Diplomatic sources said Prime Minister Narendra Modi is likely to visit Abu Dhabi, the capital of UAE, in February to attend a global leadership summit.
On the sovereign fund, UAE Ambassador to India Ahmed Albanna said operationalisation of the USD 75 billion sovereign fund for India reflects UAE's commitment to significantly improve trade and investment ties.
He said USD one billion has already been transferred to India's National Infrastructure and Investment Fund. It was not clear when the entire amount will be transferred or the conditions related to the investment.
The issue was discussed during Modi's visit to UAE in August 2016.
Also Read
Albanna, during a media interaction, said India-UAE cooperation was moving fast in various areas including in containing terrorism and radicalisation.
"We are working closely to defeat terrorism," he said.
The envoy said UAE will soon open visa and consular services centres in Hyderabad, Chandigarh and Chennai.
The UAE embassy has also launched a mobile app to help Indians living in the Gulf in dealing with visa and work related issues.
India is UAE's number one trading partner and the annual trade currently stands at around USD 53 billion. UAE, a major player in the Gulf region, is a strategically important country for India.
The country is home to around 2.6 million Indians who constitute nearly 30 per cent of its population.
The country contributes significantly to India's energy security and was the fifth-largest supplier of crude oil to India in 2016-17.
Disclaimer: No Business Standard Journalist was involved in creation of this content