Real Estate Dubai’s Emaar confirms talks to sell stake in Indian unit Emaar Properties, Dubai’s largest developer, has confirmed talks with companies in India, including Adani Group, for a possible stake sale in its Indian subsidiary. The valuation and other terms of a potential transaction are not finalised, the developer said in a Dubai bourse filing on Thursday. The clarification followed a news article by Mint, an […] January 17, 2025
Oil & Gas India’s oil major turns to Middle East amid Russian shortfall State-run Indian refiner Bharat Petroleum Corporation (BPCL) is buying Middle Eastern crude to make up for a slowing supply of cheaper Russian oil, its head of finance Vetsa Ramakrishna Gupta said. Indian state refiners typically buy Russian oil in the spot market rather than under long-term contract, but have struggled to purchase 8 to 10 million […] December 30, 2024
Analysis Markets Gulf jewellery sales suffer from gold’s rich streak High gold prices amid widespread geopolitical uncertainty have dented jewellery sales in the Middle East this year. The trend is expected to continue in 2025. India’s sharp reduction of gold import duties in July, from 15 percent to 6 percent, boosted domestic sales but hit Middle Eastern merchants, according to industry insiders. “After a weak […] December 26, 2024
Trade Exports to India from UAE more than double in November Exports to India from the UAE more than doubled year on year to over $6 billion in November, as demand for gold and energy products soared. Imports from India were up by over 11 percent in the same month, reaching $3 billion, data released by India’s commerce ministry showed. Emirati exports to India from April […] December 18, 2024
Renewable Energy UAE-backed group to take India’s ReNew Energy private A consortium including UAE-based investors plans to take the $2.4 billion Indian clean energy company ReNew Energy Global private. The group, comprising Abu Dhabi Investment Authority’s subsidiary Platinum Hawk, Masdar, Canada Pension Plan Investment Board and Sumant Sinha, founder and chairman of ReNew, have proposed $7.07 per share. This is a premium of 11.5 percent to the stock’s last close, […] December 12, 2024
Construction US charges billionaire Gautam Adani in $265m bribery case US prosecutors have indicted Indian billionaire Gautam Adani and seven others, including his nephew Sagar Adani, in connection with an alleged $265 million bribery scheme tied to India’s largest solar power project. Adani has extensive business interests in the Arabian Gulf. The indictment, unsealed in New York on Wednesday, accuses the Adanis and Vneet Jaain, […] November 21, 2024
Oil & Gas Adnoc Gas signs long-term deal with India’s Gail The UAE’s Adnoc Gas has signed a 10-year deal with Gail India, the largest natural gas company in the Asian nation, to supply up to half a million tonnes per annum (mtpa) of liquefied natural gas (LNG) starting in 2026. The agreement converts the previous heads of agreement announced in January into a definitive agreement, […] November 15, 2024
Opinion Logistics A new dawn for logistics as the GCC and India draw closer For both parties to benefit, investment in transport infrastructure is needed October 30, 2024
Opinion Markets The US bond market faces a winter of discontent Its shockwaves will spare no debt market on the planet October 29, 2024
Renewable Energy UAE and Rajasthan explore renewable energy project The UAE has signed an investment memorandum with the Indian state of Rajasthan to explore a 60 gigawatt renewable energy project, focusing on solar, wind and hybrid power. The UAE Ministry of Investment said the agreement builds on a broader Investment Cooperation pact between the UAE and India’s Ministry of New and Renewable Energy. Rajasthan, […] October 23, 2024
Aviation Adia to invest $750m in debt of India’s GMR Group Abu Dhabi Investment Authority (Adia), the UAE’s largest sovereign wealth fund, will invest about $750 million in the debt of India’s GMR Group, giving it a foothold in one of the world’s fastest-growing aviation markets. The investment will also allow the Indian company to reduce the pledged shareholding on its airports business. Adia has invested […] October 23, 2024
Industry Morocco plans to increase its military spending in budget Morocco is planning to increase its military spending by 6 percent next year, as it looks to improve national security and modernise its local capabilities. The defence budget in Morocco’s 2025 Finance Law will be MAD133 billion ($13.4 billion), an increase on the MAD124 billion in the current year’s budget. The Minister of Economy and […] October 23, 2024
Trade UAE agrees to review India’s precious metal export concerns The UAE has agreed to examine India’s concerns over a sharp increase in precious metal exports, New Delhi said in a statement on Tuesday. The concerns were raised at the second meeting of the joint committee under comprehensive economic partnership agreement (Cepa) on Monday as the two nations hoped to reached the $100 billion non-oil […] October 17, 2024
Oil & Gas UAE oil exports to India rise, squeezing out GCC neighbours The UAE’s oil exports to India have risen sharply this year, contrasting with declines for other members of the GCC. In January to September 2024, Emirati exports were up 54 percent year on year, according to data from Reuters. However, exports from the Middle East as a whole have remained broadly stable, increasing by only […] October 17, 2024
Analysis Oil & Gas Middle East to dominate oil exports by 2050, says Opec Bloc reveals long-term outlook Demand rising in Asia-Pacific region Imports to hit 34m bpd by 2050 The Middle East is forecast to provide almost 60 percent of the world's oil exports by 2050, according to Opec’s long-term outlook. It... Register now: It’s easy and free This content is available for registered members only. Register for […] October 15, 2024
Banking & Finance ADIA’s new office in India to fast-track investments Abu Dhabi Investment Authority (ADIA), the UAE’s largest sovereign wealth fund, is accelerating its India investment plans after starting operations from the special economic zone in Prime Minister Narendra Modi’s Gujarat home state. “India is one of the world’s fastest growing economies and has been a key focus for our investment activities for a number […] October 8, 2024
Manufacturing Tata signs deal with Morocco to build armoured vehicles Morocco’s Department of Defence and India’s Tata Group have signed an agreement to build armoured combat vehicles in the North African country. Under the agreement, Tata Advanced Systems, a subsidiary of the Indian conglomerate, will produce Tata’s WhAP 8×8 wheeled amphibious armoured platform in Morocco. The project is expected to create 90 direct jobs and […] October 1, 2024
Real Estate Adani in talks to buy stake in Emaar’s Indian subsidiary Adani Realty, owned by Indian billionaire Gautam Adani, is holding discussions with Emaar Properties to buy a stake in the Dubai-based developer’s Indian subsidiary, a news report said. Adani Realty and Emaar executives are discussing a possible transaction for a stake sale in Emaar India in Dubai, Business Today magazine reported, citing unnamed sources. The talks […] September 27, 2024
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
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
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
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
