Dubai World crisis to hit Indians

The Dubai World crisis may adversely impact around 200,000 Indians working in the region for their livelihood. Real estate and construction sectors are the major segment to be seriously impacted by the crisis thus mitigating the needs of labor following reduced business activities across these segments.

Releasing a paper of 'Indo-Gulf business opportunities', the former President of Associated Chambers of Commerce and Industry of India (Assocham) Anil K Agarwal added that the crisis is temporary in nature, centered in a particular region. Support from government and other sectors would bring the region out of trouble very soon, Agarwal hoped.

Hailing the contribution of the Gulf Cooperation Council (GCC) countries - Bharain, Kuwait, Oman, Qatar, Saudi Arabia and UAE, Agarwal said that the body has been promoting India as a leading investment destination across all sectors.

He further articulated, “Investors in the GCC countries are not willing to invest in the US. They are looking at Asia, particularly India, for utilizing their monies."

Assocham Secretary General DS Rawat said that a deal for comprehensive economic cooperation agreement with the GCC members is under consideration which can be finalized very soon.