UAE’s largest sovereign wealth fund starts operations in India

UAE’s largest sovereign wealth fund starts operations in India
Above, people visit the Gujarat International Finance Tec-City pavilion at the Vibrant Gujarat Trade Show in Gandhinagar on Jan. 11, 2024. (AFP)
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Updated 08 October 2024
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UAE’s largest sovereign wealth fund starts operations in India

UAE’s largest sovereign wealth fund starts operations in India
  • Abu Dhabi Investment Authority is one of the world’s largest sovereign wealth funds
  • Indian government expects its Gujarat International Finance Tec-City operations to drive more UAE investment

NEW DELHI: The UAE’s largest sovereign wealth fund has started its operations in India, in a move expected to increase investment activity in the region.

Established in 1976, Abu Dhabi Investment Authority is one of the largest sovereign wealth funds in the world that invests funds on behalf of the government of Abu Dhabi.

The start of its operations at the GIFT City (Gujarat International Finance Tec-City) was announced at a meeting of the India-UAE High Level Joint Task Force on Investments in Mumbai on Monday, which was co-chaired by Indian Commerce Minister Piyush Goyal and Sheikh Hamed bin Zayed Al-Nahyan, managing director of ADIA.

“The office is expected to drive further intensification of ADIA’s investment activities in India,” the Ministry of Commerce and Industry said in a statement.

“ADIA’s presence in the GIFT City underlines the strong interest from UAE’s institutional investors in India’s growing and dynamic economy. It also buttresses GIFT City’s reputation as a world-class financial services center, operating under a robust regulatory and legal framework.”

A flagship project in Prime Minister Narendra Modi’s home state, the GIFT City has been promoted by the Indian government as a “robust gateway for global capital and financial services” for the Indian economy.

Companies operating in GIFT City enjoy a complete tax exemption on business profits for any 10 consecutive years within a 15-year period, and no taxes on the transfer of funds from overseas jurisdictions.

“India is one of the world’s fastest-growing economies and has been a key focus for ADIA’s investment activities for a number of years. We have built an extensive portfolio that spans asset classes, and we remain confident in India’s long-term growth prospects,” Sheikh Hamed said, as quoted by the Emirati state news agency WAM.

“Establishing ADIA’s subsidiary at GIFT City underlines our belief in the opportunities presented by India’s continued growth. GIFT City is creating a dynamic, world-class financial services ecosystem, operating under a strong regulator and a robust legal framework.”

The establishment of ADIA’s presence in the Gujarat hub was announced during Modi’s state visit to Abu Dhabi in July 2023.

The UAE is the largest Middle Eastern investor in India, with investments amounting to around $3 billion in the financial year 2023-24, according to Indian government data.


Bangladesh cuts airfare for Saudi-bound migrant workers

Bangladesh cuts airfare for Saudi-bound migrant workers
Updated 5 sec ago
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Bangladesh cuts airfare for Saudi-bound migrant workers

Bangladesh cuts airfare for Saudi-bound migrant workers
  • Under the new scheme, base fares for flights to the Kingdom are set at $360
  • Workers must be registered with Bureau of Manpower Employment and Training

DHAKA: The Bangladeshi government has introduced a special discounted airfare to reduce migration costs for expat workers traveling to Saudi Arabia and other foreign employment destinations, the Ministry of Civil Aviation and Tourism said on Wednesday.

The decision was issued by the ministry in a circular on Tuesday, directing all airlines and travel agencies operating in the country to provide special fares for Bangladeshis traveling on work visas.

“It’s an inter-ministerial coordinated decision aimed at reducing the burden on our remittance earners. We have instructed all airlines operating in Bangladesh to adhere to these base fare guidelines,” said Abu Naser Khan, additional secretary at the Ministry of Civil Aviation and Tourism.

“Our migrants have been burdened by the high cost of airfare. Our chief adviser, Prof. Muhammad Yunus, is deeply sympathetic to the plight of migrant workers, and this base fare reduction has been implemented following his guidance and approval.”

The national flag carrier, Biman Bangladesh Airlines, has already approved the reduced fare scheme, while other carriers need to take measures by the end of next week to decrease ticket prices.

“A task force has been formed to monitor the situation on the ground. Led by the Ministry of Civil Aviation and Tourism, this task force will include representatives from all relevant stakeholders,” Khan said.

“Bangladeshi migrants who are traveling as new recruits to any country with a smart card issued by the Bureau of Manpower Employment and Training are eligible for this opportunity.”

The decision is to prevent travel agencies from manipulating ticket prices.

