Latest news with #UAE-India
Gulf Today
22-05-2025
- Business
- Gulf Today
DMCC sees 13% growth in companies from Singapore
DMCC has announced growth of 13 per cent of companies from Singapore joining its international business district in the past 12 months. The figures were revealed during DMCC's first-ever roadshow on the ground in Singapore as part of its efforts to attract Singaporean business to Dubai. DMCC is now home to over half of the estimated total Singaporean businesses operating in the UAE. DMCC signed a partnership agreement with Hawksford, the international business services provider, to streamline company setup in DMCC's district. Hawksford will provide advisory and registration, accounting and tax support to businesses, attracting new companies to DMCC. Singapore represents one of DMCC's strategic target markets, with a range of opportunities across tech, commodities and trade underpinned by a deepening relationship as Singaporean firms seek efficiencies through Dubai. With nearly 400 Singaporean companies now registered in DMCC, the business district is rapidly expanding its status as a critical gateway for businesses from Southeast Asia looking to grow internationally. The event saw senior DMCC executives engage directly with over 100 Singaporean business leaders, providing tailored insights into how Dubai can serve as a launchpad for international growth and investment diversification. Ahmed Bin Sulayem, Executive Chairman and CEO of DMCC, said, 'Our first in-person Made For Trade Live roadshow in Singapore comes at a time of accelerating cooperation between our two nations, with bilateral trade reaching $18.7 billion last year.' Tommaso Barindelli, Head of Business Development at Hawksford Dubai, stated, 'This partnership marks a significant milestone for our firm and a valuable opportunity for our current and future clients.' DMCC is currently home to over 25,000 companies from 180 countries, covering every sector and industry. The district contributes 15 per cent of Dubai's annual FDI inflows and 7 per cent of Dubai's GDP. Meanwhile last month DMCC, the leading international business district that drives the flow of global trade through Dubai, has announced that over 260 Indian companies joined its international business district in the past 12 months, bringing the total number operating from its international business district to just shy of 4,000. The announcement came as part of DMCC's roadshow in India this week, featuring two major forums in the business hubs of Mumbai and Hyderabad. Increasing by 7 per cent year-on-year, Indian businesses now account for 16 per cent of DMCC's total member base. With bilateral UAE-India trade reaching over $85 billion in 2024, DMCC highlighted the significant impact of deepening relations on the regional trade landscape that has been catalysed by the Comprehensive Economic Partnership Agreement (CEPA) signed in 2022. DMCC called on Indian businesses to leverage the momentum brought by the CEPA as it sought to attract the next wave of Indian companies to Dubai. The two events convened business leaders, government officials, and industry stakeholders to explore trade and investment opportunities through DMCC, showcasing Dubai as a strategic platform for Indian businesses seeking global expansion. Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said, 'The UAE-India relationship is entering a defining new phase, underscored by the recent historic visit of Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, and Minister of Defence, to India. With bilateral trade now exceeding $85 billion, this next chapter will be defined by rapid expansion across strategic sectors – including investment, services, infrastructure, technology and food security – as we build out a new model for inter-regional collaboration and commercial opportunities.' He added, 'As our trade partnership deepens, we will continue to expand the value offering of our ecosystems aligned to India's strengths in physical commodities, high-value services, and next-gen technologies, as we reinforce DMCC's status as the hub of choice for the Indian business community in Dubai.' Held in partnership with the Confederation of Indian Industry and the Federation of Telangana Chambers of Commerce and Industry, the events highlighted the potential for Indian businesses to simplify their operations and supply chains, and tap into some of the world's fastest growing markets. This latest visit to India forms part of DMCC's global Made For Trade Live roadshow programme, in which it visits key markets across the world that present opportunities for deeper collaboration. With over 25,000 member companies and contributing 15 per cent to Dubai's annual FDI, DMCC is one of the most important business hubs for international growth and cross-sector innovation.
