Page 6 - West Asia And The Gulf

West Asia conflict may push up realty construction costs by 5% in near term

The escalating West Asia conflict is beginning to exert cost pressure on India's real estate sector, with material prices rising and industry leaders warning of a potential 5 per cent spike in construction costs if hostilities persist through April. Construction schedules are also likely to be affected because of shortage of materials and resources if the conflict prolongs. Harshavardhan Neotia, Chairman of Ambuja Neotia Group, said the crisis is triggering a "classic cost-push cycle" for real estate, with crude oil moving from sub-USD70 levels in February to well above USD 110120 per barrel in March and natural gas witnessing sharp spikes. "Early pressure is already visible across steel, logistics, and petrochemical-linked materials. If this persists, construction costs could rise meaningfully over the next 12 quarters, which may have a bearing on pricing going forward," Neotia said. Sushil Mohta, President of CREDAI West Bengal and Chairman of Merlin Group, struck a more immediat

Gulf allies urge Trump to keep fighting until Iran is decisively defeated

Gulf allies of the United States, led by Saudi Arabia and the United Arab Emirates, are urging President Donald Trump to continue prosecuting the war against Iran, arguing that Tehran hasn't been weakened enough by the monthlong US-led bombing campaign, according to US, Gulf and Israeli officials. After private grumbling at the start of the war that they were not given adequate advance notice of the US-Israeli attack and complaining the US had ignored their warnings that the war would have devastating consequences for the entire region, some of the regional allies are making the case to the White House that the moment offers a historic opportunity to cripple Tehran's clerical rule once and for all. Officials from Saudi Arabia, United Arab Emirates, Kuwait and Bahrain have conveyed in private conversations that they do not want the military operation to end until there are significant changes in the Iranian leadership or there's a dramatic shift in Iranian behaviour, according to the

Govt has taken steps to counter West Asia crisis impact: MoS Finance

The government has taken a host of measures to mitigate external risks, support the balance of payments, and maintain macroeconomic stability amid the ongoing West Asia crisis, Minister of State for Finance Pankaj Chaudhary said on Monday. In a written reply to a question in the Lok Sabha, Chaudhary said the government is consistently reviewing and closely monitoring the economic impact of the ongoing West Asia conflict at the highest levels and taking immediate corrective and facilitative measures as warranted. Seven new empowered groups have been constituted to undertake swift and far-reaching action on supply chains, petrol-diesel, fertilisers, gas and inflation. In addition, an Inter-Ministerial Group on supply chain resilience has been operationalised to monitor the situation and coordinate facilitation measures related to exports and imports. To a question on the extent by which the GDP growth and foreign investment is likely to be affected due to the crisis, Chaudhary said, .

Housing sales dip 13% across 9 cities in Q1 amid West Asia conflict: Report

Housing sales across nine major cities fell 13 per cent annually during January-March quarter to 98,761 units on lower fresh supply of inventories amid West Asia conflict, according to PropEquity. Real estate research firm PropEquity on Monday pointed out that the sales have fallen below 1 lakh units mark after 18 quarters. The nine major cities are Delhi-NCR, Mumbai, Navi Mumbai, Thane, Bengaluru, Pune, Hyderabad, Chennai and Kolkata. As per the data, housing sales fell 13 per cent to 98,761 units during January-March this year compared to 1,13,602 units in the year-ago period. The total sales in these nine cities declined 6 per cent from 1,05,527 units in the previous quarter (October-December 2025). Samir Jasuja, Founder & CEO of PropEquity said, "Housing sales continued to moderate in the first quarter of 2026 with Delhi-NCR and Bengaluru emerging as outliers. This reduction is on account of low supply across most cities. Close to 22,000 lesser units were supplied in Q1 2026 ..

Rupee breaches 95 per dollar, hits record low amid West Asia conflict

The rupee weakened past the 95 per dollar mark for the first time to 95.21 per dollar, falling 0.3% from the previous close

Air India and Express to operate 20 flights to and from West Asia today

All Air India flights to and from North America, Europe, Australia and other regions continue to operate per schedule

Iran parliament speaker warns severe retaliation against US ground invasion

Iran warns of severe retaliation against US ground forces as conflict escalates, with experts cautioning long-term global economic fallout from damaged energy infrastructure

Govt ramps up measures to ensure fuel, LPG supplies amid Hormuz disruption

The government has stepped up measures to secure fuel and gas supplies amid the closure of the Strait of Hormuz, while urging citizens to avoid panic buying as sporadic rushes were reported at fuel stations. In a statement, giving an update on developments following the war in West Asia, the oil ministry said refineries are operating at high capacity with adequate crude inventories, and stocks of petrol and diesel remain sufficient nationwide. Retail outlets are functioning normally, even as rumours triggered temporary spikes in demand in some states. "There were certain rumours, which led to panic buying at some retail outlets in a few states, resulting in unusually high sales and heavy crowding at retail outlets. However, it is informed that there are adequate stocks of petrol and diesel available at all petrol pumps in the country," it said. To boost domestic availability, the government has cut excise duty on petrol and diesel by Rs 10 per litre and imposed export levies of Rs .

