Tag: UAE

Rupee-Dirham trade, gold cooperation and $100 billion non-petroleum trade by 2030 among India-UAE bilateral targets

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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India and UAE are looking to expand non-petroleum bilateral trade to over $100 billion by 2030, India’s Minister for Commerce and Industry said to media on Monday.

Addressing a joint press conference after the first meeting of the Joint Committee of the India-UAE Comprehensive Economic Partnership Agreement (CEPA), Piyush Goyal said that smooth implementation of the agendas will help both the countries achieve significant milestones in future with a focus on areas like MSMEs, start-ups, women entrepreneurs and the service sector.

Stating that both the sides have discussed several areas to expand mutual collaboration to set new targets, he pointed out that the Reserve Bank of India (RBI) and UAE’s Central Bank have been in active dialogue to operationalise Rupee-Dirham trade, as both sides hope to witness developments soon on this front with digital technologies becoming a part of the trade framework.

Clarifying that UAE isn’t a channel for Commonwealth of Independent States (CIS) or any other group of countries, Goyal stated that as an important trading hub UAE’s infrastructure allows it to trade with many nations across continents and urged Indian exporters to leverage the opportunities offered.

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UAE’s Minister of State for Foreign Trade, Dr. Thani Al Zeyoudi said that while a sharp decline was noted in global trade in Q3 and Q4 of 2022, the India-UAE CEPA led to a growth in Indian exports to the UAE in gems and jewellery, textiles, agriculture, footwear and automobile sectors, and a rise in import of iron and steel, Aluminum and polymers from UAE from India.

With both sides looking to establish a council for businesses at both sides to focus on specific business areas, Zeyoudi said that central banks from both the countries are currently holding discussions for rupee trade, details of which will be announced after a formal document is signed.

Pointing to the UAE’s position as India’s second largest gold supplier after Switzerland, Goyal said that India has already given concessions for gold import and is operationalising the concession as some issues had to be resolved.

He added that Indian gold jewellery has a huge market in the UAE as part of the mutually beneficial partnership which both sides are looking to expand in due course.

With the Rs. 2,000 currency notes continuing to be legal tender, Goyal assured that the government’s decision on the note didn’t impact bilateral trade through banking channels in any way.

Explaining that India’s pharmaceutical, textiles and furniture sector can be a large supplier to the UAE, Goyal pointed to India’s significant capacity in crude refining and ability to efficiently process lower grades of crude oil as he requested the gulf kingdom to look at sourcing refined crude from India.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Tanla Platforms expects significant revenue boost from new acquisition

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Tanla Platforms to acquire a company called ValueFirst India for Rs 346 crore. ValueFirst is India’s third-largest CPaaS player. CPaaS stands for Communication Platform As A Service. Tanla is also set to acquire ValueFirst’s West Asia business.

In an interview with CNBC-TV18, Uday Reddy, Chairman and CEO of Tanla Platforms, said that the largest acquisition to date is expected to propel the company’s market share and revenue growth to new heights.

He said, “It’s an attractive acquisition from a valuation point of view. We are acquiring at a 7x multiples of EBITDA, where I see so much potential for revenues and profitability improvement.”

The acquisition of ValueFirst marks a significant milestone for Tanla Platforms. As one of the leading players in the communication and customer experience management space, ValueFirst has established a strong foothold in the market. The company boasts an impressive revenue of Rs 950 crore, with the incremental revenue to Tanla expected to reach Rs 650 crore. This substantial increase in revenue will undoubtedly bolster Tanla’s financial performance.

Talking about market share, Reddy said that with the integration of ValueFirst’s operations, Tanla anticipates a considerable expansion of its market share. Currently, Tanla Platforms holds a significant position in the industry, and this acquisition will further strengthen its position, pushing its market share to an impressive 35 percent. This move will position Tanla as a formidable player in the market, capable of delivering comprehensive communication and customer experience solutions.

