Gulf Countries

Law firms across globe rush to cash in on $150 bn West Asia deal boom

The $150 billion of deals involving Gulf firms in 2024 marks a 62 per cent increase from the same period last year, according to data compiled by Bloomberg

Govt recommends prosecution in online job scams, urges website blocks

External Affairs Minister S Jaishankar told the Lok Sabha on Friday that his ministry has requested for blocking certain websites offering fraudulent jobs abroad and also recommended for the prosecution of those involved in such scams. Responding to supplementaries, Jaishankar said the government has brought back 1,167 Indians from Cambodia and another 497 from Myanmar, who were taken there on the pretext of getting them jobs. He said people are made to work illegally by those running such online scams. "In India, we have requested for the blocking of sites which promote such jobs. We have recommended prosecution in certain cases for people who have been involved in this," the minister said during the Question Hour. He said a "different set of problems" have been raised for West Asia, the Gulf and the Middle East, "where we have a situation" of under-payment or non-payment of wages and maltreatment of Indian professionals and workers. Jaishankar asserted that the Indian embassies

Late season storm could disrupt 4 mn barrels of US oil output: Researchers

Raphael, the 17th named storm of the Atlantic hurricane season, is on a track would take it through areas of the Gulf that are heavy with oil and gas platforms

'Davos in the desert' finds no mention of ongoing conflict in West Asia

Saudi Arabia, its Gulf neighbours seek to reassure investors that it's safe to do business amid turmoil in West Asia

Gulf states must not allow use of airspace against Iran, says official

Any action by a Gulf country against Tehran, whether by airspace or military bases, will be regarded as an action taken by the entire group, and we will respond accordingly, Iranian official said

Gulf Cooperation Council calls for immediate ceasefire in Lebanon

The Secretary-General of the GCC, Jassim Mohammed Al-Budaiwi, reaffirmed in a statement the GCC's consistent support for the Lebanese people

Hurricane Francine forces Louisiana evacuations, oil & gas shutdowns

Francine was developing more slowly than earlier forecast but could still wallop the Louisiana coast on Wednesday

Tropical disturbance in Mexico to bring rain to parts of Texas, Louisiana

A tropical disturbance in the southwestern Gulf of Mexico was expected to bring significant rainfall to parts of Texas and Louisiana this week and could quickly develop into a stronger storm, including a hurricane, the National Weather Service says. The system was forecast to drift slowly northwestward during the next couple of days, moving near and along the Gulf coasts of Mexico and Texas, the weather service said on Sunday. Donald Jones, a meteorologist with the National Weather Service in Lake Charles, Louisiana, said during a weather briefing Saturday night that parts of Southeast Texas and southwest Louisiana should expect a whole lot of rain in the middle and later part of this week. Definitely want to continue to keep a very close eye on the forecast here in the coming days because this is something that could develop and evolve fairly rapidly. We're looking at anything from a non-named just tropical moisture air mass all the way up to the potential for a hurricane, Jones ..

The petrochemical shift that could quench LPG production thirst

IndianOil's petrochemical strategy is primarily based on utilising captive feedstocks, he said

Indian carriers divided on more bilateral rights to Gulf countries

Granting more rights to them would be equivalent to pulling rug from under our feet: Air India CEO

Ships transiting the Gulf, Western Indian Ocean should stay alert: Ambrey

Ambrey said it had received information that indicated an "Israeli military strike" was conducted on Isfahan, Iran

Dubai floods: IndiGo issues travel advisory amid unprecedented rainfall

As heavy rain lashes the Gulf nation, the Indian Embassy in Dubai emphasised on Thursday that they are in constant touch with UAE authorities and airlines

Kuwait to hold polls on Apr 4, latest round of voting after yrs of turmoil

Kuwait said Saturday it will hold elections for its national assembly on April 4, its latest round of voting after years of political turmoil. The state-run KUNA news agency made the announcement, citing a decree published by the oil-rich country's official gazette. In February, Kuwait's emir dissolved parliament after a lawmaker reportedly insulted the ruler. Domestic political disputes have been gripping Kuwait for years including the overhaul of Kuwait's welfare system which prevented the sheikhdom from taking on debt. That has left it with little in its coffers to pay bloated public sector salaries, despite generating immense wealth from its oil reserves. Parliament has been repeatedly dissolved after failing to move forward, with Kuwait's Constitutional Court in 2023 annulling a 2022 decree overturning another such annulment. The country's late emir then annulled that parliament again and held an election for a new parliament, which was annulled with the February ...

Sundaram Alternates looks to raise Rs 1,000 cr from global investors

Sundaram Alternates Assets (SAA), the private equity arm of Sundaram Finance Group, plans to raise about Rs 1,000 crore from global investors to fund green real estate projects in India. "This move reflects our commitment to build on our own track record, depth of underwriting and risk management skills in the ever-evolving landscape of Indian real estate credit market," Sundaram Alternates Assets managing director Vikaas M Sachdeva told PTI here. In the past year, SAA has not only re-engineered its high-yield credit funds to generate real alpha from its performing credit business but has also adopted a robust ESG and climate impact framework as a significant investor initiative, he said. The firm is currently in the process of raising money from global investors including NRIs in the Gulf region through its Series IV real estate credit fund. "We are expecting to close the fund (Series IV real estate credit fund) at between Rs 1,000-1,200 crore to fund green real estate projects,"

Interim Budget evokes mixed response from Indian business community in Gulf

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

Gulf countries except UAE ban 'Fighter' movie, check full details here

Hrithik Roshan's Fighter movie is banned in the Gulf countries except for UAE. It was made with a budget of Rs 250 crore and is going to be released in theatres on January 25

Aster DM shareholders approve separation of firm's India, GCC businesses

Aster DM earlier announced plans to separate its India and Gulf businesses in a deal valued at $1 billion

Aster considering to pay 70-80% of $903 mn Gulf demerger money as dividends

The company said on Monday it plans to use the proceeds to pay shareholders between 110 rupees and 120 rupees per share as dividends

Red Sea crisis may nudge US buyers to source goods from East Asia

Indian exporters apprehend that unless the hostilities in the Red Sea end quickly, the buyers in the United States (US) will prefer East Asian sources

Voting advisory firm opposes Aster DM Healthcare's sale of Gulf business

IiAS raises concern over lack of clarity on the utilisation of sale proceeds of unit that contributes 75% of revenue