Gulf Today
18-05-2025
- Business
- Gulf Today
UAE greatly values India's ‘remarkable achievements'
Sheikh Nahyan Bin Mubarak Al Nahyan, Minister of Tolerance and Coexistence, officially inaugurated the India-UAE: Partners in Progress Conclave, held in Dubai. In his keynote address, Sheikh Nahyan affirmed that the theme of the conclave reflects the depth of the commercial, economic, and cultural ties between the UAE and the Republic of India. 'We are confident that our cooperation will continue to create robust opportunities for mutual benefit and shared progress.' He stated, 'We in the UAE greatly value India's remarkable achievements across all sectors and its growing stature on the global stage. We commend its steadfast commitment to the well-being of its people. In a world often challenged by turbulence, we take pride in the strength of our political, commercial, and educational ties with India.' He added, 'The friendship between our peoples dates back centuries – long before the formation of our modern nations – and has grown into fruitful commercial and cultural partnerships. This conclave is a vital platform to reinforce those relations by fostering synergies, creating opportunities, and encouraging bilateral initiatives.' He emphasised that the shared vision between the leaderships of both countries is built on global engagement, civil dialogue, and a collective drive for peace and prosperity. He pointed out that the UAE and India are aligned in their commitment to education, environmental stewardship, public health and safety, and openness to trade, investment, and culture. He continued, 'President His Highness Sheikh Mohamed Bin Zayed Al Nahyan remains deeply committed to the UAE's global leadership in progress and innovation. This is strongly supported by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai. Our nation today represents a harmonious blend of modernity and heritage, social development and economic sustainability.' He applauded the vision and leadership of Aroon Purie and his team at the India Today Group, as well as the involvement of the UAE India Business Council, urging all participants to continue building on the outcomes of the conclave through recognition of inspirational role models, award programmes, and sustainable support networks for the UAE-India partnerships. He concluded, 'I warmly welcome you once again to this important gathering and look forward to the innovative strategies that will emerge from it. Let this conclave serve as a platform for knowledge exchange, relationship-building, and the creation of a brighter shared future.' The inaugural edition of the UAE-India: Partners in Progress Conclave marked a milestone in the evolving strategic partnership between the UAE and India. Organised by the UAE India Business Council - UAE Chapter in collaboration with the India Today Group, the conclave brought together top policymakers, business leaders, diplomats, and innovators to shape the next chapter of bilateral cooperation under the framework of the Comprehensive Economic Partnership Agreement (CEPA) between the two countries. Held in the wake of the historic visit of Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, and Minister of Defence, to India and a series of significant recent agreements, the event underscored the central role of the UAE India Business Council - UAE Chapter in enhancing trade partnerships and bilateral cooperation in critical sectors such as healthcare, education, and culture. Dr Thani Bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, highlighted the council's strategic importance, stating, 'The UAE India Business Council - UAE Chapter serves as an institutional pillar in our journey towards a comprehensive economic partnership. It translates political will into real partnerships. This conclave illustrates how UAE-India ties are shifting from bilateral trade to deep collaboration across sectors that will shape our shared future.' The event further reinforced the strategic UAE-India relationship, leveraging CEPA's momentum to explore promising new areas such as artificial intelligence, energy transition, digital infrastructure, and cultural diplomacy. This forward-looking approach demonstrates both nations' shared commitment to sustainable growth and innovation. WAM
Gulf Today
14-05-2025
- Business
- Gulf Today
Ras Al Khaimah and India to boost bilateral business ties
Ras Al Khaimah Economic Zone (RAKEZ) successfully wrapped up a weeklong roadshow across three major Indian cities - Lucknow, Vadodara, and Coimbatore - in collaboration with the Federation of Indian Chambers of Commerce & Industry and supported by the Federation of Gujarat Industries, Bharat Startup and Innovation Society and The Coimbatore District Small Industries Association. The initiative aimed to explore business opportunities and foster cross-border collaborations between India and UAE-based enterprises. The Ras Al Khaimah Economic Zone representatives held B2B meetings with over 150 senior leaders from across India's key sectors, including building materials, auto parts, plastics and chemicals, logistics, manufacturing, technology, infrastructure, healthcare, education and services. The team showcased the competitive advantages of setting up in Ras Al Khaimah, highlighting its business-friendly environment, investor incentives, and strategic position as a gateway to regional and international markets. They also engaged with members of industry associations, trade organisations, and the media, exchanging insights and exploring opportunities for joint ventures, sector-specific partnerships, and deepening UAE-India trade relations. Ras Al Khaimah Economic Zone Group CEO Ramy Jallad said, 'India has long been a strategic partner for us, and this roadshow is another step in our continued commitment to strengthening ties with one of the world's most dynamic economies.' 'With over 8,300 Indian entrepreneurs thriving within RAKEZ, our mission is to provide a platform where businesses can scale efficiently, expand globally, and access competitive advantages. Our Indian business missions foster meaningful, long-term partnerships that benefit both economies.' The majority of the 30,000 companies at RAKEZ are owned by Indian investors who are increasingly drawn to the economic zone for its low operating cost, and a suite of customised, cost-effective services tailored to businesses of all sizes. These offerings are part of a wider value proposition that continues to attract Indian enterprises looking to scale efficiently and expand into new markets. Ras Al Khaimah itself offers fertile ground for ambitious investors and entrepreneurs to thrive within a dynamic ecosystem. With world-class infrastructure, a diversified and resilient economy, high quality of life, and comprehensive regional and global connectivity, the emirate provides the ideal foundation for long-term success. The government actively encourages the growth of all types of enterprises-large, medium, or small-by ensuring a seamless set-up experience, simplified processes, and adaptable business solutions. RAKEZ's Indian business community includes some of India's most recognised names such as Xpro India Limited (part of the prestigious Birla conglomerate), Royal Gulf Industries, Mahindra, Ashok Leyland, MSSL, KnightRider Technologies FZC, and Dabur Naturelle. Beyond individual companies, RAKEZ has built deep institutional ties with leading Indian business groups, including the Indian Chamber of Commerce, All India Association of Industries, UAE-India CEPA Council, and the Confederation of Indian Industry.
