Gulf Cooperation Council

Southeast Asian nations want to discuss tariffs with Trump: Malaysia PM

Southeast Asian nations will forge a common front to face challenges including economic headwinds from US tariffs and a four-year civil war in Myanmar, Malaysian Prime Minister Anwar Ibrahim said Monday. Opening an annual summit of the Association of Southeast Asian Nations, Anwar said he is seeking a unified bloc meeting with US President Donald Trump to discuss the tariffs. Officials are hopeful it could happen later this year. Malaysia is the current chair of ASEAN. For ASEAN, our peace, stability and prosperity have often depended on an open, inclusive, rules-based international order... These foundations are now being dismantled under the force of arbitrary action," Anwar said. ASEAN has formed a taskforce to coordinate a response to the U.S. tariffs in parallel with bilateral negotiations by some member countries, Anwar said. ASEAN members include bigger economies such as Singapore, Indonesia, Malaysia, Thailand and the Philippines, as well as ones like Vietnam, Cambodia, Laos

Remittances to India from advanced economies surpass Gulf inflows: RBI

Indian migrants in the Gulf Cooperation Council (GCC) countries account for around half of the total Indian migrants in the world

Kerala MP raises concerns of Indians in GCC in RS, seeks inclusive policy

P Sandosh Kumar, CPI MP from Kerala, raised the challenges being faced by the Indians residing in six countries under the Gulf Cooperative Council and demanded a comprehensive policy on workers going abroad in the Rajya Sabha on Friday. Raising the issues during the Question Hour, Kumar said that the GCC, which consists of six countries in the Middle East, has a very huge Indian population and there is an urgent need for a comprehensive and pragmatic policy for them as they are contributing immensely to strengthen the Indian economy. According to Kumar, Indians living in GCC countries are 93,72,076 as per the answer furnished by the government in the House in December last year and out of these, 27 per cent are from Kerala. Pointing out some major issues, he said that airfare hikes, especially during the season, have become a menace for the Parvaasi community. "This has become a source of exploitation for aviation companies. Our aviation ministry has become a mute spectator to this

Public finances of GCC countries witness surplus in 2022, 2023: GCC-Stat

The reports issued by Credit rating agencies also signalled an improvement in the sovereign bond rating of the GCC countries in 2023

Gulf Cooperation Council calls for immediate ceasefire in Lebanon

The Secretary-General of the GCC, Jassim Mohammed Al-Budaiwi, reaffirmed in a statement the GCC's consistent support for the Lebanese people

Aster DM's deal to separate India and GCC businesses nears completion

In November 2023, Aster DM had received corporate approvals to separate its India and Gulf Cooperation Council (GCC) businesses into two distinct and standalone entities

Sundaram Alternates looks to raise Rs 1,000 cr from global investors

Sundaram Alternates Assets (SAA), the private equity arm of Sundaram Finance Group, plans to raise about Rs 1,000 crore from global investors to fund green real estate projects in India. "This move reflects our commitment to build on our own track record, depth of underwriting and risk management skills in the ever-evolving landscape of Indian real estate credit market," Sundaram Alternates Assets managing director Vikaas M Sachdeva told PTI here. In the past year, SAA has not only re-engineered its high-yield credit funds to generate real alpha from its performing credit business but has also adopted a robust ESG and climate impact framework as a significant investor initiative, he said. The firm is currently in the process of raising money from global investors including NRIs in the Gulf region through its Series IV real estate credit fund. "We are expecting to close the fund (Series IV real estate credit fund) at between Rs 1,000-1,200 crore to fund green real estate projects,"

Uttar Pradesh, Bihar, Rajasthan, Tamil Nadu send most workers to West Asia

Workers from Uttar Pradesh, Bihar, Rajasthan and Tamil Nadu constitute the majority of labour force from India in the construction industry in the Gulf Cooperation Council (GCC) countries, according to a report. Going by the data of Huntr, the UAE-based marketplace connecting migrant workers with enterprises, Uttar Pradesh, Bihar, Rajasthan, and Tamil Nadu are the highest contributors to the migration of construction workers from India to the GCC countries. Workers with proficiency in construction skills such as masonry, carpentry, plumbing, electrical works, and welding and having prior experience in construction projects, are highly valued by the industries in the GCC countries, the report stated. Further, the report revealed that certifications from the National Skill Development Corporation India (NSDC) and good physical fitness are essential as well for workers who work in the GCC region. Workers with basic communication skills in English and adaptability to different working

India, Oman free trade agreement likely to be inked next month: Official

The negotiations for the proposed free trade agreement (FTA) between India and Oman are moving at a fast pace and the pact is likely to be signed next month, a senior government official said. Officials of the two countries concluded the second round of talks for the pact, officially dubbed as Comprehensive Economic Partnership Agreement (CEPA) earlier this month in Muscat. "With Oman, there is a very good progress and both sides are very eager to conclude this deal. It may be signed in January 2024," the official said. The negotiations on the text of most of the chapters have been concluded by both sides. Oman is India's third-largest export destination among the Gulf Cooperation Council (GCC) countries. The pact would help increase exports from India post the free trade agreement, as currently over 80 per cent of its goods enter Oman at an average 5 per cent import duties, and there are not many trade barriers. According to think tank GTRI's (Global Trade Research Initiative) ..

