India approves more Russian insurers to provide marine cover
India has approved three Russian insurers, including a unit of top lender Sberbank , to provide marine cover to ships arriving at Indian ports, a government notification shows, helping Moscow maintain oil supplies to its key market.
India is the top buyer of Russian seaborne oil after China since Western nations shunned purchases and imposed sanctions on Moscow for its military action in Ukraine.
(Editing by Louise Heavens)
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The National
an hour ago
- The National
Syria receives major wave of investments in six months since Assad's fall
Syria has attracted growing international investment and aid commitments in the six months since the fall of the regime of former president Bashar Al Assad, as the country seeks to rebuild its shattered economy. This rapid influx of investment marks a stark contrast to the years of economic decline and isolation that defined the country's post-2011 era. Since Mr Al Assad's departure last December, investors from across the region and beyond have started to take a stake in Syria's post-conflict recovery. Qatar, Saudi Arabia and the UAE were among the first nations to endorse the country's new leadership, with President Ahmad Al Shara invited to visit all three countries a handful of times since he took office in a bid to secure economic support. Major commitments include a $7 billion energy infrastructure deal led by Qatar's UCC Holding, a $6.5 billion aid pledge from international donors and an $800 million port development agreement with Dubai-based DP World. Half a century of recovery Despite the momentum, Syria's reconstruction needs range between $400 billion, according to the World Bank, and $1 trillion, as estimated by Mohammad Al-Shaar, Syria's Minister of Economy and Industry, last month. In February 2025, the UNDP published a report in which it estimated that Syria's economy could take half a century to recover to prewar levels. Before the 2011 uprising, Syria's economy was valued at $67.5 billion, ranking 68th globally and comparable to economies like Paraguay and Slovenia according to the World Bank. By 2023, however, years of conflict and sanctions had reduced the country's gross domestic product by 85 per cent to just $9 billion, placing it 129th in the global rankings. Between 2000 and 2010, Syria enjoyed steady economic growth averaging 4.5 per cent annually, with inflation below 5 per cent. At its peak, nominal GDP reached $60 billion, and the average income per member of the population approached $3,000. People power Despite the investments and interest, a key challenge will be getting the country workforce-ready. The prolonged war in Syria has displaced millions, with more than 6.2 million Syrians registered as refugees, and an additional 7.2 million internally displaced. This mass displacement has resulted in a substantial reduction in the available labour force, particularly in critical sectors such as construction and health care. A significant portion of the population has also experienced disruptions in education and vocational training, leading to a skills gap that hampers reconstruction efforts. To address these challenges, new initiatives like cash-for-work programmes have been introduced. These programmes aim to provide immediate employment opportunities while simultaneously rebuilding essential infrastructure. They also offer on-the-job training, helping to bridge the skills gap and empower communities to participate actively in the nation's recovery.
Economy ME
9 hours ago
- Economy ME
Eid al-Adha 2025: Key challenges businesses face during the celebrations
Eid al-Adha plays a major role in the business world, especially in regions with a high number of Muslims. It's also known as the 'Festival of Sacrifice,' is celebrated by millions of Muslims worldwide. It commemorates the willingness of Prophet Ibrahim to sacrifice his son as an act of obedience to God. The festival is marked by communal prayers, charitable giving, and the ritual sacrifice of livestock. For businesses, Eid al-Adha presents both significant opportunities and unique challenges, affecting operations, workforce management, supply chains, and consumer behavior. In 2025, both June 6 and 7 will be Eid al-Adha days in Gulf countries and in Asian countries including Pakistan, India, Malaysia, Brunei, Bangladesh, Morocco and Mauritania. The fact that business days vary by country can cause issues for global companies with team members in different locations. Why date variations matter Leave coordination: HR departments must accommodate different national holidays, ensuring that employee leave is managed without disrupting business operations, especially in multicultural or regionally distributed teams. Cross-border communication: Misaligned public holidays can delay communication, approvals, or project milestones, making advance planning essential. Client and partner engagements: Week-long holidays in some countries (e.g., Bangladesh) may require rescheduling or fast-tracking external engagements to avoid operational standstills. Cultural sensitivity: Respecting employees' religious practices enhances morale and inclusivity, with HR teams encouraged to facilitate flexible work schedules and time off. Key business challenges during Eid al-Adha Workforce and HR management Eid al-Adha is a public holiday in many Muslim-majority countries, with varying lengths of leave. For example, the UAE grants a four-day break from June 5 to June 8, 2025, with full pay entitlements under local labor laws. If employees work during the holiday, they are entitled to compensatory time off or additional pay. Challenges: Coordinating leave requests while maintaining business continuity. Managing overtime or compensatory days for essential staff. Ensuring compliance with local labor laws to avoid disputes. Supply chain and logistics disruptions The changes in workdays brought by the festival and their holidays can disturb the movement of goods for industries that rely on international or rapid delivery. Such government breaks in Bangladesh (10 days) may put