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
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
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
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
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
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
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
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
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
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
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
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
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
Finance Indian crypto exchange buys UAE’s BitOasis CoinDCX, the largest cryptocurrency exchange in India, has bought UAE-based crypto exchange BitOasis for an undisclosed amount. CoinDCX co-founder Sumit Gupta said the move would “establish an even more formidable foothold across the Mena region”. The Middle East-focused BitOasis, founded in 2016 by Ola Doudin, Tarek Kaylani and Daniel Robenek, has processed more than $6 […] July 3, 2024
Retail ADIA leads Indian beauty retailer’s $120m fundraising The UAE’s Abu Dhabi Investment Authority (ADIA) has led the $120 million funding round of Indian online beauty retailer Purplle Group, local media reported. The startup’s valuation has increased by 14 percent to $1.25 billion after the latest funding round, Mint, an Indian financial daily, reported. Overall, Purplle has raised more than $500 million. “ADIA […] July 2, 2024
Analysis Agriculture Weather and politics keep pressure on price of rice The status of rice as a global food staple means that it is also a political minefield for producer nations. So all eyes are on India as rice prices fluctuate at around a 15-year high. Different varietals and markets command different prices, but trading on “contracts for difference”, which track benchmark prices, saw the cost of […] June 27, 2024
Manufacturing UltraTech of India scales back bid for RAK Cement India’s UltraTech Cement, one of the largest cement makers in the world, has scaled back its offer to acquire a larger stake in an Abu Dhabi-listed, Ras al-Khaimah-based company. UltraTech was initially looking to acquire an extra 31.6 percent stake (158 million shares) in RAK Cement Co for White Cement and Construction Materials (RAKWCT). However, […] June 26, 2024
Analysis Industry Silver is riding high but the market remains volatile With a gain in its spot price of nearly one-third since the start of the year, silver is now 2024’s best-performing precious metal. It is a major industrial material with an important role in the green energy transition. Yet, while these factors are combining to give silver a moment, analysts are quick to warn of […] June 25, 2024
Finance Aramco chairman re-elected onto India’s Reliance board Saudi Aramco chairman Yasir Al-Rumayyan has been reappointed as an independent director on the board of India’s Reliance Industries Limited. Nearly 84 percent of shareholders voted in favour while 16 percent voted against his reappointment for the five-year term, the company said in a filing with the Bombay stock exchange. Al-Rumayyan was first appointed to […] June 24, 2024
Opinion Economy Modi’s coalition era: a new chapter for Gulf ties? The BJP must now share power, potentially complicating relationships with crucial partners like the UAE June 17, 2024
Logistics Dispute forum vital for trade corridor to work, says law officer A robust forum for resolving disputes will be vital to the success of the planned India-Middle East-Europe Corridor, a senior official from the Indian Supreme Court told delegates at an event in Abu Dhabi. Seven countries signed an agreement during the 2023 G20 Summit in New Delhi to establish an economic corridor connecting the Middle […] June 7, 2024
Aviation India’s Akasa Air to start Jeddah and Riyadh flights Saudi Arabia has licensed Indian low-cost airline Akasa Air to begin flights this week as the Hajj pilgrimage begins, giving a further boost to the kingdom’s tourism plans. The flights into Jeddah include two from Ahmedabad and 12 from Mumbai per week starting from 8 June, and seven into Riyadh from Mumbai per week starting […] June 5, 2024
