India becomes top FDI source in Dubai with $3 billion investment

Special India becomes top FDI source in Dubai with $3 billion investment
India's Prime Minister Narendra Modi and Sheikh Mohammed bin Rashid Al-Maktoum inaugurate a warehousing facility ‘Bharat Mart’ in Dubai on Feb. 14, 2024. (Indian Press Information Bureau)
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India becomes top FDI source in Dubai with $3 billion investment

India becomes top FDI source in Dubai with $3 billion investment
  • India had the highest FDI capital into Dubai in 2024, accounting for 21.5%
  • Business services, software, IT and real estate were among the top sectors for Indian investment

NEW DELHI: India’s foreign direct investment into Dubai surged to over $3 billion in 2024, making the South Asian nation its top investor, the latest data shows.

Dubai’s Department of Economy and Tourism announced this week that the most populous of the UAE’s seven emirates attracted 52.3 billion dirhams ($14.20 billion) in estimated FDI capital in 2024.

India was “the top source country with the highest total estimated FDI capital into Dubai, accounting for 21.5%,” the main authority for the planning, supervision and development of Dubai’s business and tourism sectors said in a statement.

This amounts to about $3.05 billion, five times more than 2023, when India was Dubai’s fifth largest FDI capital contributor.

Last year, India was followed by the US at 13.7 percent, France with 11 percent, the UK at 10 percent, and Switzerland with 6.9 percent.

India was also the second-largest player in FDI projects to Dubai, accounting for 15 percent and preceded only by the UK at 17 percent.

Business leaders saw a surge of Indian investment not only in Dubai but also in the whole of the UAE. This was facilitated by a series of bilateral agreements, in particular the 2022 UAE-India Comprehensive Economic Partnership Agreement, which has eliminated trade barriers, lowered tariffs and eased business operations, making it easier for companies in both countries to access each other’s markets.

Adeeb Ahamed, managing director of LuLu Financial Holdings and chair of the Middle East Council of the Federation of Indian Chambers of Commerce and Industry, said it has enabled “remarkable economic collaboration” and allowed Indians “to take full advantage of this favorable (investment) atmosphere.”

In Dubai, business services, software and IT services, consumer products, food and beverages, and real estate are currently the top sectors representing Indian FDI, according to the FICCI’s data.

“This diversification reflects Indian businesses’ strategic approach to global expansion. The regulatory environment — the 2022 Comprehensive Economic Partnership Agreement and 2024 Bilateral Investment Treaty — have significantly reduced barriers, while world-class infrastructure and bilateral agreements have created an ecosystem where Indian enterprises can truly flourish,” FICCI Director-General Jyoti Vij told Arab News on Wednesday.

“This meteoric rise from the fifth to first position as Dubai’s top FDI source demonstrates our growing global ambitions and capabilities.”


Sri Lankan doctors on nationwide strike to demand safety after rape of woman medic

Female medics at the Wathupitiwela Base hospital, some 110 km from Colombo, join a nationwide strike of Sri Lankan doctors.
Female medics at the Wathupitiwela Base hospital, some 110 km from Colombo, join a nationwide strike of Sri Lankan doctors.
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Sri Lankan doctors on nationwide strike to demand safety after rape of woman medic

Female medics at the Wathupitiwela Base hospital, some 110 km from Colombo, join a nationwide strike of Sri Lankan doctors.
  • Women make up about 60% of Sri Lanka’s 23,000 public health sector doctors
  • Doctors say incident exposed safety issues for healthcare workers across country

COLOMBO: Doctors at public health facilities across Sri Lanka went on a nationwide strike on Wednesday to demand better safety measures for healthcare workers following the rape of a woman doctor in the country’s third-largest hospital.

Thousands of doctors and other healthcare workers joined the strike following the incident that took place on Monday at the state-run Anuradhapura Teaching Hospital in the country’s north.

A suspect was arrested on Wednesday morning, but the strike continued as protesters called for greater protections and workplace safety measures.

“(The woman doctor) was sexually assaulted during her working time while she was fulfilling her duties,” Dr. Chamil Wijesinghe, spokesperson of the Government Medical Officers’ Association, which organized the strike, told Arab News.

“This is a brutal and inhumane incident which the whole medical fraternity of the country vehemently objects to … they are in a deeply shocked and saddened situation following this incident.”

On Tuesday, medical staff at the Anuradhapura Teaching Hospital started a protest to demand action by the administration, before GMOA called on its 23,000 members to join in solidarity.

Wijesinghe told Arab News that the incident has sparked fear among women doctors, who make up about 60 percent of GMOA’s members.

He said: “It’s a teaching hospital and is a bigger hospital in the country. Now the main concern of the lady doctors … is that if the situation in such a hospital is like this, what will be the fate of the doctors, especially the lady doctors who are working in a peripheral hospital, the rural hospitals, with minimum facilities and security?

“We firmly believe that this should create a new platform for us to safeguard the women within our society; not only the doctors, not only the government servants, (but) each and every one.”

The nationwide outrage also led Health Minister Nalinda Jayatissa to meet doctors and GMOA representatives at the Anuradhapura Teaching Hospital on Wednesday.

“We have to get assurance about security in working places … we had a meeting with the minister, and we highlighted what are the things to improve,” GMOA Secretary Dr. Prabath Sugathadasa told Arab News.

