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Rohit Krishnakumar, 19, and Sharat Kumar, 21, both from Kerala, were returning from a Christmas party when they met with the accident, The Khaleej Times reported.
Both died on the spot, the paper said.
While Krishnakumar was pursing higher studies in the UK, Kumar was studying in a university in the US, it said.
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The two had completed their schooling in Delhi Private School, Dubai, the Gulf News reported.