customs activities on hold, cause delays in shipments and influence the way inventory is managed. Challenges: Delays in shipping and customs clearance. Increased demand for certain goods (e.g., livestock, food products) leading to supply bottlenecks. Need for contingency planning and inventory adjustments. Retail and consumer goods sector Holidays like Eid al-Adha are known for people buying gifts, new clothes, decorations for their homes and food. There are special discounts at stores and the shopping malls see some of their best business for the year. Challenges: Managing inventory to meet surges in demand. Handling increased footfall and ensuring staff availability. Competing with rivals for consumer attention through promotions and marketing. Read more | Eid al-Adha 2025: How the festival fuels economic growth across the GCC and globally Tourism and hospitality Eid holidays are when people in the GCC and other Muslim majority regions go on trips the most. Within the region, Saudi Arabia, UAE and Qatar experience increased tourism which leads to more business at hotels and local entertainment. Challenges: Scaling operations to accommodate increased visitor numbers. Managing bookings, staffing, and service quality during peak periods. Navigating last-minute cancellations or changes due to shifting holiday dates. Livestock and agriculture markets Right before Eid al-Adha, demand for sacrificial animals goes up a lot. Because of this rise, livestock prices climb, trade is more active and importing animal products from Africa, Australia and Asia by GCC countries increases. Challenges: Price volatility due to increased demand and external factors like global feed prices. Supply chain disruptions affecting livestock availability. Regulatory compliance for animal welfare and import standards. Economic impact across regions Eid al-Adha strongly influences different economic areas, mainly retail, hospitality, farming, logistics and jobs. Country/Region Key Economic Impact Areas Notable Trends/Challenges Saudi Arabia Livestock trade, tourism (Hajj), retail Hajj revenue, import reliance, price spikes UAE & Qatar Tourism, entertainment, retail Influx of GCC tourists, event-driven sales Bangladesh Livestock, leather industry, Hajj spending Export boost, foreign exchange outflow Egypt Livestock, food, retail Inflation, affordability issues Indonesia Livestock, charity, Hajj travel Digital livestock markets, charity growth Key points: Retail and hospitality sectors see a revenue boom due to increased spending. Livestock and agriculture markets experience heightened activity and price volatility. Temporary employment opportunities arise in retail, logistics, and hospitality, benefiting lower-income workers and small businesses. Emerging trends and opportunities Digital transformation and e-commerce Consumers use digital platforms now to take part in activities during Eid al-Adha. Using online livestock markets, buyers can procure animals, order slaughter and oversee meat delivery which simplifies the process and makes the market more available to all. Trends: Growth of e-commerce for gifts, clothing, and food. Retailers leveraging online promotions and home delivery services. Increased adoption of digital payment methods. Sustainability and animal welfare Because more people are concerned about animal protection and the environment, new laws and efforts to promote sustainability have arisen in livestock farming. Some choose to symbolically sacrifice or give away the same amount for charity which reflects new culture and changes in economy. Trends: Regulatory oversight on animal welfare. Promotion of sustainable livestock practices. Rise in alternative giving and charitable donations. Strategies for businesses to navigate Eid al-Adha challenges To successfully navigate the complexities of Eid al-Adha, businesses should adopt proactive strategies: Advance planning: Anticipate holiday dates and adjust operational schedules, inventory, and staffing accordingly. Flexible HR policies: Accommodate diverse leave requests and ensure compliance with local labor laws. Supply chain resilience: Build contingency plans for potential disruptions, including alternative suppliers and logistics partners. Digital engagement: Invest in e-commerce platforms, online marketing, and digital payment solutions to capture festive demand. Cultural sensitivity: Promote an inclusive workplace by recognizing and respecting religious observances. Frequently asked questions (FAQs) How do varying Eid al-Adha dates affect multinational businesses? Variations in Eid al-Adha observance dates across countries can disrupt cross-border operations, requiring careful coordination of leave, project timelines, and client engagements to maintain business continuity. What sectors are most impacted by Eid al-Adha? Retail, hospitality, livestock, agriculture, logistics, and tourism sectors experience the most significant impact, with surges in demand, price volatility, and operational challenges. How can businesses prepare for supply chain disruptions during Eid al-Adha? Businesses should plan shipments and inventory well in advance, communicate with suppliers about holiday closures, and develop contingency plans for potential delays. Are there opportunities for digital transformation during Eid al-Adha? Yes, the rise of online livestock markets, e-commerce, and digital payment solutions presents new opportunities for businesses to reach consumers and streamline operations. What are the HR implications for businesses during Eid al-Adha? Employers must manage leave requests, ensure compliance with labor laws regarding public holidays, and provide compensatory time off or additional pay for employees working during the festival. Final word This year's Eid al-Adha brings many challenges and chances for companies everywhere. Managing employee leave, dealing with challenge along the supply chain and seizing retail opportunities require companies to use flexible, understanding and tech-savvy techniques. Using the knowledge of this era and taking advantage of developing trends, companies can both handle risks and explore options for growth.