Quite a fast charge: Indian smartphone users world's top data consumers

The research is based on Ericsson's Mobility Report for 2023, which was released globally on Thursday

UP, Bihar replace Kerala as top contributor of workforce to GCC countries

The top five labour-sending states so far this year have been Uttar Pradesh, Bihar, Kerala, West Bengal, and Tamil Nadu, according to a study by Huntr

Bahrain Steel inks pact with KSA Green to supply iron ore to GSA project

Bahrain-based firm Foulath arm Bahrain Steel has collaborated with Essar Group's KSA Green Steel Project for supply of iron ore pellet to Green Steel Arabia (GSA) project. Through this partnership, the Bahrain Steel will deliver four million tonnes of DR-grade pellets per annum (mtpa) to Essar Group, a statement said. The Bahrain Steel is the only (Gulf Cooperation Council) GCC-owned pellet producer and leading supplier of high-quality DR grade pellets to all integrated steel producers in the region, it stated. "Foulath Subsidiary, Bahrain Steel, a leading producer, and global supplier of high-grade iron-ore pellets, has partnered with multinational conglomerate Essar Group in the supply of iron ore pellets to the Green Steel Arabia (GSA) project. The Letter of Intent (LOI) signing ceremony was held on Wednesday, 16th August 2023, in Jubail, Saudi Arabia. Dilip George, Group CEO of Foulath Holding, said in the statement,"Bahrain Steel's LOI with Essar for the supply of 4 million .

Hope India-Gulf Cooperation Council FTA becomes a reality: Official

India and the Gulf Cooperation Council have resumed talks for concluding a free trade agreement which is expected to bring new business opportunities for both sides, a top Indian official said on Wednesday as he expressed hope that the deal would soon become a reality. Secretary (Consular, Passport & Visa and Overseas Indian Affairs) in the Ministry of External Affairs Ausaf Sayeed also shared that India is in discussion with its bilateral partners with regard to alternate payment mechanisms like rupee trading and barter trading "especially under the new circumstances where most countries are facing challenges of foreign currency". GCC is a union of six countries in the Gulf region -- Saudi Arabia, UAE, Qatar, Kuwait, Oman and Bahrain. The Arab region is the largest trading partner bloc of India with a trade exceeding USD 240 billion during financial year 2022-23. Of this, trade with GCC countries alone amounted to over USD 184 billion. The UAE remained India's third largest ...

Tech talent demand up in GCC, non-tech firms going digital in India: Report

The demand for tech talent has surged in GCC companies in India and other non-tech firms that are going digital as organisations are looking at rapid expansion across the country, according to a report. As per industry reports GCC (Gulf Cooperation Council) companies in India are rapidly growing in number and are estimated to employ over 3.6 lakh people in the country in the coming year, business service provider Quess Corp's Skills Report FY23 revealed. Therefore, it came as no surprise that India has become an important hub for GCC firms and other multinational companies to expand their footprint and seek innovation prospects in the country and this shift is also increasing regional diversity in the industry with a rapid expansion of tech talent footprint across tier II and III cities such as Jaipur, Coimbatore, Indore and Kochi. Interestingly, it said that about 20 per cent of the lateral movement from IT firms has been absorbed into GCCs and other non-tech firms that are going .

November launch missed, India-GCC trade talks likely to resume in March

Both sides were expected to launch trade negotiations in November last year

Won't allow sensitive issues to scuttle India-UK trade talks: Piyush Goyal

"With Canada, while they are also not much of a manufacturing base, we have to go into more details. With the UK, it's a manufacturing country on many products. So we have to do it very carefully"

As West Asia looks beyond America, Xi may be headed to Saudi Arabia

Xi will visit Saudi Arabia from Dec. 7-9, when he will take part in a regional summit with Saudi Crown Prince Mohammed bin Salman and other Arab leaders

If delay in FTA talks, GCC nations can join India-UAE trade deal

The clause was added to the agreement to encourage other countries to join the pact, making it a regional agreement, the sources said

India-GCC grouping expects to revive free trade agreement negotiations

Launch date of negotiation not divulged

India, Gulf council to launch free trade pact negotiations on Thursday

India and the Gulf Cooperation Council (GCC) will announce the launch of negotiations for a free trade agreement on Thursday, which aims at promoting two-way commerce and investments between the regions, an official said. GCC is a union of six countries in the Gulf region -- Saudi Arabia, the UAE, Qatar, Kuwait, Oman and Bahrain. India's exports to the GCC member countries grew by 58.26 per cent to about USD 44 billion in 2021-22, as against USD 27.8 billion in 2020-21, according to data from the commerce ministry. The share of GCC members in India's total imports rose to 18 per cent in 2021-22, from 15.5 per cent in 2020-21. Bilateral trade has increased to USD 154.73 billion in 2021-22, from USD 87.4 billion in 2020-21. "GCC officials will be here for the announcement," the official said. India has already implemented a free trade pact with the UAE in May this year. This would be a kind of resumption of FTA talks as earlier two rounds of negotiations had been held in 2006 and