The partnership covers emerging sectors such as defence, space exploration, nuclear power and technological innovation.
The aluminium project in Odisha will be the largest of its kind in India, attracting significant foreign investment.
Leaders met at the BRICS Summit, which includes Brazil, Russia, India, China, South Africa and other partner nations.
Both countries see the investment platform L’Imad as a tool to deepen bilateral cooperation.
They announced a major investment of about eleven billion dollars by the United Arab Emirates' International Holding Company to develop an integrated aluminium project in Odisha, aiming to make the region a global aluminium hub.
Prime Minister Narendra Modi and Crown Prince Sheikh Khaled discussed these initiatives during the BRICS Summit, highlighting continued collaboration through the multinational group.
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