India Pledges $565M to Maldives
India has announced a $565 million financial support package for the Maldives, aiming to enhance defense capabilities and invest in large-scale infrastructure projects.
The commitment was made during Indian Prime Minister Narendra Modi's two-day official visit to the Maldives, his first since securing a third term in office.
The funding includes a new line of credit designed to strengthen Maldivian security forces and address critical infrastructure needs, including healthcare, housing, and education.
The announcement comes at a time of financial strain in the Maldives, with the island nation facing a shortage of foreign currency despite continued growth in its tourism sector.
India also
agreed
to reduce annual repayments on a previous $51 million loan to \$29 million. The two sides held discussions on a potential free trade agreement, reflecting a wider effort to deepen economic and strategic ties.
Modi's visit follows rising concern in New Delhi over the Maldives' closer alignment with China since the election of President Mohamed Muizzu in 2023.
The new administration had previously ordered the withdrawal of a small Indian military contingent operating a rescue aircraft in the archipelago. However, diplomatic relations between the two countries appear to have stabilized in recent months, with both sides emphasizing cooperation in security and trade.
During the visit, Modi inaugurated the new headquarters of the Maldivian Ministry of Defense and launched several Indian-funded infrastructure projects. These included major road developments and a housing initiative to construct 4,000 residential units, part of India's broader investment push in the region.
read more
Gold prices rise, 21 Karat at EGP 3685
NATO's Role in Israeli-Palestinian Conflict
US Expresses 'Strong Opposition' to New Turkish Military Operation in Syria
Shoukry Meets Director-General of FAO
Lavrov: confrontation bet. nuclear powers must be avoided
News
Iran Summons French Ambassador over Foreign Minister Remarks
News
Aboul Gheit Condemns Israeli Escalation in West Bank
News
Greek PM: Athens Plays Key Role in Improving Energy Security in Region
News
One Person Injured in Explosion at Ukrainian Embassy in Madrid
News
Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters
Arts & Culture
"Jurassic World Rebirth" Gets Streaming Date
News
China Launches Largest Ever Aircraft Carrier
Videos & Features
Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall
Lifestyle
Get to Know 2025 Eid Al Adha Prayer Times in Egypt
Arts & Culture
South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle
Business
Egyptian Pound Undervalued by 30%, Says Goldman Sachs
Sports
Get to Know 2025 WWE Evolution Results
News
"Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence"
Arts & Culture
Hawass Foundation Launches 1st Course to Teach Ancient Egyptian Language
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Daily News Egypt
an hour ago
- Daily News Egypt
Industry minister, automakers discuss localizing car sheet metal production
Egypt's Minister of Industry and Transport Kamel Al-Wazir has held an extensive meeting with leading steel producers and representatives from automotive and bus manufacturing and assembly companies, as part of the state's strategy to promote local manufacturing and deepen production chains. The Monday discussions focused on exploring practical mechanisms to localize automotive sheet metal production in Egypt. Al-Wazir underlined the government's firm commitment to supporting the iron and steel sector, given its critical role in sustaining key industries—particularly the automotive industry. He stressed that localizing automotive sheet metal production is currently a top priority, as it would significantly reduce import costs, increase the proportion of local content, and enhance the competitiveness of Egyptian products in domestic and global markets. The Minister explained that the ministry is developing an integrated strategy based on two main pillars. The first pillar aims to ensure a sustainable legislative and incentive framework, alongside clear implementation plans to support long-term industrial investment. The second focuses on identifying vehicle components that can realistically be manufactured locally, supported by skilled human resources and defined timelines. Al-Wazir noted that the ministry will continue close coordination with all relevant parties—including private sector stakeholders and government institutions—to ensure the efficient and timely execution of this national initiative. He emphasised that localizing automotive sheet metal production is not only a critical step in reducing imports but also serves as a launchpad for broader efforts to expand local manufacturing of vehicle components. This will pave the way for new industrial partnerships aligned with Egypt's economic development goals. The Minister highlighted that the domestic market has solid demand that could underpin the establishment of various feeder industries. He pointed out that Egypt already produces some automotive components that are exported to international markets, reflecting the competitiveness and quality of local manufacturing. Al-Wazir also identified promising opportunities to localize additional key components—including tires, glass, and sheet metal—and affirmed that the ministry is working to capture these opportunities by fostering effective public-private partnerships and creating a supportive environment for sustainable industrial investment. During the meeting, participants reviewed the perspectives of major steel producers on the feasibility of supplying sheet metal tailored to the design and structural needs of different vehicle types. Discussions also addressed production methods for exterior sheet metal, relevant design standards, and technical specifications. The meeting further examined the strategy and estimated production volumes needed to align with the state's broader plan to localize the automotive industry. Al-Wazir announced plans to hold a larger follow-up meeting with vehicle manufacturers and feeder industries to deepen technical discussions. The goal is to ensure that local sheet metal production matches the specifications required by automotive manufacturers. He called for closer coordination between steel producers, car assembly firms, and component manufacturers to integrate supply chains and advance the localization process in line with the national vision. The Minister concluded by stating that localizing automotive sheet metal production represents a qualitative step toward increasing local content and improving the effectiveness of the incentives offered to the automotive sector. This move is expected to boost the sector's regional and international competitiveness by reducing reliance on imports, improving supply chain stability, and enhancing investor confidence in Egypt's industrial landscape—all of which support manufacturers' capacity to meet production and export targets.