Gulf News
06-05-2025
- Business
- Gulf News
UAE gold price 'still' lower than in India despite April events
Dubai: The price difference between UAE and India's gold rates dropping below 6% was only a temporary phenomenon, according to a leading jeweler. 'Yes, there was a phase in April when UAE-India gold price gap was 4% - but that happened because of some issues in the Indian market temporarily,' said Shamlal Ahmed, Managing Director of Malabar Gold & Diamonds. 'It had nothing to do with the Indian rupee firming up in any way and reducing the price difference. 'After about those two weeks in April, the price between UAE and India gold has gone back to 6%.' April's events had set off a lot of chatter among Indian visitors to the UAE on whether there is any price advantages to buying here rather than back in their home country. A 'rare' occurence For instance on April 22, the Indian Board Rate for a gram of 22K gold was Rs9,290. At that day's exchange rate for AED-INR of 23.05 rupees for one dirham, the Indian gold price would be equivalent to Dh403. That same day, the Dubai Gold Rate was Dh388.75 for a brief period. It meant that the price difference was just 4% compared to the usual 6%. It was in July 2024 that India slashed duty on gold from 15% to 6%, primarily done with an eye to drastically reduce gold smuggling into the country. But for UAE and GCC gold jewelers, it meant the sizable 15% price difference of the past. But that did not in any way lead to a drop off in gold buying from Indian visitors/tourists to the UAE. 'There would be guided tours from India who would come directly to the Dubai Gold Souq,' said Ahmed. 'Even though the price difference was cut from 15% to 6%, what changed was that Indian tourists ended up buying more here.' But gold trade sources say that anything less than 5% price difference could alter buying habits among Indian visitors. Which is why what happened last month when the price difference slipped to 4% came as a bit of a jolt. What happened in April? The main cause for the sudden change in India-UAE gold price differential was because of the cut in the premiums on gold deliveries charged to jewelery retailers in India. 'Where jewelers were used to paying premiums, they suddenly were seeing big cuts,' said Ahmed. 'It was mainly because many jewellery retailers who were not hedging their gold buys were hit by margin calls. It meant there was a lot of gold availability in the Indian market at the same time. 'That explains the price difference between UAE and India narrowing rather than anything fundamental. This was a short-term change, nothing more.' Indian tourists to the UAE remain one of the biggest buyer categories for gold in this market. Which is why price changes in India are watched with intense interest here. "In some months, Indian tourist buying makes up 30%-40% of our sales," said a jeweller. "The biggest reason continues to be the price difference - there was no issue when India slashed duty from 15% to 6%.
Arabian Business
29-04-2025
- Business
- Arabian Business
DMCC continues to attract Indian companies; over 260 join them in 2024
Over 260 Indian companies have joined DMCC in the past 12 months, representing an annual increase of 7 per cent and forming 16 per cent of DMCC's total member base. As part of its recent roadshows in the Indian cities of Mumbai and Hyderabad, DMCC said the total number of Indian companies operating in Dubai's leading international business district is now just shy of 4,000. Through the two events – in two of India's biggest business cities – DMCC officials met business leaders, government officials, and industry stakeholders and helped them explore trade and investment opportunities using Dubai as a strategic platform for seeking global expansion. With bilateral UAE-India trade reaching over US$85 billion in 2024, DMCC highlighted the significant impact of deepening relations on the regional trade landscape that has been catalysed by the Comprehensive Economic Partnership Agreement (CEPA) signed in 2022. Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, commented: 'The UAE-India relationship is entering a defining new phase, underscored by the recent historic visit of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence of the UAE, to India. 'With bilateral trade now exceeding US$85 billion, this next chapter will be defined by rapid expansion across strategic sectors – including investment, services, infrastructure, technology and food security – as we build out a new model for inter-regional collaboration and commercial opportunities. 'This momentum is firmly mirrored at DMCC, with over 260 new Indian companies joining our district in the past 12 months – a 7 per cent year-on-year increase – and taking our total to nearly 4,000. As our trade partnership deepens, we will continue to expand the value offering of our ecosystems aligned to India's strengths in physical commodities, high-value services and next-gen technologies as we reinforce DMCC's status as the hub of choice for the Indian business community in Dubai.' Held in partnership with the Confederation of Indian Industry (CII) and the Federation of Telangana Chambers of Commerce and Industry, the roadshows highlighted the potential for Indian businesses to simplify their operations and supply chains and tap into some of the world's fastest-growing markets. This is part of DMCC's global 'Made For Trade' live roadshow programme, in which the authority visits key global markets that present opportunities for deeper collaboration.
