Page 6 - India Uae

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-UAE joint military exercise 'Desert Cyclone' underway in Rajasthan

The exercise will enhance cooperation and interoperability between both sides during peacekeeping operations

India, UAE begin 2-week military exercise 'Desert Cyclone' in Rajasthan

Armies of India and the United Arab Emirates (UAE) on Tuesday kick started the inaugural edition of a two-week military exercise in Rajasthan's Mahajan area, reflecting the growing defence engagement between the two countries. The exercise 'Desert Cyclone' is aimed at enhancing interoperability in sub-conventional operations in desert and semi-desert terrains under the broader framework of UN charter on peacekeeping operations, the Indian Army said. It is for the first time that the two armies are holding such a mega military exercise. It will culminate on January 15. The UAE contingent is being represented by troops from the 'Zayed First Brigade'. The Indian Army team comprising 45 personnel is mainly from the Mechanised Infantry Regiment. "The aim of the Exercise is to enhance interoperability in Sub-conventional Operations including Fighting in Built-Up Area (FIBUA) in desert/ semi-desert terrain under Chapter VII of the United Nations Charter on Peacekeeping Operations," the A

India makes first-ever rupee payment for the purchase of crude oil from UAE

India spent $157.5 billion on importing 232.7 million tonnes of crude oil with West Asia contributing 58% of all supplies

First rupee payment for oil to UAE: Looking for more deals, say officials

India's first-ever payment in rupees for crude oil purchased from the UAE is helping the world's third largest energy consumer push for taking the local currency global, as it looks for similar deals with other suppliers, officials said, adding internationalisation is a process and there are no targets. With the nation more than 85 per cent dependent on imports for meeting its oil needs, India has been pursuing a three-pronged strategy of buying from the cheapest available source, diversifying sources of supply and not breaching any international obligation like the price cap in case of Russian oil. While the strategy helped save billions of dollars, when it ramped up imports of Russian oil that was shunned by some in West post Ukraine war, it is looking to settle trade in rupees instead of dollars in a bid to cut transaction costs by eliminating dollar conversions. India in July signed an agreement with the UAE for rupee settlement and soon after Indian Oil Corporation (IOC) made .

India to observe one day state mourning following demise of Kuwait emir

The government has announced one-day state mourning on Sunday following the demise of Emir of Kuwait Sheikh Nawaf Al-Ahmad Al-Jaber Al-Sabah. The ruling emir died on Saturday at the age of 86. In a communication to all states, the Union home ministry said during the period of state mourning on December 17, the national flag will fly half mast where it is flown regularly throughout India and there will be no official entertainment. "His Highness Sheikh Nawaf Al-Ahmad Al-Jaber Al-Sabah, the Amir of the State of Kuwait, passed away on December 16, 2023. As a mark of respect to the departed dignitary, the government of India has decided that there will be one day's state mourning on December 17," the communication said. "On the day of mourning, the national flag will be flown at half mast throughout India on all buildings where the national flag is flown regularly and there will be no official entertainment on the day," it said.

Indian officials in Muscat to negotiate free trade pact with Oman

It is learnt that the department of commerce has set an internal deadline of finalising the deal by month-end

India may buy more oil from UAE in the coming months after COP talks

Under pressure of russian crude, shipments from UAE has fallen 65 per cent in FY24 so far

India's engineering exports surge in US, Saudi Arabia, and UAE in October

The value of engineering exports to the US in October was $1.39 billion, up 2.2 per cent year-on-year, while shipments to the UAE rose 2.9 per cent to $348.6 million

PM Modi to attend UN climate talks in UAE from Nov 30 to Dec 1: Report

Prime Minister Narendra Modi will attend the UN climate talks in Dubai on November 1 and deliver a national statement highlighting India's climate action, sources said on Friday. The prime minister will reach the UAE on November 30, deliver India's national statement during the United Nations' World Climate Action Summit on December 1 and return the same day, a source told PTI. The World Climate Action Summit on December 1-2 will see heads of states and governments, leaders from civil society, business, youth, indigenous peoples' organizations, frontline communities, science and other sectors discussing actions and plans aimed at scaling climate action. Modi has been championing Lifestyle for Environment (LiFE movement), urging countries to adopt planet-friendly living practices and move away from deeply consumerist behaviours. Recognising the criticality of this decade (2021-2030) for climate action, there's a call for rebalancing consumption patterns between the Global North and