Daily News Egypt
2 hours ago
- Daily News Egypt
Egypt's Foreign Minister discusses Nile water security with Ugandan president
Egyptian Foreign Minister Badr Abdelatty met with Ugandan President Yoweri Museveni in Entebbe on Monday to discuss Egypt's 'existential' concerns over its water security and ways to boost bilateral ties, the Egyptian foreign ministry said. Egypt's Minister of Water Resources and Irrigation, Hani Sewilam, also attended the high-level meeting during the official visit to Uganda. In a statement, the ministry said Abdelatty conveyed Egypt's concerns regarding the Nile River and stressed the need to adhere to international law for shared water resources. He voiced Egypt's rejection of 'unilateral actions' in the eastern Nile Basin and affirmed that Cairo 'will take all necessary measures under international law to protect its water security.' 'The waters of the Nile are an existential issue for Egypt,' Abdelatty told the Ugandan president. The minister of water resources and irrigation reiterated that respect for international law on the Nile River is the basis for positive cooperation to achieve the common interest of all basin countries. During the meeting, Abdelatty, who conveyed greetings from Egyptian President Abdel Fattah al-Sisi, also called for the formation of a joint Egyptian-Ugandan business council to boost investment in sectors like construction, energy, and pharmaceuticals. He highlighted the potential for joint projects through a financing mechanism recently established by Egypt to support development in southern Nile Basin countries. The officials also discussed regional security developments, including the situation in the Horn of Africa and counter-terrorism efforts. For his part, President Museveni asked for his greetings to be passed to President Sisi and stressed his country's keenness to enhance bilateral cooperation, the statement said. Separately, Abdelatty and Sewilam also met with Ugandan Minister of State for Foreign Affairs, Henry Oryem Okello, in Kampala. In that meeting, they discussed similar issues of economic cooperation and regional security, and Abdelatty delivered a grant of agricultural equipment and light transport vehicles to a Ugandan non-governmental organisation that supports youth and small-scale farmers.
