UAE
IGJS will help boost exports by 20% to the UAE in 2024, says GJEPC
The Gem and Jewellery Export Promotion Council (GJEPC) expects the International Gem and Jewellery Show (IGJS) Dubai to boost India's exports to the UAE by 20% in 2024. The event, supported by the India-UAE CEPA agreement, has seen strong participation and rising demand from the Middle East, countering challenges in markets like the USA and China.
India reduces local remedies exhaustion period to 3 yrs for UAE investors
India has reduced the local remedies period for UAE investors from five years to three years under the new BIT, effective August 31. This treaty includes portfolio investments and protects investors from expropriation and other injustices. It aims to boost bilateral investments, offering an independent forum for dispute settlement via arbitration.
India, UAE investment promotion, protection treaty comes into effect from Aug 31: FinMin
The bilateral investment treaty signed between India and the UAE, enforced from August 31, 2024, ensures investment protection continuity following the expiration of the previous agreement. It sets provisions for arbitration, defines investment protections, and balances investor rights with state regulations, promoting increased bilateral investments.
Expats paying $33,000 school fees fuel rise of Dubai billionaire
GEMS World Academy in Dubai offers premium education with facilities like iPads for kindergarteners and a planetarium. With fees up to $33,000 by grade 12, GEMS caters to various price points. The growing expat population in Dubai drives demand, leading GEMS to plan expansion and add 30,000 new school places.
India-UAE IMEEC gets a leg up during Abu Dhabi Crown Prince visit
The launch of the India-UAE virtual trade corridor and MAITRI interface aims to streamline trade under the India-Middle East-Europe Economic Corridor. The Virtual Trade Corridor will reduce administrative processes, logistics costs, and enhance ease of doing business. MAITRI integrates Indian and UAE portals to optimize efficiencies and regulatory compliance.
Our ties with UAE are the envy of the world, says Union Minister Piyush Goyal
Commerce and industry minister Piyush Goyal highlighted the growing partnership between India and the UAE as a defining bond of this decade at the UAE-India Business Forum in Mumbai. He emphasized innovation, investment, and sustainable development as key pillars. Nine memoranda of understanding were signed, including an agreement to jointly scout for critical minerals.
UAE, India tie up for critical minerals supply chains
India and the UAE have signed an MoU to secure critical mineral supply chains. The agreement involves cooperation in mineral exploration in third countries, aiming to enhance supply chain resilience. This initiative is part of broader efforts under the India-Middle East-Europe Economic Corridor framework.
India, UAE ink pact on operating nuclear plants in Gulf nation
India and the UAE have signed a Memorandum of Understanding to collaborate on the operation and maintenance of nuclear plants. The agreement was signed by officials from the Nuclear Power Corporation of India Limited and the Emirates Nuclear Energy Corporation during Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan's visit to India.
UAE supermarket introduces UPI payments across outlets countrywide
A UAE-based business conglomerate, Al Maya Group, has begun accepting India's Unified Payment Interface (UPI) across its outlets. The first UPI transaction took place at Al Maya Supermarket, attended by Deputy Consul General of India in Dubai, Yatin Patel. Kamal Vachani, Group Director, emphasized that UPI will enhance convenience for Indian customers and strengthen UAE-India economic ties. This move marks a significant step in UPI's global expansion, offering a seamless payment experience for Indian tourists and benefiting both nations' economies.
UAE considers building a second nuclear power plant
The country of some 10 million people has become a proponent of nuclear power, a low-carbon energy source, as it seeks to diversify its economy and attract foreign investment. Its first plant started commercial operations in 2021.
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Dubai crown prince named UAE defence minister
Dubai's Sheikh Mohammed bin Rashid Al-Maktoum has appointed his son, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, as the UAE's defence minister in a cabinet reshuffle. Sheikh Hamdan, 41, is the second son of Sheikh Mohammed and has held the title of crown prince of Dubai since 2008.
Indians can now pay via UPI in Qatar
Indians visiting Qatar will soon benefit from the convenience of making payments via UPI, thanks to an agreement signed between NPCI International Payments (NIPL) and QNB, the largest financial institution in the Middle East and Africa. This initiative aims to simplify transactions for the large number of Indian tourists in Qatar by allowing them to scan a QR code and use UPI for payments. With millions of Indian tourists expected to visit GCC countries like Qatar in 2024, this move is set to enhance payment options and improve overall transaction experiences.
Prominent Indian businessman Ram Buxani dies at 83 in UAE
Prominent Indian businessman Ram Buxani, known for his leadership in the UAE's Indian community, passed away at 83. He was chairman of ITL Cosmos group and renowned for his philanthropy. India's Ambassador to the UAE, Sanjay Sudhir, expressed deep sorrow, calling Buxani a guide and role model. Known for his warmth and entrepreneurial spirit, Buxani's sudden death has prompted an outpouring of condolences from across the community. The exact cause of death, reportedly a fall in his bathroom, has not been officially confirmed.
UPI payments will now be available in UAE, as NPCI International joins hand with Network International
The introduction of UPI payments in UAE through NPCI International and Network International aims to provide seamless payment experiences for Indian travelers and NRIs. The initiative reflects the growing global acceptance of UPI, with partnerships established in various countries for faster digital payments.
Demand for skilled blue-collar workers from India goes up by 25 pc in UAE: Report
The report by Huntr is based on quantitative surveys with qualitative interviews with 1,00,000 blue workers enrolled on the platform from May 2023-April 2024 compared to the corresponding period of the previous year. It further stated that the UAE's thriving industries, such as technology, healthcare, construction, manufacturing, and logistics, are driving the demand for skilled Indian blue-collar workers.
Indian delegation holds talks with key entities in UAE on IMEEC
Indian delegation visits UAE to discuss the India-Middle East-Europe Economic Corridor (IMEEC) within 3 months of signing the Framework Agreement. Both sides prioritize cooperation and empowerment for the strategic project aiming at efficient supply routes, cost reduction, job creation, and reducing greenhouse gas emissions.