TRQ holders in India-UAE pact can import gold via IIBX bullion exchange

Indian jewellers having a valid license to import a specified quantity of gold at concessional customs duty from the UAE, under the free trade agreement, can import it through bullion exchange IIBX, according to a government notification. The Directorate General of Foreign Trade (DGFT) notification also said that those companies can obtain the physical delivery of the consignment through IFSCA (International Financial Services Centres Authority) registered vaults located in special economic zones, as per the authority's guidelines. The India-UAE free trade agreement, which came into force in May 2022, provides one per cent duty concessions to domestic importers on a specified quantity of gold under TRQ (tariff rate quota) provisions of the pact. The DGFT provides TRQ certificate to companies for imports and they are also notified by IFSCA. "Valid India UAE TRQ holders as notified by IFSCA can import gold through IIBX against the TRQ and can obtain physical delivery of the same thro

About 3,500 exhibitors to showcase products at int'l trade fair from Nov 14

As many as 3,500 exhibitors from India and other countries like UAE, Iran and Thailand will showcase their products during the 14-day international trade fair, beginning here at Pragati Maidan on Tuesday. With the theme 'Vasudhaiva Kutumbakam - United by Trade' the 42nd edition of the India International Trade Fair 2023 (IITF) will witness the participation of all states and Union territories, India Trade Promotion Organisation (ITPO) said in a statement. Pragati Maidan is under the administrative control of ITPO, an arm of the commerce ministry. "With nearly 3,500 exhibitors from both India and abroad, IITF 2023 occupies an expansive 110,000 square meters," it said. Partner States for this event are Bihar and Kerala, while Delhi, Jammu and Kashmir, Jharkhand, Maharashtra and Uttar Pradesh are the Focus States. Representatives from 13 countries, including Afghanistan, Bangladesh, Oman, Egypt, Nepal, Thailand, Turkiye, Vietnam, Tunisia, Kyrgyzstan, Lebanon, Iran and UAE are ...

NPCI Int'l to develop UAE's domestic card scheme in partnership deal

Scheduled to launch in early 2024, the DCS will aim to facilitate the growth of e-commerce and digital transactions in the United Arab Emirates

Huge demand for Indian chicken, basmati rice in Middle East: UAE industry

Seeking Indian government support for imports, the UAE food industry said that huge demand is there in the Middle East countries for chicken, dairy, basmati rice, frozen marine goods and wheat products from New Delhi. The UAE industry has sought the support of the Indian government in smooth certification processes, more coordination with Agricultural & Processed Food Products Export Development Authority (APEDA), and harmonisation of standards. They also said that high quality packaging of Indian products would help boost New Delhi players to increase exports of food and food products in countries like Bahrain, Kuwait, the Sultanate of Oman, Qatar, Saudi Arabia and the United Arab Emirates (UAE). Commerce and Industry Minister Piyush Goyal, who was in the UAE, last week held detailed discussions with these importers and discussed ways to increase exports from India. "There is huge scope for India to export frozen products in these countries," Global Food Industries LLC Head of ...

India, UAE to discuss investment related challenges as FDI decline in India

The first half of the 2023 calendar year witnessed a 37 per cent drop in FDI equity inflows, totalling $20.21 billion, compared to the same period the previous year

NPCI International to sign pact with Al Etihad Payments of UAE on Oct 5

NPCI International Payments Ltd, the international arm of the National Payment Corporation of India, will ink an agreement with Al Etihad Payments on Thursday in Abu Dhabi to facilitate cross-border transactions, an official said. The MoU (Memorandum of Understanding) will be signed on development of domestic card scheme of UAE based on India's RuPay debit and credit card stack, the official added. The agreement will be signed in the presence of Commerce and Industry Minister Piyush Goyal, who is leading a business delegation to Abu Dhabi from October 5 to October 6. Goyal will co-chair the eleventh meeting of India-UAE High-Level Task Force on Investments along with Sheikh Hamed Bin Zayed Al Nahyan, Managing Director of Abu Dhabi Investment Authority. The meeting will be attended by Mohamed Hassan Alsuwaidi, Minister of Investment, MD and CEO of ADQ; Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade; Khaled Mohamed Balama, Governor of the Central Bank of the UAE; and

1st crude oil transaction in local currency undertaken between India-UAE

This is India's first-ever LCS and is expected to reduce transaction costs and time and increase reliance on local currencies

Top headlines: Can Tesla sell a Rs 20L electric car, FTA with UAE, and more

Business Standard brings you the latest headlines at this hour

First year of FTA with UAE: India's fuel exports grow faster than non-fuel

The trade deal is expected to benefit almost 90 per cent of India's exports, in terms of value

India, UAE will keep working closely to further global good: PM Modi

Before PM Modi departed for New Delhi, Foreign Secretary Vinay Mohan Kwatra said the trip was short but very significant, a landmark in the partnership between India and the UAE