On Thursday, Asia’s richest man Gautam Adani bought a controlling stake in Israel’s Haifa Port for more than 4 billion shekels which is a crucial trade hub on the country’s Mediterranean coast. Along with his local partner chemical and logistical giant Gadot, the industrialist won the contract on July 14th for the privatization of the port. The bis were initially placed for 4.1 billion shekels ($1.18 billion). According to the reports, Israel hopes Gadot and Adani's deal will lower import prices and shorten wait times at Israeli harbors, according to the agency. The tender process ha
On Saturday, US President Joe Biden is likely to announce $1 billion in assistance for food and security in the Middle East and North Africa. Biden is expected to announce the framework for a meeting in Jeddah. The meeting with the leaders of the GCC+3 will include the heads of Saudi Arabia, Kuwait, Oman, Qatar, and Bahrain, along with the leaders of Iraq, Jordan, and Egypt. In addition to arranging bilateral discussions with other leaders, Biden aims to improve regional cooperation against Iran's rockets, drones, and missiles and against its proxies, as well, such as the Houthi rebels
On Friday, India's exports to the United Emirates of Arab rose by 16.22% to $837.14 million from May to June this year post the signing of the CEPA. A total of $135.27 million and $185.78 million in plain gold jewelry were shipped in the months of May and June, respectively. The Comprehensive Economic Partnership Agreement (CEPA) pact covers domestic exporters from various sectors like agriculture, gems, jewelry, and dry fruits that are getting duty-free access to the UAE market. The total for the previous year was $72.31 million following the introduction of the free trade agreement. A
Gem and jewelry exports to the United Arab Emirates (UAE) have shone post the implementation of the Comprehensive Economic Partnership Agreement (CEPA) between the two countries from May 1. Plain gold jewelry exports increased 72% year-on-year in May to Rs 1,048.40 crore and 68.65% in the following month to Rs 1,451.58 crore. 80% of India's plain gold jewelry exports and 20% of studded jewelry exports are to the UAE. The government has fixed a target for comprehensive goods export of $45.7 billion for the gem and jewelry sector for 2022-23, a surge of $40 billion from the last fiscal.
On Thursday, the I2U2 formally kicked off at the summit where. Two key takeaways were announced during the meeting, namely a 300 MW hybrid renewable power project in Gujarat and a $2 billion investment by the UAE to develop an integrated food park in India. As part of the I2U2 Group, a hybrid renewable energy project in Gujarat will utilize 300 MW of wind and solar capacity, coupled with battery energy storage. The summit included PM Narendra Modi, Israel PM Yair Lapid, UAE President Mohammed bin Zayed Al Nahyan, and Us President Joe Biden. Despite increased global uncertainties, Modi s
On Wednesday, US Vice President Kamala Harris launched a significant push into the Pacific with funds of $600 million for a critical regional summit. According to her, the nation will open its embassies in Tonga and Kiribati. This announcement was made during an unprecedented address to the Pacific Island Forum in Fiji. A comprehensive national strategy for the Pacific will be launched, and the US will nominate its first ever ambassador to the Pacific. During a recent interview with US President Joe Biden, Harris acknowledged the Pacific had not received sufficient attention. She said,
India’s imports from China reached a record $57.51 billion in the first half of 2022, as per China’s trade data released on Wednesday, July 13. The India-China trade is all set to exceed USD 100 billion for the second consecutive year as it has gone up to USD 57.51 billion in the first half of this year during a big surge of Chinese exports. Imports from China are up by 34.5 percent from last year, while Indian exports to China declined to USD 9.57 billion, a fall of 35.3 percent compared to last year China’s all-inclusive export performance in June showed a recovery, up
The euro stands at par with the United States dollar, and stock markets fell as the investors are no longer anxious about the possibility of the central bank tightening further and about the health of the global economies. On Tuesday at 10:00 GMT, the euro was at a low of $1, its weakest in over two decades. The US dollar’s fame as a reliable currency for investors worried about the economic outlook has recently improved, with the US currency reaching a 20- year high against various currencies. The euro has been in peril due to the effect of a sharp increase in natural gas prices on t
Several GCC countries, including Saudi Arabia and Oman, may sign a Comprehensive Economic Partnership Agreement with India ahead of the maiden West Asian Quad Summit scheduled for July 14. Oman is India’s oldest strategic partner in the region. In the course of President Joe Biden's tour to Israel and Saudi Arabia, the US, Israel, UAE, and India will host a virtual summit. On May 1, the UAE and India signed the CEPA, with the first consignment of goods arriving from India with tariff exemptions. This will help the West Asian Quadrilateral in its economic projects. As per a senior offi
French aerospace major Safran announced its decision to institute its first and biggest aircraft engine MRO (maintenance, repair, and overhaul) facility in Hyderabad. The facility requires an investment of Rs 1200 crore ($150 million) and is expected to create nearly 1,000 high-skilled jobs in Telangana. The MRO will also significantly promote the Hyderabad International Airport and the Telangana Aviation ecosystem. KT Rama Rao, Telangana Minister, welcomed the Safran group’s decision to choose Hyderabad for its mega airplane engine, MRO. The MRO facility in Hyderabad will conduct