The acquisition of ValueFirst is not only expected to impact the domestic market but also extend its influence on an international scale. Post-acquisition, Tanla is projected to secure a market share of around 10 percent in the United Arab Emirates (UAE).

For more details, watch the accompanying video.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

India, France, UAE begin joint maritime exercise in the Gulf of Oman

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The navies of India, France and the United Arab Emirates have carried out a two-day mega wargame in the Gulf of Oman reflecting their growing cooperation to deal with challenges in the maritime sphere. It was the first edition of the wargame involving navies of the three countries, officials said on Thursday.

Indian Naval ship INS Tarkash, French ship Surcouf, French Rafale aircraft and the UAE Navy’s maritime patrol aircraft participated in the exercise that began on Wednesday. “The exercise featured a wide spectrum of naval operations such as surface warfare, involving tactical firing and drills for missile engagements on surface targets, helicopter cross deck landing operations, advanced air defence exercise and boarding operations,” said an Indian Navy official.

The official said the exercise aimed to enhance trilateral cooperation between the three navies and pave the way for adopting measures towards addressing traditional and non-traditional threats in the maritime environment.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

India to issue new gold TRQ under UAE pact, assures of no revenue loss or favouritism

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The DGFT has decided to open a fresh window to invite new applications for Gold Tariff Rate Quota (TRQ) to be notified under the India-UAE CEPA.

The Gold TRQ will be allocated to all new and old applicants as per revised guidelines. DGFT maintained that any apprehension of favouring 78 jewellers is unfounded, pointing to the decision taken on 31st March 2023 when India acceded to UAE’s request to remove restrictive criteria like allocation of Gold TRQ to only jewellery manufacturers and allowed all importers to avail the scheme.

On 29th December 2022, DGFT had invited applications for TRQ for FY 2023-24 with an application deadline of 28th February 2023, when 78 applications were received and a preliminary EFC (Exim Facilitation Committee) meeting was held on 23rd March 2023 to provisionally allocate TRQ.

The India-UAE CEPA came into force on 19th May 2022, as both nations exchanged tariff concessions on products of mutual export interest. UAE had offered tariff concessions to India on over 97% of its tariff lines amounting to 99% of trade in value terms, apart from an immediate zero duty market access for export of gold jewellery from India (current duty in UAE is 58).

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The conditions of the notification have been discussed with the Department of Revenue to allow more broad-based participation, and the application process will not materially benefit a group or a section of applicants.

The India-UAE CEPA was signed in 2020, and it provides for several benefits to Indian exporters, including preferential treatment in sectors such as textiles, agriculture, and marine products. The revised guidelines for Gold TRQ under the CEPA are expected to further boost trade between India and the UAE.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Who is Chrisann Pereira who has been released from UAE jail for drug smuggling case

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Mumbai-based actor and model, Chrisann Pereira, who was arrested in the United Arab Emirates (UAE) on charges of drug possession, has been released from jail. She was allegedly tricked by two men who planted drugs on her and sent her to Sharjah under the pretext of an ‘audition’ while promising her a role in a Hollywood web series, news agency PTI reported.

The actress was apprehended at Sharjah airport on April 1 after a small quantity of a drug was found concealed in a memento given to her to hand over to someone in the UAE.

After reviewing the case details, the concerned authorities went through the related documents forwarded to them by the Mumbai Police, leading to the release of Chrisann on Wednesday night.

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According to an Indian Express report, Pereira’s father grew suspicious after she reached Sharjah and discovered that no one was there to pick her up and no room had been booked in her name. Her father advised her to approach the police for help, but when the authorities found drugs in the memento, Pereira was arrested.

Following the drug-smuggling case involving Pereira, the Mumbai Crime Branch apprehended two individuals accused of framing her. The suspects have been identified as Anthony Paul, a resident of Mumbai’s Borivali, and his accomplice Rajesh Babhote, also known as Ravi, who hails from the Sindhudurg district of Maharashtra.

Who is Chrisann Pereira?

