Ajay Kumar, the chairman and managing director of Fox Petroleum, based in New Delhi, which is an associate company of Fox Petroleum FZC in the UAE, said that Mr Modi had "fired the best weapon of economic development and growth". "He has given a red carpet for global players to invest in India," Mr Kumar added. "It will boost all sectors of industry – especially for small-scale manufacturing units and heavy industries too." After India achieved its independence in 1947, the country has moved to support Palestinian self-determination following the partition of British India. In the light of a religious partition between India and Pakistan, the impetus to boost ties with Muslim states around the world was a further tie to India's support for the Palestinian cause. Though it started to waver in the late 1980s and 1990s as the recognition of Israel led to diplomatic exchanges, the ultimate support for the Palestinian cause was still an underlying concern. Beyond the recognition for Palestinian self-determination ties have been largely dependent upon socio-cultural bonds, while economic relations were neither cold nor warm. India recognised Palestine's statehood following its own declaration on 18 November 1988; although relations were first established in 1974. PNA President Abbas paid a State visit to India in September 2012, during which India pledged $10 million as aid. Indian officials said it was the third such donation, adding that New Delhi was committed to helping other development projects. India also pledged support to Palestine's bid for full and equal membership of the UN. Bilateral relations between India and the Saudi Arabia have strengthened considerably owing to co-operation in regional affairs and trade. Saudi Arabia is the one of largest suppliers of oil to India, who is one of the top seven trading partners and the 5th biggest investor in Saudi Arabia. India was one of the first nations to establish ties with the Third Saudi State. During the 1930s, India heavily funded Nejd through financial subsidies. India's strategic relations with Saudi Arabia have been affected by the latter's close ties with Pakistan. Saudi Arabia supported Pakistan's stance on the Kashmir conflict and during the Indo-Pakistani War of 1971 at the expense of its relations with India. The Soviet Union's close relations with India also served as a source of consternation. During the Persian Gulf War (1990–91), India officially maintained neutrality. Saudi Arabia's close military and strategic ties with Pakistan have also been a source of continuing strain. Since the 1990s, both nations have taken steps to improve ties. Saudi Arabia has supported granting observer status to India in the Organisation of Islamic Cooperation (OIC) and has expanded its co-operation with India to fight terrorism.