Infra
RITES Videsh eyes business opportunities in Middle East – ET Infra
NEW DELHI: RITES Videsh, an arm of RITES Ltd, is scouting for business opportunities in UAE and other Middle East countries in order to leverage its newly established hub in Abu Dhabi.
RITES Videsh is a strategic initiative of RITES Ltd that focuses on broadly two aspects of business – export of rolling stock and consultancy assignments.
“There are business opportunities not only in the UAE, but across other Middle East countries like Saudi Arabia, Qatar, Oman, etc. So the Middle East is going to be our very important focus with our office hub at Abu Dhabi (UAE),” Rahul Mithal RITES CMD told ETInfra.
At present, the company has two rolling stock orders – one from Mozambique and another from Bangladesh totalling Rs 1200 crore.
“We will continue this strategy of bidding for global tenders in Southeast Asia, Africa and even Latin America,” Mithal said.
In March 2024, RITES Ltd opened a Branch office in Abu Dhabi, UAE to tap on the varied business opportunities available in UAE and nearby countries.
An intergovernmental framework agreement was signed between India and UAE for the IMEC corridor.
The India-Middle East-Europe Economic Corridor (IMEC), which will connect India, the United Arab Emirates (UAE), Saudi Arabia, Jordan, Israel, and Europe, is seen as a crucial alternative to China’s Belt and Road Initiative (BRI), a multi-country infrastructure project.
RITES has also signed an MoU (Memorandum of Understanding) with Abu Dhabi Ports to explore all business opportunities in UAE etc.
RITES Ltd has reported a marginal fall of 1.59 per cent in its consolidated net profit to Rs 136.67 crore for the March quarter on account of fall in revenues.
The company had posted a profit of Rs 138.89 crore for the year-ago period, the company said in an exchange filing.
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