Chrisann Pereira is a 27-year-old actress and model from Mumbai. She has appeared in various plays, web series, and movies, including the Mahesh Bhatt-directed Bollywood movie ‘Sadak 2’.

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Pereira’s most notable roles to date have been in supporting characters in Sadak 2 and Batla House. She has also acted in web series like Thinkistan and Murder in Agonda, where she shared screen space with Lillete Dubey. Pereira received a Bachelor’s degree in Mass Communication from the HR College of Commerce and Economics in Mumbai.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Qatar and UAE in process of restoring diplomatic ties, reopening embassies

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Qatar and the United Arab Emirates (UAE) are restoring diplomatic ties and reopening embassies, officials said on Tuesday, more than two years after Arab states ended a boycott of Doha that had shattered the Western-allied Gulf Arab bloc.

“At present, the activation of diplomatic ties, which will include the reopening of embassies, is under process between both countries,” a UAE official said in a statement in response to a question from Reuters.

Qatar’s international media office, in a statement, confirmed that “work is underway to reopen the respective embassies as soon as possible”.

A Gulf official said embassies were expected to reopen with new ambassadors in their posts by mid-June. A fourth source said diplomatic relations would be fully restored within weeks.

The restoration of ties comes amid a broader regional push for reconciliation with Iran and Saudi Arabia agreeing last month to re-establish relations after years of hostility, which threatened instability in the Gulf and stoked the war in Yemen.

Several Arab countries, including Saudi Arabia and Egypt, have moved to end a decade-long isolation of Syria, which had been boycotted over its crackdown on protests in 2011 – violence that led to a protracted civil war.

In Yemen, the Houthi movement and Saudi Arabia held a round of peace talks this week, exchanging hundreds of detainees, a significant peace-building move in a conflict widely seen as one of several proxy wars between Saudi Arabia and Iran. Further peace talks are expected soon.

In mid-2017, Saudi Arabia, the UAE, Bahrain and Egypt severed all ties with Qatar over accusations it supported terrorism, a reference to Islamist groups, and was cosying up to Iran, accusations Doha denied.

Riyadh and Cairo were the first to reappoint ambassadors to Doha in 2021 after a Saudi-led deal to end the dispute, while Bahrain last week announced it would restore diplomatic ties.

All nations, with the exception of Bahrain, had restored trade and travel links with Qatar in early 2021, when the UAE had suggested resuming diplomatic ties would take time.

Relations between the UAE and Qatar warmed last year and leaders of both countries met face-to-face.

“The UAE’s foreign policy is primarily focused on building bridges, economic cooperation and regional de-escalation,” said the UAE official, who declined to be identified.

The Gulf official, speaking on condition of anonymity, said that late last month Qatari and Emirati officials agreed to restore diplomatic ties and that Abu Dhabi has informed Doha who its envoy would be. Qatar has yet to do the same, the official added.

In the Qatari capital of Doha this week, workers were laying new sidewalks outside the consular section of the UAE embassy and palm trees appeared to have been recently planted in the garden. Across the street, another UAE embassy building seemed abandoned, its garden overgrown and upstairs windows propped open.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

UAE president appoints son as Abu Dhabi crown prince

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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In a recent announcement, the President of the United Arab Emirates, Sheikh Mohammed bin Zayed Al Nahyan, has appointed his son, Sheikh Khaled, as the crown prince of Abu Dhabi, the capital of the Gulf Arab state.

Alongside this appointment, Sheikh Mohammed also named his other brothers, Sheikh Mansour bin Zayed Al Nahyan, Sheikh Tahnoun bin Zayed Al Nahyan, and Hazza bin Zayed Al Nahyan, as Vice President of the UAE, deputy rulers of Abu Dhabi, and national security adviser, respectively.

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Sheikh Mohammed, also known as MBZ, has been the ruler of Abu Dhabi and president of the UAE since May 2021, following the death of his half-brother Sheikh Khalifa bin Zayed.

