Page 3 - Gulf Countries

Ships transiting the Gulf, Western Indian Ocean should stay alert: Ambrey

Ambrey said it had received information that indicated an "Israeli military strike" was conducted on Isfahan, Iran

Dubai floods: IndiGo issues travel advisory amid unprecedented rainfall

As heavy rain lashes the Gulf nation, the Indian Embassy in Dubai emphasised on Thursday that they are in constant touch with UAE authorities and airlines

Kuwait to hold polls on Apr 4, latest round of voting after yrs of turmoil

Kuwait said Saturday it will hold elections for its national assembly on April 4, its latest round of voting after years of political turmoil. The state-run KUNA news agency made the announcement, citing a decree published by the oil-rich country's official gazette. In February, Kuwait's emir dissolved parliament after a lawmaker reportedly insulted the ruler. Domestic political disputes have been gripping Kuwait for years including the overhaul of Kuwait's welfare system which prevented the sheikhdom from taking on debt. That has left it with little in its coffers to pay bloated public sector salaries, despite generating immense wealth from its oil reserves. Parliament has been repeatedly dissolved after failing to move forward, with Kuwait's Constitutional Court in 2023 annulling a 2022 decree overturning another such annulment. The country's late emir then annulled that parliament again and held an election for a new parliament, which was annulled with the February ...

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,"

Interim Budget evokes mixed response from Indian business community in Gulf

India's interim Budget for 2024-25 received mixed reactions from the Indian business community in the Gulf with some hailing it as forward-looking and a vision statement for the journey from developing to a developed country by 2047 while others voiced disappointment over the absence of tax reliefs for individuals. Presenting a vote on account for 2024-25 in Parliament, Finance Minister Nirmala Sitharaman proposed no changes in income tax rates for individuals and corporations, as well as customs duty. She hiked capital expenditure to Rs 11.11 lakh crore for 2024-25 while trimming the fiscal deficit for this financial year to 5.8 per cent, from the budgeted 5.9 per cent of GDP, and further lowering to 5.1 per cent in the next fiscal. In the interim Budget 2024, there is a need to enhance digitalisation of tax return filing-linked procedures such as changing residency status, assessments and even alternative tax return verification systems linked to NRIs," said Deepak Bhatia, Managin

Gulf countries except UAE ban 'Fighter' movie, check full details here

Hrithik Roshan's Fighter movie is banned in the Gulf countries except for UAE. It was made with a budget of Rs 250 crore and is going to be released in theatres on January 25

Aster DM shareholders approve separation of firm's India, GCC businesses

Aster DM earlier announced plans to separate its India and Gulf businesses in a deal valued at $1 billion

Aster considering to pay 70-80% of $903 mn Gulf demerger money as dividends

The company said on Monday it plans to use the proceeds to pay shareholders between 110 rupees and 120 rupees per share as dividends

Red Sea crisis may nudge US buyers to source goods from East Asia

Indian exporters apprehend that unless the hostilities in the Red Sea end quickly, the buyers in the United States (US) will prefer East Asian sources

Voting advisory firm opposes Aster DM Healthcare's sale of Gulf business

IiAS raises concern over lack of clarity on the utilisation of sale proceeds of unit that contributes 75% of revenue

Indian stocks to get first ETF in Gulf region as UAE deepens ties

There were an estimated 3.5 million Indian expatriates in the United Arab Emirates as of 2021, comprising about 30% of the Gulf country's population

India's inward remittances in 2023 rise 12.3% to $125 billion: World Bank

India continues to be the highest recipient of remittances globally, followed by Mexico ($67 billion) and China ($50 billion)

Russian President Putin to visit Gulf countries for first time since 2019

Saudi Arabia, the UAE and Russia are all members of OPEC+, the alliance between the Organization of Petroleum Exporting Countries and other major oil producers

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

Gulf royal's $1.5 trillion empire draws global bankers, billionaires

Over the past few months, Sheikh Tahnoon bin Zayed Al Nahyan has gained control of the largest sovereign wealth fund in the United Arab Emirates, expanding the assets he oversees to almost $1.5 trn

Seeing positive trends in travel, investing in tech: MakeMyTrip Group CTO

Travel is back with a vengeance after the difficult Covid years and online travel company MakeMyTrip has moved beyond the traditional business-to-consumer segment to line up new offerings and new partners, says its group CTO Sanjay Mohan. Over the last few years, we have expanded beyond our usual B2C space, and have become a travel platform, offering travel products to channels outside of our popular, consumer-facing, travel super-app, Mohan told PTI, citing new features such as myBiz for corporate, myPartner for travel agents and myAffiliate for affiliate partners. Moving swiftly to capitalise on the Indian diaspora in the Gulf countries where the brand is quite well-known, MakeMyTrip has also entered the Gulf market, he said. MakeMyTrip, which has a total transacted customer base of over 60 million, continues to invest in technology at a steady pace, he added. "Even during the Covid years, we were investing in technology and building interesting use cases for the ...