Gulf Business
a day ago
- Gulf Business
From Saudi to Hong Kong: Tahaluf, ewpartners take LEAP global with Asia debut
Annabelle Mander, EVP at Tahaluf, along with Jessica Wong, founder and managing partner of ewpartners. Tahaluf, the organiser of Saudi Arabia's flagship technology event LEAP, has announced a strategic partnership with global investment firm ewpartners to launch LEAP East, a new Asia-Pacific edition of the mega event. It will take place in Hong Kong from 8-10 July 2026, marking the first time LEAP is held outside the Kingdom. The move underscores Saudi Arabia's deepening strategic focus on Asia and positions Hong Kong as a new gateway for Middle Eastern engagement with China and the broader region. 'With this timely and strategic expansion, we are bringing LEAP's award-winning vision and world-class innovation into this exciting new Hong Kong venture, creating a powerful platform for entrepreneurs, investors, and businesses to connect, collaborate and build the future of technology,' said Faisal AlKhamisi, chairman of the Saudi Federation for Cybersecurity, Programming and Drones (SAFCSP), during an announcement at LEAP 2025 in Riyadh. 'Attendees will engage directly with the world's leading innovators, investors, and industry pioneers, making LEAP East a must-attend event for anyone shaping the digital future,' he added. LEAP East is expected to attract over 25,000 visitors, more than 200 speakers, and 300+ exhibitors across AI, fintech, healthtech, deeptech and more. Featured speakers will include Luanne Lim, CEO of HSBC Hong Kong; Jeanne Lim, CEO of beingAI and co-creator of Sophia the Robot; and Harry Man, founding partner at Matrix Partners. The event will also feature investment zones, startup showcases and exclusive networking sessions such as LEAP East Nights. The announcement was made during the opening of ewpartners' new Hong Kong office, attended by over 100 senior officials and business leaders from Saudi Arabia and Hong Kong. Attendees included representatives from OASES, HKEX, UBS, and HSBC. Peter Yan, director general of Hong Kong's Office for Attracting Strategic Enterprises (OASES), said LEAP East 'could serve as a dynamic bridge between Hong Kong and the Middle East, empowering enterprises to collaborate, co-develop innovations, and unlock new market opportunities together. We appreciate ewpartners' pivotal role in making this initiative a reality, strengthening cross-regional partnerships, driving global growth through shared success, and reinforcing Hong Kong's position as a global innovation hub.' LEAP was launched in Riyadh in 2021 through a partnership with Saudi Arabia's Ministry of Communications and Information Technology and SAFCSP. In 2025, the event drew 215,000+ attendees, 1,800+ exhibitors, and 1,600+ investors, generating $14.9bn in announced deals and an economic impact of $820m. Annabelle Mander, executive vice president at Tahaluf, said: 'LEAP was created in Riyadh to position Saudi Arabia as a global innovation hub. After four record-breaking editions, we're taking our next bold step, bringing LEAP to Hong Kong. This city is not only a gateway to Asia, but a proven launchpad for global ambitions. Through our partnership with ewpartners, we're proud to build a platform that unites Saudi and Asian-Pacific innovators on one world stage.' Jessica Wong, founder and managing partner of ewpartners, added: 'Our mission at ewpartners is to unlock high-value opportunities between the Middle East and Asia. We have been partnering with Tahaluf on LEAP for 5 years, and LEAP East further reflects that mission in action. Hong Kong has the connectivity, credibility, and creativity to host Asia's most ambitious tech platform, and we are honoured to help bring it to life.' The collaboration aims to mirror the impact of LEAP's Riyadh editions and drive significant business tourism and cross-border partnerships across Asia.
