logo
Sheikh Hamdan rings opening bell at Bombay Stock Exchange

Sheikh Hamdan rings opening bell at Bombay Stock Exchange

The National09-04-2025

Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence, rang the opening bell at the historic Bombay Stock Exchange (BSE) on Wednesday as part of his official visit to India. Sheikh Hamdan took part in the time-honoured tradition, which heralds the start of the day's trading, during a tour of Asia's oldest stock exchange, established in 1875. He was welcomed by Sundararaman Ramamurthy, managing director and chief executive of the BSE, in India's financial centre of Mumbai. Sheikh Hamdan was briefed on the operations of one of the world's largest stock exchanges, which features more than 5,600 listed companies. He underlined the UAE's desire to strengthen ties with India's financial markets and spoke of the efforts of both nations to enhance capital markets through the use of technology such as artificial intelligence and blockchain. He set out his hopes for greater co-operation between the BSE and Dubai Financial Market, to bolster emirate's role as a vital link between eastern and western markets. Sheikh Hamdan underscored the importance of economic partnerships between the long-standing allies after attending an event held in Mumbai to mark the launch of a Dubai International Chamber office in Bengaluru. 'The opening of Dubai International Chamber's new office in Bengaluru represents a strategic step that will elevate economic co-operation between Dubai and India," Sheikh Hamdan said, in remarks carried by Dubai Media Office. "It lays the foundation for a new chapter of economic integration, stronger business partnerships and the development of the digital economy.' Sheikh Hamdan also held talks on Wednesday with Piyush Goyal, India's Minister of Commerce and Industry, in Mumbai. Their discussions focused on advancing relations across sectors including trade, energy, investment, manufacturing, logistics, technology and health care. The Dubai Crown Prince's varied itinerary including a meeting with members of India's all-conquering cricket team. Sheikh Hamdan spoke to Rohit Sharma, captain of India's Test and one-day international teams, as well as Hardik Pandya and Suryakumar Yadav. He highlighted the UAE's growing role as an international hub for sporting events. Sheikh Hamdan congratulated the players on India's recent triumph in the 2025 ICC Champions Trophy, where the team won the title at Dubai International Cricket Stadium last month. Sheikh Hamdan held high-level talks with Indian Prime Minister Narendra Modi in New Delhi on Tuesday, on the opening day of his visit. Then, he hailed the robust ties between the UAE and India and said the nations shared a vision for the future focused on 'opportunity and innovation'. It is his first official visit to India and his most high-profile overseas engagement since being appointed Deputy Prime Minister and Minister of Defence in July.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Gold prices hit a near two-month high on Friday
Gold prices hit a near two-month high on Friday

Gulf Today

time5 hours ago

  • Gulf Today

Gold prices hit a near two-month high on Friday

Gold prices climbed on Friday to their highest levels in nearly two months, and were on track for a weekly gain. Spot gold was up 1.2 per cent at $3,423.30 an ounce, as of 0544 GMT, after hitting its highest since April 22 earlier in the session. Bullion has gained more than 3.4 per cent so far this week. US gold futures gained 1.2 per cent to $3,444.50. 'Gold surged past resistance around $3,400 on news of the airstrikes, and further upside could be in-store should the escalation continue,' Waterer said. Signaling a cooling US labour market and subdued inflation pressures, new applications for unemployment benefits held at an eight-month high last week, while slowing domestic demand helped restrain producer prices in May. The data, released a day after the labour Department reported a moderate rise in consumer prices in May, bolstered expectations of an earlier rate cut. Traders are now expecting a Federal Reserve interest rate cut of 55 basis points by the year-end, starting in September rather than October as previously anticipated. Elsewhere, spot silver fell 0.3 per cent at $36.25 per ounce, platinum lost 1 per cent at $1,282.55 and palladium shed 0.5 per cent to $1,050.61. All three metals were set for weekly gains. Meanwhile Indian gold futures rose above the psychologically important Rs100,000 ($1,161.02) per 10 grams mark for the first time ever on Friday morning, on a weak rupee and tracking gains in overseas markets, dealer said. Reuters

