Analysis Trade $112bn of trade with India ‘ready to be tapped’ Untapped trade opportunities between India and the Middle East, North Africa and Turkey could be worth more than $112 billion, research has found. An HSBC report, which analyses data from the UN/WTO International Trade Centre, estimates that there is a $61 billion export gap for Indian companies in the key markets of the UAE, Saudi […] February 12, 2024
Oil & Gas QatarEnergy to sell cheaper LNG to India’s Petronet QatarEnergy has renewed its contract to supply 7.5 million tonnes per year of liquefied natural gas to Indian importer Petronet LNG. The 20-year contract, which will begin in May 2028, is reportedly valued at $78 billion – significantly less than the agreement it will replace. Petronet could save around $6 billion over the contract term, […] February 7, 2024
Analysis Industry Gulf steel has a keen edge on Chinese and Indian rivals While the Gulf is currently a minor player on the global steel-making stage, economic diversification and the energy transition may be about to change all that. As the world seeks to decarbonise, Gulf steel makers have a head start, already producing lower-carbon steel than global sector leaders China and India. The region’s ample supplies of […] February 7, 2024
People & Lifestyle Mubadala buys stake in Indian hospital chain The Abu Dhabi sovereign investor Mubadala Investment Company has invested in Manipal Health Enterprises (Manipal), India’s second-largest hospital chain by number of beds. “Given the ever-increasing demand for high-quality hospital care across India, we look forward to supporting Manipal’s growth journey in the years ahead,” said Camilla Macapili Languille, head of life sciences at Mubadala, according to the […] February 6, 2024
Exclusive Health Dubai hospitals are ailing in saturated healthcare market The general healthcare sector in Dubai is buckling under saturation, with weaker operators shutting down or battling financial woes, Dr Azad Moopen, the founder and chairman of Aster DM Healthcare, told AGBI. The healthcare sector in the emirate faces a challenging economic climate, marked by stubborn inflation, high interest rates and slow growth. The introduction […] February 6, 2024
Economy UAE and India to sign new investment treaty Indian Prime Minister Narendra Modi and UAE President Mohammed bin Zayed Al Nahyan are to sign a bilateral investment treaty (Bit) during the former’s visit to the emirate this month. The UAE is India’s third-largest source of foreign direct investment and the seventh-largest trade partner. The Indian government cleared the treaty on February 1, after which the […] February 5, 2024
Tourism Emirates visa on arrival ‘huge’ boost for Indian visitors Emirates airline has introduced a pre-approved 14-day single-entry visa on arrival for Indian travellers. Industry experts told AGBI the initiative will open up a fresh segment of travellers to Dubai and revive plateauing tourist inflow from India, while also helping Emirates compete against more economical Indian airlines. The service is designed to expedite the entry […] February 1, 2024
EXCLUSIVE Health Dubai mulling ratings for hospital performance, says Aster founder Dubai is considering the introduction of performance ratings for healthcare providers, Dr Azad Moopen, the founder and chairman of Aster DM Healthcare, has told AGBI. The system would allow operators to adjust their insurance tariffs – the prices that insurers agree to pay for medical services or procedures – based on their classification, providing an […] January 31, 2024
Employment UAE reverses stance on diversity rule for visas The UAE Ministry of Human Resources and Emiratisation has reversed its stance on a demographic diversity rule, previously cited by companies as the cause for multiple work visa rejections based on nationality. The policy is still expected to be implemented at a later date. AGBI recently reported that businesses in the UAE were encountering difficulties […] January 25, 2024
Opinion Trade Pressing of palms is at the heart of UAE-India ties A deeply rooted mercantile ethos underpins today’s relationship between the two nations January 24, 2024
Opinion Oil & Gas Houthi strikes have little impact in a world awash with oil Oil prices are sticking at $75-80 despite rising security risks January 15, 2024
