Logistics DP World among bidders for $84m Indian port upgrade DP World is among the bidders to develop and upgrade a port in India’s eastern state of West Bengal, according to a media report. Indian conglomerate Adani is also in the running, The Telegraph, an Indian newspaper, reported The private-public-partnership project involves reconstructing one berth and mechanising two berths at Netaji Subhas Dock, Kolkatta, for […] September 19, 2024, 5:14 AM
Trade New shipping route links Jeddah to major Indian ports Saudi Arabia has launched a new shipping route between Jeddah Islamic Port and Mundra and Nhava Sheva, two of India’s largest ports. The 10-day service, operated by Folk Maritime Services, a subsidiary of the Public Investment Fund, started this month. The new route aims to increase the movement of goods such as petrochemicals, aligning with […] September 10, 2024, 9:25 AM
Energy UAE and India deepen energy ties The UAE has signed long-term liquefied natural gas (LNG) and strategic petroleum reserve development agreements with India, supporting New Delhi’s energy security initiatives. The agreements were signed during the two-day visit of Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan to India. Under the UAE-India comprehensive economic partnership agreement (Cepa), Abu Dhabi […] September 10, 2024, 6:56 AM
Retail Carrefour and Dubai’s Apparel Group plan India expansion Dubai’s Apparel Group has teamed up with Carrefour to take the French supermarket retailer into the Indian market. The franchise agreement will see the first five Carrefour stores open in 2025, with a particular focus on the north of India, before expanding nationwide. “This partnership represents a significant step in strengthening our position in India,” […] September 9, 2024, 12:42 PM
Banking & Finance Adia takes stake in Bajaj Housing Finance IPO The biggest sovereign wealth fund in Abu Dhabi has strengthened its position in India as one of several anchor investors in the imminent listing of the home loans company Bajaj Housing Finance. Abu Dhabi Investment Authority (Adia), which has assets under management totalling $968 billion, has taken a $5.6 million stake in the initial public […] September 9, 2024, 10:24 AM
Infrastructure Adia part of fund aiming to raise $4bn for India upgrade The National Investment & Infrastructure Fund (NIIF) in India, which is backed by Abu Dhabi, is aiming to raise $4 billion, according to reports. The fund, which counts the Abu Dhabi Investment Authority (Adia), the Indian government, AustralianSuper and Singapore’s Temasek Holdings among its investors, is raising the money in the early part of next […] September 5, 2024, 12:42 PM
Video length: 07:05 Analysis Trade India’s Cepa review could cut up rough for UAE diamond trade Dubai’s status as a re-export hub for diamonds to India is under threat as New Delhi pushes for a review of terms it agreed in the Comprehensive Economic Partnership Agreement (Cepa) with the UAE two years ago. India’s commerce secretary Sunil Barthwal raised concerns earlier this month about potential use of loopholes that could weaken […] September 4, 2024, 4:22 AM
Video length: 07:05 Trade GCC-India trade tumbles as New Delhi snaps up Russian oil India’s trade with the GCC countries fell 12 percent to $162 billion in 2023-24, according to its Ministry of Commerce and Industry. The drop from $184 billion in 2022-23 comes as energy-hungry New Delhi snaps up discounted Russian crude and slashes imports of Gulf oil. Ajay Srivastava, founder of the Global Trade Research Initiative think […] September 4, 2024, 4:06 AM
Opinion Banking & Finance Gold’s bull run could soon come to an end Geopolitical uncertainty will buoy gold’s value, but high jewellery prices will dampen demand for bling September 2, 2024, 10:29 AM
Analysis Oil & Gas India’s Russian oil imports dent Gulf’s market share Energy-hungry India has overtaken China as the world’s top importer of Russian oil as New Delhi takes advantage of sizeable discounts and shuns Gulf exporters to satisfy growing demand. India’s oil intake from Russia rocketed to record levels of more than 2 million barrels per day in July, from just 88,000 bpd in 2021-22, according […] August 29, 2024, 4:06 AM
Analysis Banking & Finance Instability in India’s Gift City could push investors to UAE India’s Gift City – a special economic zone located in Prime Minister Narendra Modi’s Gujarat home state – has attracted commitments from backers including sovereign wealth funds from the Gulf. However a halt in approvals to set up family offices has put the brakes on its ambitions to become a global financial hub after regulators […] August 27, 2024, 4:05 AM