Pak approves projects worth billions to Gulf countries for investment

In a major development, Pakistan has in principle approved 28 projects worth billions of dollars that would be offered to Gulf countries for investment with the long-term objective to reduce reliance on loans and imports. The newly established Special Investment Facilitation Council (SIFC) -- a hybrid civil-military forum is leading the drive to fast-track economic development to address the financial woes of the country. The list of the approved projects suggests that if all the schemes are picked up by countries, including Qatar, Saudi Arabia, the UAE and Bahrain, the quantum of investment under the SIFC banner can be greater than the USD 28 billion under the China-Pakistan Economic Corridor (CPEC), The Express Tribune reported. The approved schemes are in the food, agriculture, information technology, mines and minerals, petroleum and power sectors. They include cattle farms; the USD 10 billion Saudi Aramco refinery; explorations of copper and gold in Chagai; and the Thar Coal .

More than 66% of 1.34 crore NRIs live in Gulf countries: RTI reply

Of the estimated 1.34 crore Non-Resident Indians, more than 66 per cent are in the Gulf countries of UAE, Saudi Arabia, Kuwait, Qatar, Oman and Bahrain, the External Affairs Ministry has said in an RTI reply. The data is as of March 2022, said the ministry. AnI is an Indian citizen who is ordinarily residing outside India and holds an Indian passport. Nagpur-based banker Abhay Kolarkar said he had sought the data pertaining toIs and Persons of Indian Origin (PIOs) under Right to Information (RTI) a few months ago and the ministry's reply reached him in the last week of June. In its RTI reply, the ministry said that an estimated 1.34 croreIs live in 210 countries. Of these, 88.8 lakh overseas Indians live in six Gulf nations. While 34.1 lakhIs live in the United Arab Emirates, 25.9 lakh live in Saudi Arabia, followed by 10.2 lakh in Kuwait, 7.4 lakh in Qatar, 7.7 in Oman and 3.2 lakh in Bahrain. Kolarkar said he wanted the data to get a sense of the number ofIs who might be affect

PM Modi leaves for India after concluding day-long productive visit to UAE

Prime Minister Narendra Modi on Saturday concluded his day-long "productive" visit to the UAE during which he held bilateral talks with President Sheikh Mohamed bin Zayed al Nahyan. "Concluding a productive UAE visit. Our nations are working together on so many issues aimed at making our planet better. I thank HH Sheikh Mohamed bin Zayed Al Nahyan for the warm hospitality, Modi said on Twitter. The two leaders agreed to start trade settlements in local currencies, link the Fast payment systems of India and the UAE and open IIT-Delhi campus in the Gulf country. The Prime Minister departed for India after a banquet hosted in his honour by the UAE President. A visit defined by transformative outcomes. PM @narendramodi emplanes for New Delhi after wrapping up a successful visit to UAE, Ministry of External Affairs Spokesperson Arindam Bagchi tweeted.

Rs 2,000 currency note withdrawal creating chaos for Indians in Gulf

Several Indians in the Gulf nations are having a harrowing time ever since the Indian government decided to withdraw the Rs 2,000 notes from circulation, with a lot of them saying that the banking institutions in the region are claiming to be not aware of the policy change. On May 19, the Reserve Bank of India (RBI) made a surprise announcement of the withdrawal of Rs 2,000 currency notes but gave the public time till September 30 to either deposit the Rs 2,000 notes in accounts or exchange them at banks. The RBI said it had asked banks to stop issuing Rs 2,000 notes with immediate effect. In the UAE, Indians are facing a tough time getting Rs 2,000 notes exchanged. Among many is Firoza Sheikh (name changed on request) who landed in Dubai last week with her two children to join her husband for a month-long break. Days later, as she heard the announcement of the Rs 2,000 currency withdrawal, she rushed to an exchange centre to get the local currency equivalent of the eight notes of