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 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. Its oil producers are pursuing aggressive marketing strategies aimed at Southeast Asia and the Pacific region, where energy demand is growing. The Middle East accounted for 49 percent of global crude and condensate […] October 15, 2024
Banking and 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
Banking and 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
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
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
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
Opinion Banking and 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