“There was a trend here in Bangladesh to book the air tickets much earlier without the details of the passengers. This practice creates a crisis in the availability of the tickets, forcing the migrants to pay a high fare,” said Afsia Jannat Saleh, secretary general of the Association of Travel Agents of Bangladesh.

“This system was called group booking. The agents booked tickets at the rate of $300-400, but the migrants needed to pay up to $900 for a one-way ticket.”

Most Bangladeshi expat workers look for opportunities in Saudi Arabia, where about 3 million of them live and work. They are the largest expat group in the Kingdom and the largest Bangladeshi community outside Bangladesh.

“At the moment, most of our migrants are traveling to Saudi Arabia ... Since September last, the number of migrants travel has just doubled. Earlier, it was around 44,000 per month, and now it stands around 84,000,” Saleh told Arab News.

“In the case of traveling to Saudi Arabia, now migrants will be able to save around $100.”

Under the new airfare structure, base fares — excluding taxes — are set at $360 for flights on the Dhaka-Jeddah, Dhaka-Madinah and Dhaka-Riyadh routes. Earlier, the cheapest price ranged between $430 and $480.


Two astronauts stranded on space station to touch down early

Two astronauts stranded on space station to touch down early
Updated 31 min 1 sec ago
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Two astronauts stranded on space station to touch down early

Two astronauts stranded on space station to touch down early
  • Veteran astronauts Butch Wilmore and Suni Williams were due to spend eight days on the International Space Station
  • But have been there for more than eight months after their Boeing Starliner spacecraft suffered propulsion problems

WASHINGTON: Two American astronauts who have been trapped on the International Space Station since June could return to Earth earlier in March than expected, NASA said Tuesday.
Veteran astronauts Butch Wilmore and Suni Williams were due to spend eight days on the International Space Station (ISS), but have been there for more than eight months after their Boeing Starliner spacecraft suffered propulsion problems.
The US space agency decided the Starliner would return home without its crew after carrying out weeks of intensive testing and announced in August that it was tasking Elon Musk’s SpaceX with bringing the crew home.
Musk, one of President Donald Trump’s closest advisers, committed to bringing them back to Earth “as soon as possible” at the end of January, with Republicans blaming Trump’s predecessor Joe Biden for the delay.
A SpaceX mission called Crew-9 saw two astronauts arrive at the ISS in September aboard a Dragon spacecraft, with two empty seats for Wilmore and Williams.
But their return was postponed when NASA announced that Crew-10 who was due to relieve them would not be blasting off until the end of March at the earliest.
The mission is now scheduled to launch on March 12 “pending mission readiness,” NASA announced Tuesday, explaining that the change was agreed with SpaceX after adjustments were made to the original plan.
Instead of using a brand new Dragon spacecraft that requires extra processing time, the Crew-10 mission will now use a previously flown one called Endurance.
The astronauts will return to Earth following a handover period of several days, the agency added.
In January, Wilmore and Williams said their spirits were still high, adding that they had plenty of food and were enjoying their time on the space station.
While their protracted stay is notable, it has not yet surpassed Frank Rubio’s record-breaking 371 days aboard the ISS, which he completed in 2023 after the Russian spacecraft designated for his return developed a coolant leak.


UK to refuse citizenship to undocumented migrants

UK to refuse citizenship to undocumented migrants
Updated 12 February 2025
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UK to refuse citizenship to undocumented migrants

UK to refuse citizenship to undocumented migrants
  • Under new guidance migrants arriving by sea, or hidden in the back of vehicles will normally be refused citizenship
  • Some 36,816 people were detected in the Channel between England and France in 2024

LONDON: The British government on Wednesday said it was toughening immigration rules to make it almost impossible for undocumented migrants who arrive on small boats to later receive citizenship.
Under new guidance migrants arriving by sea, or hidden in the back of vehicles will normally be refused citizenship.
“This guidance further strengthens measures to make it clear that anyone who enters the UK illegally, including small boat arrivals, faces having a British citizenship application refused,” a Home Office spokesperson said.
Prime Minister Keir Starmer’s Labour government is under pressure to reduce migration after Nigel Farage’s anti-immigration Reform UK party won roughly four million votes during the last general election — an unprecedented haul for a far-right party.
But the change to the rules has been criticized by some Labour MPs.
“If we give someone refugee status, it can’t be right to then refuse them a route to become a British citizen,” wrote lawmaker Stella Creasy on X, adding that the policy would leave them “forever second class.”
Free Movement, an immigration law blog, said the changes had the potential to “block a large number of refugees from naturalizing as British citizens, effective immediately.”
It called the updated guidance “incredibly spiteful and damaging to integration.”
The announcement comes after MPs this week debated the government’s new Border Security, Asylum and Immigration Bill, designed to give law enforcement officials “counter-terror style powers” to break up gangs bringing irregular migrants across the Channel.
Legal and undocumented immigration — both currently running at historically high levels — was a major political issue at the July 2024 poll that brought Starmer to power.
On taking office, he immediately scrapped his Conservative predecessor Rishi Sunak’s plan to deter undocumented migration to the UK by deporting new arrivals to Rwanda.
Instead he pledged to “smash the gangs” to bring the numbers down.
Some 36,816 people were detected in the Channel between England and France in 2024, a 25 percent increase from the 29,437 who arrived in 2023, provisional figures from the interior ministry showed.