Mid East Info
2 hours ago
- Mid East Info
Four Seasons To Open New Private Residences in Mumbai's Renowned Worli District - Middle East Business News and Information
Dubai, UAE August 2025: Construction is complete, and 80 percent of units are sold at the latest Four Seasons branded residential project in Mumbai. The world's leading luxury hospitality company, in collaboration with Provenance Land, a distinguished Indian real estate developer, have partnered once again to deliver an unprecedented statement of design, hospitality, and exceptional living. Standing as one of the world's tallest branded residential towers, Four Seasons Private Residences Mumbai is centrally located in the coveted Worli district, which is known as one of India's most prestigious residential enclaves. Featuring just 41 homes spread across 64 floors, the exceptionally low-density configuration ensures the pinnacle of privacy and luxury, with each home crafted to the highest standards of contemporary urban living. From expansive three-bedroom residences spanning entire floors to five- and six-bedroom duplexes, these palatial residences will offer spacious seclusion from the vibrant energy of the city below. 'In a city known for its dynamic culture and as one of South Asia's key commercial markets, this development represents a significant milestone for Four Seasons,' says Bart Carnahan, President, Global Business Development, Portfolio Management and Residential, Four Seasons. 'Our established residential presence in India, paired with our two existing Hotels, allows us to build on the renowned service for which we are so well known. Together with our esteemed partners at Provenance Land, we will deliver a lifestyle that is thoughtfully curated and operated end-to-end by Four Seasons, ensuring our residents experience the exceptional experiences, world-class amenities, and personalized service that they have come to know and enjoy.' In Mumbai, the legendary service of Four Seasons is enhanced with tailored residential services, opulent hotel-inspired offerings, and meticulous property management. Whether at home or abroad, homeowners can have complete confidence and peace of mind knowing that one of their greatest assets will benefit from homes that are overseen only by Four Seasons employees, under the dedicated leadership of a Director of Residences. 'This project will set a new benchmark for sophistication in Mumbai's luxury branded residential market,' says Adarsh Jatia, Managing Director, Provenance Land. 'With over 80 percent of the residences already sold, the strong demand highlights Mumbai's enthusiasm for unparalleled living experiences. We are excited to continue our collaboration with Four Seasons and ensure that the residences offer not only stunning views and luxurious interiors but also a tranquil retreat from the bustling city.' An urban retreat in the heart of the city, Four Seasons Private Residences Mumbai has been designed to offer a tranquil yet dynamic living environment. Homeowners will have access to their own Residents' Club featuring a lounge and media room, a private dining room, and a fully equipped gym. For outdoor activities, residents will enjoy over an acre of greenspace, a meditation garden, a pickleball court, and an elevated pool with a cascading water feature. For private events, the rooftop lounge and outdoor cinema will set the stage for unmatched entertainment and celebrations from the 65th floor with a viewing deck and bar area – all set in harmony with stunning coastline views. The residences are designed by world-class architectural firm Gensler and the award-winning interior design studio, Yabu Pushelberg. Combining contemporary design with thoughtful floorplans, Gensler and Yabu Pushelberg redefined modern multi-generational living with magnificent vistas, multiple principal bedrooms and flowing family spaces, while also incorporating timeless Vastu principles where directional alignments and shapes are incorporated to promote well-being and prosperity. Spacious kitchens and state-of-the-art home automation systems further emphasize careful consideration and attention to every detail to support modern living at its finest. As a grand extension of their home, residents will enjoy exclusive access to the adjacent, newly renovated Four Seasons Hotel Mumbai, where traditional Indian design is seamlessly integrated with world-class amenities. The Hotel's recent transformation showcases textile-inspired rooms and state-of-the-art facilities, ensuring an unmatched guest experience. Located near Worli Sea Face, Willingdon Golf Course, Mahalaxmi Racecourse, and the Bandra-Worli Sea Link, the Hotel and newly completed Residences now provide a unique blend of privacy and convenience. The Hotel's culinary highlights include the iconic rooftop bar, AER, offering breathtaking sunsets and an ideal setting for Sunday brunches; and Opus, an art deco restaurant with a culinary experience that spans continents. Four Seasons Private Residences Mumbai joins a growing lineup of Four Seasons properties across India, including Four Seasons Private Residences Bengaluru and Four Seasons Hotel Mumbai. About Four Seasons Private Residences As a long-time leader in branded residences, Four Seasons currently operates 57 branded Private Residence properties around the world, with three-quarters of future Four Seasons projects including a residential component. All Four Seasons residential offerings combine Four Seasons legendary people and service with bespoke hotel amenities such as spa services, in-residence dining services, housekeeping, concierge services and many more, creating a seamless experience for residence owners. Provenance Land is a leading real estate developer active across the Hospitality, Residential and Commercial verticals. The group has a rich history of marquee hospitality developments, being the first to bring an international hotel operator to India in 1980 and subsequently the first to bring Four Seasons to India in 2003. Over the years, the group has developed 5 landmark hotels across India (1,200 keys). Provenance has invested $300M along with GIC of Singapore to develop a mixed-use asset in Worli, Mumbai, and as an associate developer with Sumitomo Realty & Development Co Ltd, recently deployed $1.5B to acquire five marquee land parcels across Mumbai.