Analysis Telecoms Analysts question possible Adia bid for India telecoms group Abu Dhabi’s top sovereign wealth fund, Abu Dhabi Investment Authority (Adia), is among the preferred bidders for a minority stake in Vodafone Idea, a struggling Indian telecom company. However, analysts are warning that the deal makes little commercial or financial sense. Vodafone Idea is India’s third largest mobile operator, but has lost about 210 million […] August 20, 2024, 8:23 AM
Analysis Trade Metals market under pressure with India-UAE pact review The UAE’s lucrative trade in gold, silver and other precious metals is facing fresh scrutiny as India seeks a review of a Comprehensive Economic Partnership Agreement between the two countries. The evaluation could significantly alter the flow of these metals, impacting UAE businesses and particularly affecting exports from Russia via the Gulf state. Sunil Barthwal, […] August 20, 2024, 3:54 AM
Trade India pushes for more rupee-dirham payment in UAE trade India’s central bank has told lenders dealing with the UAE to settle at least part of their trade payments directly using the rupee and dirham. The Reserve Bank of India (RBI) has not provided specifics of the targets, but has asked banks to report back the extent of rupee or dirham-denominated payments, Reuters reported, citing […] August 19, 2024, 7:07 AM
Banking & Finance Emirates NBD seeks majority stake in India’s Yes Bank Dubai’s largest lender Emirates NBD is in advanced talks to acquire a majority stake in India’s Yes Bank, according to a media report. The potential acquisition comes as the state-owned State Bank of India (SBI) intends to divest its 24 percent stake in Yes Bank for $2.2 billion by the end of March, Reuters reported […] August 14, 2024, 6:09 AM
Economy Partnerships prove central as ADIA looks to India and beyond Abu Dhabi Investment Authority, the UAE’s largest sovereign wealth fund, is increasingly forming consortiums to make its deals – and focusing on purchases in India. After a string of acquisitions in Asia, ADIA is now leading a consortium with CVC Advisers with a view to bidding for UK investment platform Hargreaves Lansdown. In June the […] August 7, 2024, 10:51 AM
Banking & Finance Emirates NBD in race to buy stake in India’s IDBI Bank Emirates NBD, Dubai’s biggest bank by assets, is among three suitors shortlisted to acquire a majority stake in India’s IDBI Bank. The Indian government intends to privatise the lender, according to a local media report. Canada’s Fairfax Financial Holdings and India’s Kotak Mahindra Bank have also received clearance from the Indian central bank, CNBC-TV18, an […] August 5, 2024, 4:11 AM
Analysis Finance From taxes to FDI rules – how India’s budget affects the Gulf Prime Minister Narendra Modi’s first budget of his third term brings welcome news for international investors but mixed outcomes for non-resident Indians. Notable initiatives include abolishing the contentious “angel tax”, simplifying foreign direct investment (FDI) rules, increasing capital gains taxes and cutting gold import duties. Angel tax abolition: relief comes too late India’s finance minister […] July 25, 2024, 4:11 AM
Banking & Finance FAB rules out bid for stake in India’s Yes Bank First Abu Dhabi Bank (FAB) has denied it was planning to acquire a stake in Bombay Stock Exchange-listed Yes Bank. Bloomberg reported on Wednesday that the Abu Dhabi-listed lender was among the possible suitors for a $5 billion stake in the Indian lender, citing informed sources. FAB was reportedly considering an offer for up to […] July 11, 2024, 6:37 AM
Finance Expat remittances from Saudi rise 12% to $3.4bn Expat remittance from Saudi Arabia jumped by 12 percent year on year to SAR12.6 billion ($3.4 billion) in May, according to the Saudi Central Bank (Sama). Remittances rose 11 percent month on month, or SAR1.3 billion, in May, the central bank said. Globally, remittances to low- and middle-income countries grew by an estimated 3.8 percent […] July 10, 2024, 7:25 AM
Aviation Dubai entrepreneurs draw closer to launching Air Kerala Two Dubai-based businessmen are on the verge of launching Air Kerala, an ultra low-cost carrier in the Indian state, with long-term plans to offer flights to the Gulf. The venture by Afi Ahmed, chairman of the travel company Smart Travels, and Ayub Kallada, chairman and managing director of Kallada Food Industries, made progress this week […] July 9, 2024, 3:10 PM
Finance ADIA among funds investing $60bn in Indian stocks Two sovereign wealth funds from the GCC and one from Singapore have invested a total of Rs5 trillion ($60 billion) in the Indian stock markets and startups as of March 31, 2024, a news report said. These investors include Abu Dhabi Investment Authority (ADIA), Kuwait Investment Authority and GIC Holdings Pte, Mint, an Indian financial newspaper, […] July 9, 2024, 8:42 AM
