IIT In Abu Dhabi: Key Technological Takeaways From Prime Minister Narendra Modi's Tour To The UAE

Prime Minister Narendra Modi completed his two-nation tour of France and the United Arab Emirates (UAE) on Saturday (July 15). “A visit defined by life-changing outcomes.” PM @narendramodi departs for New Delhi after a fruitful visit to the UAE,” tweeted Arindam Bagchi, official spokeswoman for the Ministry of External Affairs.

PM Modi was greeted at the Elysee Palace by French President Emmanuel Macron and France’s first lady Brigitte Macron. He also attended the Bastille Day Parade on the Champs-Elysees as a Guest of Honour at the request of French President Macron. PM Modi met with President Sheikh Mohamed bin Zayed Al Nahyan in Abu Dhabi.

IIT, UPI, and others

PM Modi’s visit to the UAE was highlighted by major agreements, including the establishment of a new IIT Delhi campus in Abu Dhabi. In addition, the two countries agreed to promote the use of local currencies (Rupee and Dirham) for cross-border transactions and to link payment systems. The Reserve Bank of India and the Central Bank of the United Arab Emirates signed an MoU on the Local Currency Settlement (LCS) System, allowing the use of Indian Rupees (INR) and UAE Dirhams (AED) for cross-border transactions.

The Indian Ministry of Education, the UAE’s Abu Dhabi Department of Education and Knowledge, and the Indian Institute of Technology, Delhi (IIT) signed an agreement to create an IIT campus in Abu Dhabi.

This is the first IIT in the Middle East and North Africa (MENA) region. The MoU would promote the integration of India’s Unified Payments Interface (UPI) with the UAE’s Instant Payments Platform (IPP). It would also permit the interconnection of the two nations’ card switches – RuPay switch and UAESWITCH – to facilitate the mutual acceptance of their domestic cards and the direct processing of card transactions without the use of any other network. The MoU would promote the integration of India’s Unified Payments Interface (UPI) with the UAE’s Instant Payments Platform (IPP). It would also permit the interconnection of the two nations’ card switches – RuPay switch and UAESWITCH – to facilitate the mutual acceptance of their domestic cards and the direct processing of card transactions without the use of any other network.

Prior to his journey to the UAE, PM Modi was in Paris, where French President Emmanuel Macron presented the Grand Cross of the Legion of Honour on Prime Minister Narendra Modi in a historic event. It is the highest military or civilian order in France. PM Modi is the first Indian Prime Minister to get this accolade.

(With agency input)