MBZ has held significant power behind the scenes for years and played a key role in creating an anti-Iran axis with Israel, leading a realignment of the Middle East.

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Abu Dhabi is one of the wealthiest state investors in the world, controlling several sovereign wealth funds. It is also a major player in the region, known for its position as an OPEC oil producer.

Earlier this month, the emirate announced a reshuffle at the top of its two biggest state funds, with Sheikh Tahnoun being named chair of the Abu Dhabi Investment Authority (ADIA), and Sheikh Mansour taking over as chairman of Mubadala, Abu Dhabi’s second-biggest sovereign wealth fund.

With agency inputs.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

In J&K’s first FDI, Dubai’s Emaar to set up Rs 500 crore mall, IT towers in Srinagar

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Emaar Properties of Dubai is going to construct a 10 lakh square feet mall in Srinagar, making this the first foreign-direct investment (FDI) in Jammu & Kashmir. The bhoomi pujan (land worship) ceremony for the same was conducted in Srinagar on Sunday.

“Today is a historic day. With the bhoomi pujan of 10 lakh square feet Mall of Srinagar by Emaar, the first FDI in J&K has taken shape. Land has been provided to Emaar for IT towers in Jammu and Srinagar. These three projects will be developed at a cost of Rs 500 crore,” said Lieutenant Governor Manoj Sinha, as he addressed the India-UAE Investment Summit on Sunday.

With this, Sinha also highlighted the scope for private as well as foreign investments in various sectors in Jammu & Kashmir.

“J&K is witnessing a new technological revolution and we have started two Innovation and Invention centres where well-trained faculties & IT professionals are preparing future knowledge workers who will be the main force of Industry 4.0 to provide much needed human resources for the emerging market,” Sinha said.

He added that efforts are on to identify more land to ground all the proposals for investments that have been received. He said the land would be allocated within around two weeks from the date of the proposal’s submission.

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“The transparent regulatory framework and incentive structure will allow individual enterprise to prosper and to create a modern, globally competitive and humane industrial economy. In this journey of rapid industrialisation of Jammu & Kashmir, we are partners. I invite companies from across the world to set up shop in Jammu & Kashmir. We are ready to welcome you with open arms,” Sinha said.

Faizal Edavalath Kottikollon, chairman of UIBC-UC and KEF Holdings and Sharafuddin Sharaf, vice-chairman of UIBC also shared their views on the investment opportunities emerging in Jammu & Kashmir. “We are keenly working with the government of Jammu and Kashmir for investment and will be bringing a world class climate wellness resort in Jammu Kashmir,” Kottikollon said.

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On August 5, 2019, the Article 370 which gave Jammu & Kashmir its special status and barred persons from outside to acquire properties in the state, was abrogated. The state was bifurcated into Union Territories — Jammu & Kasmir and Ladakh.

The L-G said that J&K has made progress towards infrastructure development, modernisation as well as expansion of airports, highways and rail network, for ease of doing business and to enable faster economic growth.  “The path of reforms that we have embarked upon in the last three years is the outcome of a well-considered long-term comprehensive strategy to provide a conducive investment climate for domestic and foreign investments in J&K,” Sinha added.

Talking about the India-UAE Investor meet, he said it was a unique opportunity for a free and frank exchange of views on issues as well as opportunities for investment in Jammu & Kashmir.

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Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Dubai named cleanest city in the world by Global Power City Index

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Dubai has been named the cleanest city in the world for the third time in a row. Dubai has also earned its reputation as the world’s safest and most beautiful city, according to the Global Power City Index (GPCI) released by Japan’s Mori Memorial Foundation, Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai announced on Twitter.

Sheikh Mohammed emphasised the importance of cleanliness in a tweet, stating that it is a crucial aspect of civilization, culture, and faith. He expressed his commitment to keeping the city safe, stable, and prosperous.