West Asia conflict impact on India's economy likely significant: CEA review

It said that early high-frequency indicators for March 2026 suggest a moderation in economic momentum, reflecting the initial impact of these global developments

India warns of growth risks from Middle East conflict as energy costs rise

This is raising concerns over inflation and growth in ‌India, the government review said

'All united on national interest': Tharoor stresses unity amid Iran crisis

Tharoor stressed the importance of cooperation between the Centre and states, emphasising mutual respect and federal collaboration in addressing challenges

Strait of Hormuz opens to ships but marine covers to stay pricey

Insurance brokers say war-risk premiums will remain elevated as uncertainty persists in West Asia despite Iran allowing passage for non-hostile vessels through Hormuz

F1's Japanese Grand Prix will be last for 5 weeks amid West Asia war

The Japanese Grand Prix is only the third race of the new Formula 1 season, but it will be last one for five weeks with events in Bahrain and Saudi Arabia called off because of the war in Iran. The next F1 race is not until May 3 in Miami. Here's what we've learned so far from races in Australia and China with the Japanese GP set for Sunday: Mercedes and Ferrari have adapted best to Formula's 1 most radical change in power and chassis in more than a decade. George Russell and Kimi Antonelli have won each of the first two races, and Ferrari's Lewis Hamilton and Charles Leclerc have flip-flopped finishing third and fourth. Mercedes and Ferrari are the favorites on Suzuka's figure-eight circuit, located in central Japan and among F1's most storied venues. Suzuka is a vastly different circuit from Australia - a street course in Melbourne - and Shanghai, which resembles many of the newer Formula 1 venues. Suzuka is old-school - narrow, twisting with only one major straightaway for ...

Air India to run 22 flights to West Asia on March 27 amid high demand

All other Air India flights connecting to North America, Europe, Australia and other global regions will operate as scheduled

Gulf conflict may have global consequences like Covid, says Putin

Russian President Vladimir Putin on Thursday said no one, including the perpetrators of the Gulf conflict, can foresee its grave consequences for the world, comparable only to the Covid pandemic. Addressing the delegates of the congress of the powerful Union of Industrialists and Entrepreneurs (RSPP), the Russian leader said the escalation of the conflict incited by the joint US-Israeli attack on Iran has jeopardised a wide range of industries, and there's no telling what further consequences may follow. "The armed conflict in the Middle East is increasingly impacting the current situation and causing significant disruption to international logistics, manufacturing, and supply chains," he said. Starting February 28, the US and Israel launched joint strikes against Iran, which in turn retaliated, spreading the war to the entire Gulf region. The Strait of Hormuz is a strategically important choke point for the world's energy supplies. The strait, a narrow shipping lane that connects

India among 5 nations granted passage via Strait of Hormuz by Iran

Iran allowed India and a number of other "friendly nations" including China and Russia to use the Strait of Hormuz for commercial shipping, Iranian Foreign Minister Seyed Abbas Araghchi has said. Global oil and gas prices have surged after Iran virtually blocked the Strait of Hormuz, a narrow shipping lane between the Persian Gulf and the Gulf of Oman, that handles roughly 20 per cent of global oil and LNG (Liquefied Natural Gas). West Asia has been a major source of India's energy procurement. "We have permitted certain countries that we consider friendly to pass through (Strait of Hormuz). We allowed China, Russia, India, Iraq, and Pakistan to transit," Araghchi said, according to Iranian State TV. At the same time, the Iranian foreign minister made it clear that ships linked to Iran's adversaries will not be allowed to transit through the strategic waterway. "We are in a state of war. The region is a war zone, and there is no reason to allow the ships of our enemies and their .

PM Modi to interact with CMs on preparedness amid West Asia conflict

Prime Minister Narendra Modi will interact on Friday with the chief ministers of all states, barring those which are going to polls, to review their preparedness and plans in the wake of the West Asia conflict, sources said. This is the first time that the prime minister will hold a meeting with the chief ministers on the West Asia conflict which started on February 28 with the attack by the US-Israel on Iran. The Persian nation has also retaliated by firing on its Gulf neighbours and Israel. "The prime minister will interact with the CMs tomorrow evening through video conferencing on the West Asia conflict to review preparedness and plans of states. The meeting will focus on ensuring synergy of efforts in the spirit of Team India," the sources said. The chief ministers of election-bound states will not be part of this meeting due to the Model Code of Conduct (MCC). The Cabinet Secretariat will hold a separate meeting with the chief secretaries of poll-bound Tamil Nadu, West Bengal

India asks auto industry to optimise output as Iran conflict hits supplies

The government has already prioritised use of gas for households over industries, which get only about 80 per cent of their average needs

Oil rises as investors reassess West Asia ceasefire prospects

Oil jumps over 3% as Middle East tensions threaten supply, with Hormuz disruption and global outages intensifying fears of a prolonged energy crisis

Pentagon considers redirecting Ukraine military aid to West Asia: Report

The weapons that could be redirected include air defense interceptor missiles purchased through a NATO initiative launched last year, under which partner countries buy US arms for Kyiv