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Mubadala in talks to buy stake in Indian hospital

Mubadala is in talks to acquire a stake of less than 10 percent in India’s Manipal Hospitals, in what could be the Abu Dhabi sovereign fund’s first investment in the booming Indian healthcare space, people with direct knowledge said. The fund is holding talks with Singapore’s Temasek, which spent $2 billion in April to raise […]

Cuisine in India and the Middle East is ‘incomplete without spices’, said Indian minister Piyush Goyal

India-Middle East-Europe corridor to revive spice route

Indian spices and spice products are likely to be the first commercial products to find their way through the new India-Middle East-Europe Economic Corridor (Imec), an Indian minister has said. Imec, announced last month at the G20 summit in New Delhi, India, aims to integrate railway routes and link ports along a route from India […]

Former MLB star Hanley Ramirez is one of the investors in Baseball United

Baseball stars line up to invest in Dubai league

Baseball United, the first professional baseball league focused on the Middle East and Indian subcontinent, has amassed a roster of investors before the Dubai league’s launch in November. Between them the investors boast a combined 222 Major League Baseball (MLB) seasons, 70 All-Star games and 14 World Series Championships. The line-up of former MLB stars […]

India says connecting its power grid to Saudi Arabia and the UAE will help it supply power to Europe

UAE seeks power grid connectivity with India

The UAE is looking to build grid connectivity with India, RK Singh, the new and renewable energy minister, said. Earlier this month, India and Saudi Arabia signed a memorandum of understanding on cooperation in the energy field, including grid connectivity. Connecting India’s power grid with Saudi Arabia and the UAE will help India supply power […]

Saudi investment minister Khalid Al Falih and Indian commerce and industry minister Piyush Goyal address the India Saudi Investment Forum in New Delhi

PIF to open Indian office as part of $100bn investment drive

Saudi Arabia’s Public Investment Fund (PIF) is planning to set up an office in India’s Gujarat International Finance Tec-City (Gift City), as part of the kingdom’s plan to invest $100 billion in the world’s fifth largest economy. Gift City is a special economic zone located in Gandhinagar in the Indian state of Gujarat, offering various […]

Saudi Crown Prince Mohammed bin Salman Al Saud, US President Joe Biden and Indian Prime Minister Narendra Modi shake hands at the G20 summit in New Delhi

India-Middle East-Europe transport link announced

World leaders have announced a shipping and rail transportation corridor linking countries across the Middle East, South Asia and Europe at the G20 summit in New Dehli, India, on Saturday. The India-Middle East-Europe Economic Corridor (Imec) aims to integrate railway routes and link ports along a route spanning from India to Europe, through the UAE, […]

India AMD

India’s Reliance explores chipmaking foray

Billionaire Mukesh Ambani’s Reliance Industries has begun exploring a foray into semiconductor manufacturing, a move that could address its supply chain needs and cater to growing chip demand in India, two people familiar with its strategy said. The telecoms-to-energy conglomerate, encouraged by the Indian government, has held early-stage talks with foreign chipmakers that have the […]

Gulf India rail port links deal

Gulf and India to discuss possible rail and port links

The US, Saudi Arabia, India and other nations are discussing a possible infrastructure deal that could reconfigure trade between the Gulf and South Asia, linking Middle Eastern countries by railways and connecting to India by port, according to US officials aware of the conversations. The talks, which have also included the UAE and Europe, may […]

UAE President Sheikh Mohamed bin Zayed Al Nahyan and Indian Prime Minister Narendra Modi met at Abu Dhabi in July

UAE president and Indian PM to meet at G20 summit

UAE President Mohammed bin Zayed is likely to hold a bilateral meeting with India’s Prime Minister Narendra Modi during the G20 summit in New Delhi over the weekend, Indian media reported. The UAE has been invited as a guest for the G20 summit by India, the host nation. Though not a state visit by the […]

Saudi Arabia hydrogen

Indian firm to invest $3.3bn in green hydrogen project

Indian renewable energy firm Acme Group will invest 270 billion rupees ($3.27 billion) to set up a green hydrogen and ammonia project at an industrial park being developed by a Tata Steel unit in Odisha state, the companies said on Friday. Acme Group will acquire 343 acres of land in Gopalpur Industrial Park, developed by […]