The GPCI, published by Mori Memorial Foundation’s Institute for Urban Strategies, evaluates major cities worldwide based on their “magnetism”, and their overall ability to attract people, businesses, and capital from across the globe.

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“Dubai is the cleanest city in the world, according to the Global Cities Strength Index issued by the Mori Memorial Organization in Japan for the last 3 years. Cleanliness is a civilization. Cleanliness is a culture. Cleanliness is part of faith. Dubai is the safest city in the world, the cleanest in the world and the most beautiful, God willing. Let us keep it safe, stable and prosperous,” Sheikh Mohammed wrote on Twitter.

دبي المدينة الأنظف في العالم حسب مؤشر قوة المدن العالمية الذي تصدره منظمة موري ميموريال في اليابان لآخر ٣ أعوام .
النظافة حضارة .. النظافة ثقافة .. النظافة من الإيمان .. دبي المدينة الآمن عالمياً .. والأنظف عالمياً .. والأجمل بإذن الله.. لنحافظ عليها آمنة مستقرة مزدهرة .. pic.twitter.com/2I1VcMfOeg

— HH Sheikh Mohammed (@HHShkMohd) March 10, 2023

The GPCI evaluates cities based on six main categories: economy, research and development, cultural interaction, liveability, environment, and accessibility. Each category is further broken down into subcategories, and cities are evaluated based on a set of indicators that measure their performance in each category.

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Economy refers to a city’s business environment, economic vitality, and employment opportunities. Research and development measure a city’s innovation capacity, scientific output, and higher education institutions. Cultural interaction assesses a city’s cultural diversity, creative industries, and global outreach. Liveability takes into account factors such as safety, healthcare, education, and housing. Environment measures a city’s sustainability, natural environment, and air quality. Accessibility refers to a city’s transportation infrastructure, connectivity, and international links.

The GPCI is widely used by policymakers, academics, and businesses to gain insights into a city’s strengths and weaknesses. It provides valuable information for investors and businesses seeking to expand their operations globally, as well as for individuals looking to relocate or study abroad. The GPCI helps cities identify areas where they need to improve to become more competitive in the global marketplace.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Oil prices slump after report says UAE ‘planning’ OPEC exit

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Oil prices slumped on Friday after the Wall Street Journal reported that the United Arab Emirates had an internal debate about leaving OPEC and pumping more oil, but retraced some losses after a source told Reuters this was not true.

Brent crude futures were down 71 cents, or 0.8%, at $84.04 a barrel by 1456 GMT. U.S. West Texas Intermediate (WTI) crude futures dipped 57 cents, or 0.7%, to $77.59. Both benchmarks had dropped more than $2 earlier.

A source with direct knowledge of the matter told Reuters the report that the United Arab Emirates is considering leaving the Organization of the Petroleum Exporting Countries is ”far from the truth.”

Oil prices this week had been boosted by strong Chinese economic data, underpinning hopes for oil demand growth, but those gains were all but erased on Friday.

”The driver was the WSJ story, with concerns that this might impact the OPEC+ production (cut) deal. The UAE and Saudi Arabia are the two countries with significant spare capacity,” said UBS analyst Giovanni Staunovo.

In China, activity in the services sector expanded at the fastest pace in six months in February and Manufacturing activity in China also grew. China’s seaborne imports of Russian oil are set to hit a record high this month.

The world’s top oil importer is becoming increasingly ambitious with its 2023 growth target, aiming as high as 6%, sources told Reuters.

The market broadly shrugged off a 10th consecutive week of crude stock builds in the United States, as record exports of U.S. crude made for a smaller increase than in recent weeks.

Meanwhile, analysts polled by Reuters expect the dollar to weaken in the next 12 months, which would make dollar-denominated oil cheaper for holders of other currencies.

On the central bank front, hawkish signals continue to emanate from the European Central Bank, with Governing Council member Pierre Wunsch saying its key interest rate could climb as high as 4% if underlying inflation remains high.

Also read: Oil prices head for weekly gain on China growth hopes

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow