Historic trade deal agreed between UAE and India
The UAE and India have made a historic agreement that will allow trade to be carried out in UAE Dirhams and Indian Rupees directly.
It will lead to large savings for businesses from both countries by enabling them to bypass the US Dollar or any other foreign currency.
The deal is in addition to the agreements made during the visit of Indian Prime Minister Narendra Modi to the UAE earlier this week.
Bilateral trade between the nations has been growing significantly in recent years, and currently stands at around AED 195 billion.
Meanwhile, another agreement has also been finalised between the UAE and India which will see the countries increase their joint efforts in preventing money laundering and the financing of terrorism.