SPC Free Zone Clinches Prestigious Workplace Honour Again
SPC Free Zone Clinches Prestigious Workplace Honour Again

Arabian Post

time9 hours ago

  • Arabian Post

SPC Free Zone Clinches Prestigious Workplace Honour Again

Arabian Post Staff -Dubai Sharjah Publishing City Free Zone has been awarded the globally recognised 'Great Place to Work' certification for the second year running, underscoring its commitment to cultivating a top-tier workplace. The accolade, granted by an independent authority with over three decades of experience in measuring workplace culture, reflects outstanding performance across key employee experience metrics. Employees gave the organisation exceptionally high ratings, with 94 per cent satisfaction in workplace hospitality, 90 per cent approval of leadership behaviour, 87 per cent for engagement and 86 per cent in innovation. Equity and fairness also scored strongly—over 70 per cent in relevant categories. A remarkable 99 per cent of staff reported feeling physically safe at work and welcomed upon arrival, while 96 per cent noted unbiased, gender-neutral treatment and approachable management. These figures speak to a supportive environment where employees feel secure, valued and motivated. ADVERTISEMENT Behind these high scores lies a deliberate strategy focused on trust-building, transparent leadership and collaborative culture. Through the Great Place to Work® Trust Model™, SPC's approach places employees as the cornerstone of its service delivery model. The environment it fosters not only benefits staff morale but also translates into superior customer experience, reflected in prompt and efficient services. The achievement is particularly notable given the scale of SPC's operations. The free zone hosts more than 9,600 businesses spanning over 40 countries, including more than 1,500 publishers and investors, and is a vital hub for educational and cultural content creation. Its ecosystem supports not only publishing but also broader creative, technological and entrepreneurial sectors. SPC's origins date back to its launch in 2017 under the guidance of Dr Sheikh Sultan bin Muhammed Al Qasimi, Ruler of Sharjah, as the world's first dedicated publishing free zone. From the outset, it was positioned to capitalise on Sharjah's increasing appeal as a global cultural and knowledge-based economy, offering 100 per cent foreign ownership, full capital repatriation and a broad spectrum of licensing activities. Since its establishment, SPC has continuously upgraded both its work environment and customer services. In May 2024, it introduced 24/7 operational support and guaranteed a three-business-day turnaround for bank account openings. It also pioneered an AI-enabled 'instant licence' system in collaboration with Sharjah's Investor Services Centre, delivering trade licences in under five minutes. These initiatives demonstrate its dedication to efficiency and tech-enabled service delivery. The free zone's appeal stretches well beyond the publishing community. Over 2,000 Indian-owned businesses operate in SPC, drawn by its strategic location and integrated support infrastructure. These enterprises benefit from a platform that promotes global expansion and cross-border reach. SPC has also diversified licensing options to include e‑commerce, cybersecurity, AI, biotech and robotics, reflecting its ambition to cater for a wide range of creative and technological ventures. Yet SPC has not been without critique. Some business owners on public forums have expressed frustration over service quality and administrative delays during setup. One Reddit user described licences issued 'once you get the hang of things' albeit noting initial frustrations, while another labelled the free zone as 'incredibly frustrating to deal with' but acknowledged smooth operation post-launch. These mixed reviews highlight areas for SPC to improve consistency in customer experience and operational support. Despite these occasional criticisms, SPC remains a top choice for entrepreneurs and SMEs. An MoU with Amazon UAE in August 2024 aims to aid free zone businesses in scaling digitally and accessing Amazon's e‑commerce network. Additionally, partnerships with financial institutions like Mashreq Bank provide priority banking services and support to its licensees. The second consecutive Great Place to Work certification confirms SPC's rising profile within Sharjah's broader economic ecosystem. It aligns with Sharjah's strategy to diversify its economy through nurturing creative, cultural and knowledge-based industries. Leadership at SPC points to this workplace accolade as affirming its role in attracting and retaining talent, as well as driving innovation in service delivery.