A Reliance Smart Bazaar retail store in Mumbai. The company has nearly doubled its valuation to $100 billion from its last funding round in 2020

Qatar to invest $1bn for 1% stake in Reliance Retail

Qatar Investment Authority will invest $1 billion for a 1 percent stake in India’s Reliance Retail Ventures, nearly doubling its valuation to $100 billion from its last funding round in 2020. Reliance Retail is India’s largest retailer and the retail arm of billionaire Mukesh Ambani’s Reliance Industries. It has been partnering with a slew of […]

India's onion harvest was hit by poor rainfall, so its government moved to protect domestic supply

Gulf’s many-layered reaction to India’s new onion export tax

Omani farmers could be one of the few beneficiaries of India’s decision to impose a 40 percent export duty on onions, while UAE restaurateurs are bracing for another hike in food costs. India is the world’s biggest exporter of onions, but a lack of rain this summer has affected harvests and prices have already risen […]

India AMD

US chipmaker AMD to invest $400m in India by 2028

US chipmaker Advanced Micro Devices (AMD) said on Friday it will invest around $400 million in India over the next five years and will build its largest design centre in the tech hub of Bengaluru. AMD’s announcement was made by its chief technology officer Mark Papermaster at an annual semiconductor conference that started Friday in […]

The deal with Acme Group boosts Oman's aim to become the Middle East's largest exporter of hydrogen

India’s Acme secures funding for Oman hydrogen project

Indian renewable energy company Acme Group has secured a loan of $490 million to finance a green hydrogen and ammonia project in Oman. The funding will come from Rec Limited, one of India’s largest green infrastructure financial institutions, and will be used for the first phase of the project. The facility will be established at […]

Taiwan’s Foxconn dumps $19.5bn chip venture in India

Taiwan’s Foxconn has withdrawn from a $19.5 billion semiconductor joint venture with Indian metals-to-oil conglomerate Vedanta in a setback to Prime Minister Narendra Modi’s chipmaking plans for India. The world’s largest contract electronics maker signed a pact with Vedanta last year to set up semiconductor and display production plants in Modi’s home state of Gujarat. […]

Middle East sovereign wealth funds see promise in India

Sovereign wealth funds across the Middle East are eyeing up opportunities in India as higher interest rates push emerging markets to the forefront for investors. The latest Invesco Global Sovereign Asset Management Study said that, while Europe and the US continue to hold allure, 100 percent of funds in the region viewed India as an […]

Architecture, Building, Factory

India expects EU carbon tax to hit steel and iron exports  

Already facing subdued demand from developed nations, India’s exports are likely to be hit by the European Union’s 20-to-35 percent tariffs on high-carbon goods such as steel, iron ore and cement, the finance ministry said in a report released on Thursday. In April, the EU approved the world’s first plan to impose a levy on […]

Nature, Outdoors, Plant

India’s 2023 wheat output 10% lower than estimates

India’s wheat harvest in 2023 is at least 10 percent lower than the government’s estimate, a leading trade body told Reuters, amid a sharp rise in local prices during the past two months. Lower wheat production for a second straight year could complicate New Delhi’s efforts to keep a lid on prices of the staple […]

Tesla’s Musk plans ‘significant investment’ in India  

Tesla chief executive Elon Musk said India’s Prime Minister Narendra Modi was pushing the car maker to make a “significant investment” in the country, adding that such an announcement was expected soon. His comments came after a meeting with Modi during the Indian leader’s state visit to the United States. A source previously told Reuters […]

India's Piyush Goyal and UAE's Thani Al at 'INDIA-UAE CEPA' Bilateral Business Engagement trade meeting

India predicted to be central to Saudi and UAE exports

India is forecast to be one of the fastest growing export corridors for both Saudi Arabia and the UAE over the next decade. The Future of Trade report by Standard Chartered projects that global trade will reach $32.6 trillion with a growth rate of 5 percent by 2030.  The combined value of exports from the […]