Russia’s Medvedev calls Ukraine’s territory exchange proposals ‘nonsense’

Russia’s Medvedev calls Ukraine’s territory exchange proposals ‘nonsense’
Updated 12 February 2025
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Russia’s Medvedev calls Ukraine’s territory exchange proposals ‘nonsense’

Russia’s Medvedev calls Ukraine’s territory exchange proposals ‘nonsense’
  • Dmitry Medvedev, who served as Russia’s president from 2008-2012, said Russia had shown that it can achieve ‘peace through strength’

MOSCOW: Dmitry Medvedev, deputy chairman of Russia’s powerful Security Council, on Wednesday dismissed as “nonsense” Kyiv’s proposal to trade pockets of Russian territory it holds in exchange for Moscow-controlled parts of Ukraine.
Ukrainian President Volodymyr Zelensky told the Guardian newspaper that he planned to offer Russia a straight territory exchange to help bring an end to the war.
Medvedev, who served as Russia’s president from 2008-2012, said Russia had shown that it can achieve “peace through strength,” including through drone and missile strikes which hit Kyiv on Wednesday.
Russia controls just under 20 percent of Ukraine, or more than 112,000 square kilometers, while Ukraine controls around 450 square kilometers of Russia’s western Kursk region, according to open source maps of the battlefield.


Leaders of Indonesia and Turkiye hold talks on defense and economic ties

Leaders of Indonesia and Turkiye hold talks on defense and economic ties
Updated 12 February 2025
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Leaders of Indonesia and Turkiye hold talks on defense and economic ties

Leaders of Indonesia and Turkiye hold talks on defense and economic ties

BOGOR, Indonesia: Turkish President Recep Tayyip Erdogan met his Indonesian counterpart Prabowo Subianto on Wednesday for talks aimed at strengthening economic and defense ties between the two Muslim-majority nations.
The two countries are holding their first High-Level Strategic Cooperation Council summit after agreeing to create the forum at a meeting in Bali in 2022.
Erdogan’s state visit to Indonesia, the world’s most populous Muslim-majority country and Southeast Asia’s largest economy, was his second stop in a four-day visit that also includes Malaysia and Pakistan.
“This meeting is the highest regular bilateral forum between the two countries where all matters of common interest will be discussed, including strategic issues and priorities,” said Indonesian foreign ministry spokesperson Rolliansyah Soemirat ahead of the visit.
A Turkish statement said the discussions will be focused on current regional and global issues, particularly the war in Gaza.
On Monday, the Turkish leader met Malaysian Prime Minister Anwar Ibrahim, and reiterated his opposition to a US proposal to relocate Palestinians from Gaza and said Israel should pay for the territory’s reconstruction.
“We do not consider the proposal to exile the Palestinians from the lands they have lived in for thousands of years as something to be taken seriously,” Erdogan said.
Erdogan and his wife, First Lady Emine Erdogan, arrived in Jakarta late Tuesday and was welcomed by Subianto at Halim Perdanakusuma International Airport in a light rain. Erdogan rode with Subianto in a motorcade to his hotel.
Indonesia and Turkiye have built an increasingly close relationship in recent years, and the two leaders previously met in Ankara last July when Subianto was still president-elect and defense minister. Subianto pledged to “elevate defense cooperation and other strategic fields for mutual benefit.”
The two countries signed a defense cooperation agreement in 2010, under which Indonesia’s state-run arms producer Pindad and Turkiye’s FNSS jointly developed a new model of medium tank. In 2023, the two countries inked a plan of action for joint military exercises and defense industry cooperation.
In addition to Indonesia, Turkiye has HLSCC cooperation forums with 21 other countries, including Pakistan.
Turkiye and Indonesia plan to sign agreements on trade, investment, education and technology during Erdogan’s visit.
Erdogan will head on to Pakistan on Wednesday, where he and Prime Minister Shehbaz Sharif will address the Pakistan-Turkiye Business and Investment Forum and attend another HSLCC meeting.