Gulf

India must expedite the award because its strategic petroleum reserves, which hold a fraction of the crude storage capacities in Western nations and China, are highly inadequate in an emergency

India and the UAE have inked a pact that provides a framework for giving services for operation and maintenance of nuclear plants in the emirate. The Memorandum of Understanding was signed by Bhuwan Chandra Pathak, Chairman and Managing Director of the Nuclear Power Corporation of India Limited (NPCIL), and Mohamed Al Hammadi, the Managing Director and Chief Executive Officer of the Emirates Nuclear Energy Corporation (ENEC) of the UAE. The MoU was inked during the ongoing visit of Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan to India. Al Nahyan held talks with Prime Minister Narendra Modi on Monday. "The MoU provides a general framework for the possible collaboration between the NPCIL & ENEC in the relevant fields, which inter alia include developing supply chains, sharing experience and providing services for Operation & Maintenance of Nuclear Energy Plants, providing nuclear consulting services, human resources development & training, research ...

Aster DM Healthcare on Wednesday said it has completed the separation of its India and GCC businesses. Under the separation plan, a consortium of investors led by Fajr Capital, a sovereign-backed private equity firm, has acquired a 65 per cent stake in Aster GCC, the company said in a statement. The Moopen family has retained a 35 per cent stake alongside management and operational rights, it added. In the Indian operations, the Moopen family continues to hold 41.88 per cent stake, the healthcare firm stated. "The transaction has now concluded, pursuant to which Affinity Holdings Ltd (a wholly-owned subsidiary of the company) has received a cash consideration of USD 907.6 million," the healthcare firm said. In November 2023, Aster DM Healthcare had obtained board approvals to separate its Gulf and India businesses.

"We have two groups of Asian countries that we're interacting very much right now and we're building relationships right now - Gulf countries, India and China," he said

India's interim Budget for 2024-25 received mixed reactions from the Indian business community in the Gulf with some hailing it as forward-looking and a vision statement for the journey from developing to a developed country by 2047 while others voiced disappointment over the absence of tax reliefs for individuals. Presenting a vote on account for 2024-25 in Parliament, Finance Minister Nirmala Sitharaman proposed no changes in income tax rates for individuals and corporations, as well as customs duty. She hiked capital expenditure to Rs 11.11 lakh crore for 2024-25 while trimming the fiscal deficit for this financial year to 5.8 per cent, from the budgeted 5.9 per cent of GDP, and further lowering to 5.1 per cent in the next fiscal. In the interim Budget 2024, there is a need to enhance digitalisation of tax return filing-linked procedures such as changing residency status, assessments and even alternative tax return verification systems linked to NRIs," said Deepak Bhatia, Managin

Commerce ministry's arm APEDA has inked a pact with UAE-based global retail major Lulu Hypermarket to promote Indian agri-products in the Gulf countries, an official statement said on Monday. With this memorandum of understanding (MoU), Agricultural and Processed Food Products Export Development Authority (APEDA) would promote Indian agricultural products, including millets across the GCC (Gulf Cooperation Council) member countries as the LuLu Group has its presence across these nations besides in Egypt and the Far East. The Group is the fastest-growing retail chain in the Middle East and Asia. Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates are the members of the GCC. "To boost exports of agricultural products to the GCC, the APEDA has signed an MoU with global retail major Lulu Hypermarket LLC," it said. As per the MoU document, the group will promote and showcase a wide range of products in APEDA basket of agricultural and processed food products in thei

The deal will also connect the rail network to India through shipping lanes from ports in the Gulf region

The U.S. is sending additional fighter jets and a warship to the Strait of Hormuz and Gulf of Oman to increase security in the wake of Iranian attempts to seize commercial ships there. The Pentagon said Monday that the USS Thomas Hudner, a destroyer, and a number of F-35 fighter jets will be heading to the area. The Hudner had been in the Red Sea. Defense officials last week announced the deployment of F-16s to the area over the past weekend, and there have been A-10 attack aircraft there for nearly two weeks in response to the Iranian activity. The latest deployments come after Iran tried to seize two oil tankers near the strait early this month, opening fire on one of them. The aircraft are intended to give air cover for the commercial ships moving through the waterway and increase the military's visibility in the area, as a deterrent to Iran. The U.S. Navy said in both instances the Iranian naval vessels backed off when the USS McFaul, a guided-missile destroyer, arrived on the

Thirteen years after the massive Deepwater Horizons spill fouled the Gulf of Mexico, regulators and industry have reduced some risks in deep water exploration in the gulf but some troublesome safety issues persist, a new study by the National Academy of Sciences said. The creation of a specific federal agency for offshore oil drilling safety, an industrywide safety centre and new technology have all helped reduce risks, Tuesday's report said. But federal inspectors remain relatively powerless over contractors on rigs, which are 80 per cent of the workers. The report also worried about the lack of an industrywide safety culture that integrates accident prevention into everyday work. "There are a lot of things that are happening that are really good, but the industry is not at a place'' where it should be, said panel chairman Richard Sears. He was a longtime Shell executive who was the chief technical adviser to the federal panel that initially investigated the 2010 explosion on the B

Business Standard brings you the top headlines at this hour

Indian refiners have been snapping up relatively cheap Russian oil, shunned by Western companies and countries since sanctions were imposed against Moscow.

Indian company says deal win by distribution partners 'reaffirms faith' in its buses

The gains, due to high oil prices, are expected to provide 'firepower' to the region's sovereign wealth funds (SWFs), one of the largest in the world

The warming of the earth, combined with the exhausting nature of the game, is raising questions about the future of the second most popular sport in the world

Oil slipped to about $75 a barrel on Thursday, falling from a multi-week high a day earlier, as the threat to US Gulf production from Hurricane Nicholas receded

Brent crude oil futures for July rose 32 cents, or 0.5%, to $66.76 a barrel by 0143 GMT, while U.S. West Texas Intermediate for July was at $63.93 a barrel, up 35 cents, or 0.6%

The United Arab Emirates announced on Friday that it would reopen its borders and airspace to Qatar after boycotting the tiny energy-rich country alongside its Gulf allies since 2017

Unfazed by the slowdown in West Asia, Indian carriers are expanding their network in the region. IndiGo is launching flights to Sharjah later this month and plans to launch a service to Doha its seventh international destination in April. GoAir is likely to begin its international operations with flights from Kochi to Doha and Dammam in the second half of the year.Around 22 million passengers travelled between India and countries in the West Asia accounting for nearly 40 per cent of all international air traffic from India in 2016. This does not include passengers who travelled onward to other destinations from hubs such as Dubai or Doha. This makes the region an attractive bet for Indian airlines.However business was impacted last year and demand growth did not match the growth in capacity. Airline yields which are revenue charged per passenger came under pressure as low crude oil price impacted local economies. Both Air India Express and Jet Airways have said their financial ..

Despite difficult working conditions, Indians are still seeking jobs in Gulf countries