Category: Economy

Dubai’s property market surged in the first six months of 2022 as investors came in large numbers, with Russia being in the top five buyers list as the gulf country takes advantage of an influx of wealth due to Western sanctions.

The first half of the year witnessed residential real estate transactions surge 60 percent with an 85 percent increase in the value of properties sold, property consultancy Betterhomes said in a report.

The top five buyers belonged to India, the United Kingdom, Italy, Russia, and France, in that order, followed by Canada, the United Arab Emirates, Pakistan and Egypt tied in eighth place, Lebanon, and China.

The number of Russian buyers moved up 164 percent in the first six months of this year from the first half of 2021, Betterhomes said. The numbers for France and Britain increased by 42 percent and 18 percent, respectively, while those from India dropped 8 percent and Italy fell 17 percent.

The geopolitical instability in Europe led to the increased demand and mortgage buyers looking to get in ahead of interest rate hikes, Betterhomes said.

Earlier this year, Reuters reported Russians were investing money into Dubai properties, seeking financial shelter in the wake of Western sanctions on Moscow over its invasion of Ukraine.

India has said it will help reinforce peace and prosperity in the Middle East and is confident to contribute significantly to economic growth, food security, and energy in the region and South Asia, through the newly formed I2U2 grouping.

 I2U2 comprises four countries India, Israel, the UAE, and the US. “I” stands for India and Israel and “U” for the US and UAE.

Prime Minister Narendra Modi attended the coalition’s first virtual summit on July 14, alongside US President Joe Biden, Israeli Premier Yair Lapid, and UAE President Mohammed bin Zayed Al Nahyan. Modi said the organization has constructed a positive plan of work and its framework is a good example of practical cooperation in the wake of increasing global unpredictability. The leaders agreed to augment joint investment in six important areas of water, energy, transport, space, and health and food security.

After the first virtual meeting, a joint statement said this “unique grouping of countries aims to harness the vibrancy of our societies and entrepreneurial spirit to tackle some of the greatest challenges confronting our world, with a particular focus on joint investments and new initiatives in water, energy, transportation, space, health, and food security”.

More than 300 apartments in Almajdiah Residence’s new Riyadh complex were sold for cash within a month, without the company having to advertise.

As Saudi Arabia is the world’s largest oil exporter, it’s no wonder the property market is booming thanks to high energy prices. According to Almajdiah’s CEO, Abdulsalam Almajed, the rush for the homes reflects more than just a property shortage; it reflects a social and economic shift accelerating the crown prince’s overhaul initiative.

Almajed said, “There has been a change in mindset”. He runs a family-owned development firm that caters to Saudis who are more open-minded, he added “today, Saudi designs are filled with beautiful creativity.”

After being elevated by King Salman in 2015, Mohammed bin Salman has centralized power and intensified political repression. As well as ending or relaxing restrictions on entertainment and mixing men and women, he is trying to curb dependence on oil.

It was not uncommon for property owners to refuse to rent to women ten years ago when a male guardian was required to approve many of their life decisions. 30% of Almajdiah’s buyers are female, buying investment properties or their own homes. Women are entering the workforce in significant numbers today.

A report by OPEC stated that the demand for petroleum products like petrol and diesel in India will rise by 7.73 percent in 2023. India’s demand for oil products is expected to increase from 4.77 million barrels per day (BPD) in 2022 to 5.14 million BPD in 2023, as mentioned by OPEC in its monthly oil report.

The demand rise is the fastest in the world, followed by 1.23 percent in China, 3.39 percent in the US, and Europe’s 4.62 percent.

After the US and China, India is the third largest oil importing and consuming country in the world. The demand for petroleum products in India is mainly due to the steady economic growth of 7.1 percent, several economic reopening, and ease of trade-related bottlenecks offering mobility and industrial sector activity.

The report said the oil demand may go down between July-September because of the monsoon but will rise in the next quarter.

“Overall, based on the most recent trends, demand for diesel and jet kerosene would likely account for a bigger part of the growth in demand in H2 as consumption of these two products had fallen sharply due to the pandemic,” it said. It added, “In terms of crude imports by source, Kpler data shows Russia moving up to be the top supplier of crude to India in June, securing a 24 percent share.”

On Wednesday, U.S. officials announced that new trade talks would be launched with Taiwan, just days after the Biden administration excluded the Chinese-claimed island from its economic plan to counter China’s influence in Asia.

During a phone briefing, two senior U.S. administration officials told reporters that Washington and Taipei would “move quickly” to develop a roadmap for the planned US-Taiwan Initiative on 21st-Century Trade in the coming weeks. The initiative will be followed by in-person meetings in June in the US capital.

The initiative will address the issues of customs facilitation, fighting corruption, common standards for digital trade, labor rights, high environmental standards, and efforts to curb state-owned enterprises and non-market practices. The initiative aims to “do this by reaching an agreement with high standard commitments that create inclusive and durable prosperity.”

In some ways, the bilateral initiative resembles the U.S. government’s Indo-Pacific Economic Framework (IPEF), which Biden launched during a visit to Seoul and Tokyo last week. Although Taiwan is democratically self-governed, the United States has not invited it to the IPEF talks.

