Recent Current Affairs related to UAE

According to the “Henley Passport Index 2026 Global Rankings” released by Henley & Partners, Singapore is ranked first as the world’s most powerful passport with visa-free access to 193 destinations.

Japan, the UAE, and South Korea share second place, while Sweden is ranked third. India is ranked 84th on the index with visa-free access to 55 destinations, sharing its rank with Algeria and Mauritania.

The Department of Commerce (DoC), under the Ministry of Commerce and Industry (MoCI), has established a Free Trade Agreement (FTA) Utilisation Cell to assist Indian entrepreneurs and businesses in understanding and leveraging the benefits provided by trade agreements of India.

India has finalized FTAs with several partners, including the European Free Trade Association, UAE, Australia, Mauritius, Oman, New Zealand, UK, and European Union. These agreements provide domestic businesses with access to 32 countries, facilitating largely zero-tariff trade opportunities across global markets.

The Joint Military Exercise between India and the UAE named ‘MOUNTAIN GUARDIAN 2026’ has commenced at the Foreign Training Node in Uttarakhand.

The Indian contingent is composed of troops from a Bhairav Battalion, while the UAE Army is represented by a Mountain Infantry Battalion. A total of 92 personnel are participating in the exercise.

Union Minister Piyush Goyal and Sheikh Hamed bin Zayed Al Nahyan, the MD of Abu Dhabi Investment Authority (ADIA), have co-chaired the 14th meeting of the India-UAE High Level Joint Task Force on Investments (HLJTFI) in Mumbai. It is to be noted that the HLJTFI was established in 2013.

Additionally, the second India-Fiji Bilateral Joint Working Group (JWG) meeting was held in New Delhi, with both nations discussing various areas of mutual interest.

The Agricultural and Processed Food Products Export Development Authority (APEDA) has signed an MoU with InD Events Dubai, the organizer of Gulfood, to enhance global market opportunities for Indian agricultural and processed food exporters.

The agreement facilitates the participation of India as the Official Partner Country at Gulfood 2027 for the second consecutive year.

PhonePe has received in-principle approval from the Central Bank of the UAE for two operating licenses, marking the first international expansion of the company.

The licenses include Retail Payment Services and Card Schemes (RPSCS) and Stored Value Facilities (SVF).

The Odisha government has signed agreements with the UAE-based International Holding Company (IHC) and the Adani Group to explore 14 projects involving an indicative investment of ₹2.1 lakh crore.

Additionally, a Memorandum of Cooperation (MoC) was signed between the state government and the Indian Business & Professional Group (IBPG) to bolster trade, exports, and investments between Odisha and the UAE.

PhonePe, a fintech firm based in Bengaluru, has launched its first local operations in the UAE. The company has secured two licenses to offer consumer payment instruments and to provide e-payment acceptance infrastructure for merchants.

The Essar Group has signed a $500 million crude oil sourcing and product supply agreement with the Abu Dhabi-based International Resources Holding (IRH).

The agreement aims to support procurement, supply chain optimization, and energy trading in global markets.

The Ministry of Finance has approved a proposal by the UAE-based Emirates NBD to acquire a 49%–74% stake in RBL Bank. The transaction is valued at $3 billion (₹26,850 crore) and will be executed through a preferential allotment and a mandatory open offer. This is one of the largest Foreign Direct Investment (FDI) transactions in the banking and financial services sector of India.

PM Narendra Modi has visited the United Arab Emirates (UAE) and held a meeting with President Sheikh Mohamed bin Zayed Al Nahyan in Abu Dhabi. UAE has committed to invest $5 billion in India through various entities.

During the visit, the Indian Strategic Petroleum Reserves Ltd (ISPRL) signed an MoU with the Abu Dhabi National Oil Company (ADNOC) to enhance the energy security of India. Additionally, the Indian Oil Corporation Ltd (IOCL) signed a strategic collaboration agreement with ADNOC for the long-term supply of Liquefied Petroleum Gas (LPG).

India and the UAE have signed 6 agreements to enhance cooperation in the energy and defence sectors during the visit of PM Narendra Modi to Abu Dhabi. Entities based in the UAE have committed an investment of $5 billion in India.

The UAE has also announced a plan to double the crude oil export capacity by 2027. This involves the construction of an additional pipeline to the Port of Fujairah to bypass the Strait of Hormuz.

The International Financial Services Centres Authority (IFSCA) has granted a licence to the Abu Dhabi National Insurance Company (ADNIC) to establish a reinsurance branch at the Gujarat International Finance Tec-City (GIFT City) in Gujarat. ADNIC is the first insurance provider based in the UAE to establish a presence within this international financial hub of India.

The United Arab Emirates (UAE) has officially withdrawn from the Organization of the Petroleum Exporting Countries (OPEC) and the OPEC+ alliance. This move has caused significant disruption to global oil production groups and weakened the geopolitical influence of Saudi Arabia.