Retail UAE’s LuLu to build India’s largest shopping mall for $483m The UAE retail conglomerate LuLu Group is to develop India’s largest shopping mall, in Ahmedabad, Gujarat, for an estimated cost of 40 billion rupees ($482.67 million). The construction for the proposed shopping mall will start this year, Asian News International (ANI) news agency reported, quoting comments by Yusuff Ali MA, chairman and managing director of […] January 14, 2024
Infrastructure DP World to invest $3bn to develop new ports in India Dubai’s DP World plans to invest $3 billion to develop new ports, terminals and economic zones in India’s western state of Gujarat over the next three years. The memorandums of understanding (MoUs) include the development of multi-purpose deep-draft ports in south and western coasts of Gujarat; special economic zones in Jamnagar and Kutch; and cargo […] January 11, 2024
Analysis Trade Oman and India accelerate talks on trade deal Oman and India have scheduled a third round of talks next week as they seek to complete a free trade agreement. The negotiations, which began in late November in New Delhi, are “progressing well” with two rounds completed in a matter of weeks, according to officials. Bilateral trade reached $12.4 billion in the financial year […] January 10, 2024
Oil & Gas Indian refiners seek more Saudi oil after price cut Two Indian state refiners plan to increase crude imports from Saudi Arabia after Saudi Aramco cut the official selling price (OSP) for its flagship crude for February. Indian Oil Corporation (IOC) and Bharat Petroleum Corporation are exploring the option of importing an additional one million barrels of oil each from Saudi Aramco next month, Reuters […] January 10, 2024
Analysis Trade Gulf’s pivot to Asia set to keep on rolling in 2024 2023 has been the year of the comprehensive economic partnership agreement, better known as the Cepa, as the UAE seeks to increase non-oil trade to $1.1 trillion (AED4 trillion) by 2031. The Emirates has seven deals in the bag and several more in the pipeline – and like many of its Gulf neighbours, it is […] December 27, 2023
Analysis Banking & Finance Mena remittances fall as Egyptians swerve official channels Remittances to Middle East and North African countries are forecast to fall by 5.3 percent to about $61 billion in 2023. The drop in the World Bank’s figures is driven by a sharp decline in recorded money transfers to Egypt, which is the region’s largest recipient. A “large part of remittances” to Egypt probably went […] December 19, 2023
Aviation India’s newest airline awaits nod to start GCC flights Akasa Air, India’s newest airline, is currently awaiting approval from the governments of Saudi Arabia, Qatar and Kuwait to launch operations to the Gulf states, according to a media report. “It’s going to be another few months. We’re hoping another three to four months. But we are a little dependent in terms of permissions we (need […] December 11, 2023
Tech No need to fear AI, says Indian music legend New technologies such as artificial intelligence should be embraced, famed Indian composer A.R. Rahman said at the Red Sea International Film Festival in Jeddah this week. “It’s not new… human beings are constantly evolving, they will rise up to something that they can do.” AI has become something of a bogeyman in people’s minds, but […] December 8, 2023
Opinion Aviation Air India’s protectionism could alienate the Gulf India's national carrier has lashed out at the region – but it may come to regret it December 5, 2023
SPECIAL REPORT Infrastructure After stops and starts, GCC rail is back on 2030 timetable In the same week that Dubai announced a 30km extension of its metro network, Kuwait revealed that its $20 billion four-line metro project is to be cancelled. If anything sums up the difficulties associated with connecting the GCC countries by rail, then it is this. Kuwait’s metro hit the buffers as a result of “significant […] December 5, 2023
Finance Egypt and India explore local currency trade settlement Egypt discussed with India’s ambassador to Egypt the possibility of entering Indian financial markets, Egypt’s finance ministry said in a statement on Tuesday. “The two sides discussed ways to encourage the use of national currencies to settle payments,” in a meeting between Egyptian finance minister Mohamed Al Maait and ambassador Ajit Gupte, the statement said. […] November 15, 2023
