exceeding 5,600—as well as market capitalization. He was also briefed on the exchange’s continued efforts to enhance its infrastructure and expand services to support the growth of India’s capital markets.
Sheikh Hamdan underscored the UAE’s keenness to deepen cooperation between its financial markets and international counterparts. He also noted both countries’ efforts to enhance capital markets through digital innovation, including the use of technologies such as artificial intelligence and blockchain.
The engagement with India’s financial markets aligns with the UAE’s broader strategy to build strategic ties with global exchanges, facilitate cross-border trading and attract international investment, His Highness added.
Dubai targets capital market expansion to AED3 trillion
Sheikh Hamdan also highlighted Dubai’s economic ambitions, building on its long-standing role as a regional and international hub for finance, business and trade. These aspirations are reflected in the Dubai Economic Agenda D33, which aims to establish Dubai as one of the world’s top four global financial centers, as well as the emirate’s strategic plan to expand the size of its capital markets to AED3 trillion.
Sheikh Hamdan expressed hope for greater cooperation between the Bombay Stock Exchange and Dubai Financial Market, which would further enhance Dubai’s growing role as a key link between Eastern and Western capital markets.
Read: UAE investors eye opportunities in India’s rapidly growing sectors
Sheikh Hamdan meets India’s commerce minister
During his visit to India, Sheikh Hamdan also met with His Excellency Piyush Goyal, India’s Minister of Commerce and Industry, in Mumbai. The discussions focused on advancing cooperation across a wide spectrum of sectors that are pillars of the India-UAE economic relationship, including trade, energy, investment, manufacturing, logistics, technology and healthcare.
“India and the UAE share more than strong economic ties, we share a bold vision for the future. Our partnership is built on trust, innovation, and a common commitment to shaping resilient, forward-looking economies that advance prosperity and enhance the welfare of the people of the two countries. As we deepen our cooperation across a range of vital sectors, we are not only unlocking new opportunities for growth, innovation and excellence, but also creating a distinctive model of bilateral collaboration,” Sheikh Hamdan said.
Opportunities to expand investment flows and enhance commercial cooperation between the two economies were also discussed. The two sides looked at ways to improve industrial collaboration and improve trade facilitation, including through enhanced logistics infrastructure and more closely linked digital trade platforms, to support mutual growth, economic engagement and investment. In addition, the two leaders discussed closer collaboration in digital infrastructure, payment systems, and smart logistics.
Sheikh Hamdan reaffirmed the UAE’s commitment to deepening bilateral economic ties to serve as a key driver of sustainable development and a contributor to broader global economic stability.
Non-oil trade between the UAE and India grew by 20.5 percent in 2024, reaching more than AED240 billion compared to AED199.3 billion in 2023. This significant growth reflects strengthening economic ties and promising trade and investment opportunities. The UAE-India CEPA, signed in 2022, aims to take non-oil trade to $100 billion by 2030.