India Becomes Crucial Node in Apple's Tariff-Battling Export Strategy
India Becomes Crucial Node in Apple's Tariff-Battling Export Strategy

Arabian Post

time13 hours ago

  • Arabian Post

India Becomes Crucial Node in Apple's Tariff-Battling Export Strategy

Foxconn's latest customs data confirms that from 1 March to 31 May 2025, an overwhelming 97 per cent of all iPhones assembled in India were destined for the United States, totalling $3.2 billion in exports—nearly double the 50 per cent average seen throughout 2024. May alone accounted for almost $1 billion, the second‑highest monthly export value ever recorded—just behind March's $1.3 billion. This sharp shift reflects Apple's concerted effort to navigate escalating U.S. tariffs targeting Chinese exports, under a policy framework that now imposes 55 per cent duties on Chinese-made goods. India, by contrast, is subject to only a 10 per cent base tariff—with ongoing negotiations aimed at averting a proposed additional 26 per cent reciprocal levy. Apple's strategic manoeuvres go well beyond plant output figures. In March, it chartered aircraft to ship around $2 billion worth of iPhone models—including the 13, 14, 16 and 16e series—from Chennai to the U.S.. Concurrently, it has lobbied Indian customs officials to streamline clearance time at Chennai Airport from approximately 30 hours to just six. ADVERTISEMENT Tata Electronics—the smaller of Apple's Indian manufacturing partners—also ramped up its U.S.-bound export rate, shipping an average of 86 per cent of its March‑April output abroad, compared to just 52 per cent across 2024. Analysts at Counterpoint Research estimate that Apple's production capacity in India will contribute 25–30 per cent of global iPhone shipments by the end of 2025, up from 18 per cent in 2024. Industry insiders note that Tamil Nadu has become India's iPhone manufacturing epicentre, hosting some 70–80 per cent of domestic output through facilities run by Foxconn, Pegatron and Tata, and leverages major infrastructure investments to support scale‑up. The strategic pivot has not gone unnoticed in Washington. Donald Trump voiced disapproval in Doha, urging Apple to prioritise U.S.-based manufacturing over Indian operations. He cast the policy shift as unwelcome, stating he did 'not want you building in India' and emphasised domestic production, although analysts warn it would be economically unfeasible—potentially tripling iPhone prices—if Apple were to replicate its Chinese supply chain in the U.S.. Despite vocal criticism from Trump, India's government continues to cultivate its appeal as a high‑tech manufacturing hub under the 'China Plus One' model. Prime Minister Narendra Modi's administration has facilitated green corridors and industrial investments, particularly in Tamil Nadu, aiming to amplify smartphone exports. The state's industrial minister and private‑sector leaders have pointed to India's growing workforce and operational readiness as key strengths. However, the pathway is not without hurdles. High duties on imported components continue to hinder cost efficiency, even as trade negotiations between New Delhi and Washington seek to secure tariff relief. India remains more expensive than other manufacturing hubs unless concessions are secured. Still, the numbers speak convincingly. Foxconn's India exports hit $4.4 billion to U.S. shores in just the first five months of 2025—already exceeding the full‑year 2024 tally of $3.7 billion. Simultaneously, India's mobile‑electronics exports raced ahead, reaching approximately $12.8 billion in 2024, with iPhones now powering nearly 70 per cent of that figure. India's climb in Apple's supply chain mirrors broader geopolitical shifts—illustrating how trade pressure, tariff regimes and national strategies are reshaping global manufacturing. As Apple continues to amplify operations in India, the region is fast developing into a pivotal node in the technology economy—offering a compelling alternative to the long-established China corridor amidst deepening trade tensions.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store