A U.S official said the trade talks with Taiwan would complement several existing dialogues with Taiwan, including one involving export controls and other supply chain issues.

India plans to make investments across different private and public sectors in Sri Lanka and link the island- nation’s economy to that of India. Some sectors that India is looking forward to investing in are renewable energy, hydrocarbons, ports and infrastructure, IT, and hospitality.

Even though Sri Lanka is facing its worst economic crisis, Indian investors in the neighboring country are still not ready to put an end to their investments and businesses because of Sri Lanka’s strategic location and its enormous potential.

The three major sources of revenue for the Sri Lankan economy are exports, tourism, and remittances. The Covid pandemic resulted in the wilting of some of these sources. The Sri Lankan economy will receive an advantage from more investments, and the Indian government is trying to encourage this.

The motive is to foster trade, investment, and cooperation between the two countries. The NTPC is eyeing at building a solar power plant in Sampur in eastern Sri Lanka under collaboration with the Ceylon Electricity Board (CEB).

Since the start of 2022, India has rendered aid and humanitarian assistance worth more than $4 billion to Sri Lanka, the largest ever given to any country, to help the island nation overcome its crisis of food, fuel, medicines, and other essential items.

On Thursday, Tripura exported nearly 9,909 tonnes of pineapples worth Rs 14 crore to Dubai, Qatar, and Bangladesh.

As per the reports of Agriculture and Farmers Welfare Minister Pranajit Singha Roy, in addition to pineapples, Tripura also exports a variety of other fruits and horticultural products to Germany, England, and other nations. Singha Roy said a special logo was recently developed to commercially brand the state’s pineapples to promote marketing.

A total of 8,800 hectares are planted with pineapples of two varieties, Kew and Queen, which produce 1.28 lakh tonnes of pineapples every year.

At an event in Agartala in 2018, ex-President Ram Nath Kovind named the “Queen” variety of pineapple as Tripura’s state fruit.

According to the minister, the Kishan Rail and Kishan Udaan schemes benefit producers and farmers, especially in northeastern India, by providing them with access to national and international markets.

There are over 99 countries in which pineapple is exported from India. A total of 22.55 USD million worth of pineapples was exported by India in the year 2020-2021 (April-November). 2020-2021 (Apr-Nov) export volume was around 33819700.

A research project involving Indonesia and Singapore will focus on the way coastal and marine ecosystems capture and store carbon. According to the Blue Carbon Project, Indonesia could estimate the amount of carbon dioxide it can capture and reduce its emissions subsequently.

Coastal ecosystems are home to 17% of the world’s blue carbon reserves. Blue carbon is a natural solution that will not only save the climate of our planet but will benefit the ocean as well. Many marine species rely on these shallow-water habitats for spawning grounds, nursery grounds, feeding grounds, shelter, and other essential functions.

Indonesia is widely known for its rich coastal ecosystem, with 31,894 sq km of mangroves, salt marshes, and 30,000 km of seagrass. Globally, coastal wetlands are estimated to store 20 petagrams of carbon (Pg C), which is equivalent to 20 gigatons of carbon (Gt C).

As long as the low-oxygen soil underneath is not disturbed, the carbon stored there will remain intact for millennia, plus there is no risk of fire underwater. However, the World Resources Institute doubts the nation’s ability to meet its emissions reduction goal of 29% by 2030.

India and Maldives on Tuesday signed six pacts to boost cooperation in many important areas with Prime Minister Narendra Modi, stating that New Delhi has been and will continue to help the neighboring country if they face a crisis.

After holding talks on diverse topics with visiting Maldivian President Ibrahim Mohamed Solih, Modi announced a line of credit of USD 100 million for the island nation for the completion of development projects within a stipulated time.

“We also reviewed projects for the construction of 4000 social housing units in Greater Male today. I am happy to announce that we will additionally provide financial support for 2,000 social housing units,” Modi said to the media.

“We have also decided to provide an additional line of credit of USD 100 million so that all projects can be completed in a time-bound manner,” he added.

The prime minister asserted the threat of trans-national crime, terrorism, and drug trafficking is crucial in the Indian Ocean, and close India-Maldives relations played a key role in promoting peace in the entire region.

He said the India-Maldives’ close ties are not only beneficial to the citizens of both countries but are also a source of peace and stability for the entire region.

Abdelmadjid Tebboune, the Algerian president, recently expressed Algeria’s interest in joining the BRICS group in a television interview. In June, he participated in a High-Level Dialogue on Global Development between BRICS countries, emerging markets, and developing countries.

The BRICS group consists of Brazil, Russia, India, China, and South Africa, which represent approximately 23% of global GDP and over 40% of the world population. Several other nations, such as Morocco, have expressed interest in joining the BRICS grouping. That number is expected to increase to 50% by 2040.

Mr. Tebboune said that some economic conditions exist for joining the BRICS group, and he thinks that Algeria meets many of these conditions. He added, “joining the BRICS group would distance Algeria, which is considered a pioneer in Non-Aligned Movement, from the attraction of the two poles.” this means that he hopes to distance the nations away from US and EU (specifically France) politics and align them on a global bloc.

Algeria has already begun aligning its national development plan with Road Initiative and China’s Belt. Since 1961, Algeria has increased its trade relations with Russia and India and now imports more products from China than it does from France.