Prior to the 13th WTO ministerial conference, the G-33, representing countries like India, China, and Indonesia, emphasised the necessity for a lasting solution concerning public stockholding for food security. This coalition dubbed the "Friends of Special Products," highlights the crucial role of public stockholding in ensuring food security and bolstering rural development, particularly in developing nations. Comprising 47 member nations, the G-33 advocates for flexibility in agricultural market access. With the commencement of WTO MC13 in Abu Dhabi, trade ministers from 164 countries ar
On Friday, the UAE and Kenya finalised a comprehensive economic partnership agreement (CEPA), as announced by UAE Minister of Foreign Trade, Thani Al Zeyoudi. Kenya, recognised as East Africa's economic powerhouse, emerged as one of the initial African nations engaging in bilateral trade discussions with the UAE back in 2022. This initiative aligns with the UAE's strategic vision of diversifying its economy away from oil dependency. The non-oil trade volume between the UAE and Kenya witnessed a significant surge, totalling $3.1 billion in 2023, marking a notable 26.4% increase compared to
Tightening physical oil markets in Europe and Africa, along with disruptions in Red Sea shipping and OPEC+ supply cuts, support oil futures prices. Brent crude futures show bullish signs, reaching $4.34 a barrel in backwardation, indicating tight, prompt supply. Due to Yemen's Houthi conflict and high refining margins, tanker diversions are increasing crude demand in Europe. Despite predictions of oversupply, US crude also experiences backwardation. OPEC+ aims for prices above $80 per barrel to balance budgets, with Brent trading near $84, which is up by 9% this year. Several factors co
The Indian government announced significant reforms to its space sector to attract Foreign Direct Investment (FDI) and strengthen its global standing. The government now allows 100% FDI in satellite system manufacturing without official approval. Meanwhile, the regulations for launch vehicles have also been relaxed. These changes aim to position India competitively in the lucrative space market. India's space achievement in the lunar mission signals its ambitions for global space dominance. The new policy permits foreign firms to invest up to 100% in satellite manufacturing and up to 74% w
On Tuesday, February 20, Prime Minister Narendra Modi launched multiple development projects in Jammu. These projects included education, railway, aviation, and road sectors worth INR 30,500 crore. PM Modi addressed a public rally at Maulana Azad Stadium in Jammu, distributing appointment letters to 1,500 newly recruited government employees and interacting with scheme beneficiaries under the 'Viksit Bharat, Viksit Jammu' programme. He inaugurated the Banihal-Khari-Sumber-Sangaldan railway line (48 km) and electrified the Baramulla-Srinagar-Banihal-Sangaldan section (185.66 km), initiating
The Indian government is launching a landmark initiative to attract $26 billion in private investments to its nuclear energy sector. The project aims to increase electricity production and reduce carbon emissions. Major companies like Reliance Industries, Tata Power, Adani Power, and Vedanta Ltd. are being pursued for investments averaging ₹44,000 crore each. This move signifies a significant shift as India pursues private investment in nuclear power, intending to increase non-fossil fuel-based electricity generation to 50% by 2030 from the current 42%. Discussions involving the Departme
On Monday, Saudi Arabia closed at its highest level since August 2022, leading most Gulf stock markets higher despite diminishing chances of early rate cuts. U.S. producer prices surged in January, mainly due to rising service costs, potentially stoking inflation. Since the currencies of the Gulf Cooperation Council, including the United Arab Emirates, are fixed on the US dollar, they keep a careful eye on the Fed's policies. Saudi Arabia's benchmark index rose by 0.7%, marking its thirteenth straight session of gains, driven by a 3.5% increase in ACWA Power. The Capital Market Authority a
The National Association of Software and Service Companies (Nasscom) projects a modest 3.8% growth in India's technology sector revenue to $253.9 billion for the current fiscal year, a deceleration from the previous year's 8.4% increase. This deceleration stems from restrained client spending and delayed decision-making. The industry anticipates lower to mid-single-digit growth in all areas, including software products, BPM, IT, and R&D. Software exports declined by 3.3% to $199 billion, contrasting sharply with the 11.4% growth observed earlier. It is anticipated that job growth wi
On Sunday, most Gulf markets closed higher, bolstered by U.S. inflation data suggesting a potential interest rate cut this year and a surge in crude prices. Although consumer prices rose less than expected in December, underlying inflation remained strong, allowing central banks to adjust rates as expected. Due to currency pegs to the US dollar, the monetary policy of the Gulf Cooperation Council (GCC) often reflects the actions of the Federal Reserve; therefore, investors eagerly await the release of the January U.S. inflation numbers. In Saudi Arabia, the benchmark index edged up by 0
UAE’s non-oil foreign trade soared to a record $953 billion in 2023, with non-oil exports reaching $120 billion, a 16.7% increase from 2022. These exports have doubled since 2018 and are nearing doubling compared to 2019.Sheikh Mohammed bin Rashid Al Maktoum attributed this success to new partnership agreements, especially with top trading partners like Türkiye, seeing a 103% rise, and Hong Kong-China, up by 47%. Gold, aluminium, oils, cigarettes, jewellery, copper wire, and ethylene polymers were the top exports. Re-exports rose 6.9% to AED690 billion, with imports climbing 14.2% to AE