Delhi IIT to open campus in Abu Dhabi; Rupee-Dirham payment mechanism happening

DUBAI: To achieve international currency status for Rupee, India tabled a Rupee-Dirham payment mechanism with UAE which is expected to bolster the bilateral trade between the two countries. A memorandum of understanding was signed by the Reserve Bank of India and UAE’s central bank.

India’s UPI( Unified Payments Interface) and UAE’s Instant Payment Platform( IPP) will merge together making transactions easier between people in the two countries. The decision comes in the wake of PM Narendra Modi’s visit to UAE where he held discussions with President Sheikh Mohamed bin Zayed Al Nahyan popularly known as MBZ.

Apart from the financial deals, Delhi IIT will set up a campus in Abu Dhabi. In January 2024, the master courses will kickstart while the bachelor course will have to wait until September 2024 to begin. This will be the second Indian IIT to have its campus open in a foreign land. Madras IIT has already announced the start of its global campus in Tanzania’s Zanzibar.

India’s Rupay UPI will merge with UAE’s switch card which will see a surge in export amidst a slowing global trade. Bilateral trade between India and UAE is expected to rise above $10,000 crore. The two countries have also decided to join hands in aggrandizing partnerships in education, health, food safety, defence and culture.

PM Modi after his successful France visit touched down in UAE today morning at Abu Dhabi airport. An entourage including President Sheikh Mohamed bin Zayed Al Nahyan received him in all grandeur. PM Modi was then escorted to the King's palace where the discussion happened later.