“All the lady doctors … they are in fear … they can’t go and work with this condition … so, we have to find a proper solution for this.”


Somalia hotel siege death toll rises to 10, officer says

Somalia hotel siege death toll rises to 10, officer says
Updated 44 min 4 sec ago
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Somalia hotel siege death toll rises to 10, officer says

Somalia hotel siege death toll rises to 10, officer says
  • Attackers from Al-Shabab struck the hotel in Beledweyne with a car bomb

MOGADISHU: The death toll from an Al-Shabab attack on a hotel in central Somalia where clan leaders were meeting on Tuesday has risen to 10 and most of the victims were civilians, a police officer in the town said on Wednesday.
On Tuesday, attackers from the Al-Qaeda-linked group struck the hotel in Beledweyne with a car bomb before its gunmen entered the hotel and engaged in a day-long siege with government forces trying to flush them out.
Clan elders from the Hiran region had gathered in the hotel for a meeting to discuss ways of countering Al-Shabab before the attack, which the Islamist militant group claimed responsibility for.
A clan elder had earlier put the death toll at seven.
“The siege was concluded last night at midnight. Four attackers blew themselves up and the other two attackers were shot dead,” Major Nur Aden, a police officer told Reuters from Beledweyne, which is also the region’s capital.
“Ten people died in the hospital including elders and soldiers, mostly civilians,” he said.
A resident who lives next to the hotel, Ahmed Ismail, said gunfire had died down at around midnight.
Al Shabab often conducts bomb and gun attacks in the fragile Horn of Africa nation as part of a campaign launched nearly two decades ago to topple the government and establish its own rule based on its strict interpretation of Islamic law.
Al Shabab said in a statement its fighters had killed 20 people including soldiers and elders. It gave no details of its own casualties. The numbers it gives often differ from those of officials and residents.


Portugal’s president holds talks with parties after government falls

Portugal’s president holds talks with parties after government falls
Updated 12 March 2025
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Portugal’s president holds talks with parties after government falls

Portugal’s president holds talks with parties after government falls
  • Luis Montenegro, who came to power last year but without a parliamentary majority, quit on Tuesday following the defeat
  • Further consultations are expected on Thursday with the Council of State, a consultative body made up of high-ranking politicians

LISBON: Portugal’s president was on Wednesday holding talks with political leaders on whether to call fresh elections, after Prime Minister Luis Montenegro’s government lost a vote of no confidence.
Montenegro, who came to power last year but without a parliamentary majority, quit on Tuesday following the defeat, which was called over a possible conflict of interest row.
Head of state Marcelo Rebelo de Sousa will discuss the way ahead in meetings Wednesday with Montenegro’s Social Democratic Party (PSD), the main opposition Socialist Party, the far-right Chega party and others.
Further consultations are expected on Thursday with the Council of State, a consultative body made up of high-ranking politicians, before giving his decision either Thursday evening or Friday.
Rebelo de Sousa last week indicated that he was working on “all scenarios.”
Depending on the discussions with the new parties, he could try to form a new government. Alternatively, he could dissolve parliament and call fresh elections.
New elections are seen as the most likely outcome and if called would be the third such vote since 2022. The president has already said they could be held on May 11 or 18.
The president previously opted for elections after the resignation in November 2023 of the Socialist Antonio Costa, who was implicated in an alleged influence-peddling case.
Costa, who has always denied any irregularities, became president of the European Council in June last year.
The controversy that led to Montenegro’s downfall centered around a services company owned by his wife and children which has contracts with a number of private firms, including one granted state concessions.
The former prime minister has said that the family business would now be owned solely by his children but the opposition insisted he provided further details.
Montenegro has said he would stand for re-election if a ballot was called but some Portuguese voters were not enthralled at the prospect.
“We had elections a year ago and now we have them again? That doesn’t seem very good for the country in my opinion,” one Lisbon resident, Maria Leonor, said.
The financial ratings company DBRS Morningstar said: “This increases political uncertainty in Portugal at a time when external risks have increased significantly and pressures to spend more in defense are building up.
“The prospect that new elections can quickly resolve the political impasse is uncertain. Latest opinion polls suggest a relatively similar distribution of seats if new elections are called.”
An opinion poll published Tuesday in the Diario de Noticias newspaper suggested the Socialists were slightly ahead on voting intentions at 30.8 percent.
The center-right Democratic Alliance grouping headed by Montenegro was on 25.8 percent, followed by Chega at about 17 percent.


Trump to meet Irish leader amid differences on Gaza war, trade

Trump to meet Irish leader amid differences on Gaza war, trade
Updated 12 March 2025
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Trump to meet Irish leader amid differences on Gaza war, trade

Trump to meet Irish leader amid differences on Gaza war, trade
  • The annual White House meeting to mark St. Patrick’s Day is usually a relatively straightforward affair for both the United States and Ireland
  • On foreign policy, the stances that Ireland and the United States have adopted on the conflict in Gaza are at odds

WASHINGTON: US President Donald Trump will meet with Irish Prime Minister Micheál Martin on Wednesday, with Trump’s trade policies and the conflict in Gaza among the potential topics of conversation.
The annual White House meeting to mark St. Patrick’s Day is usually a relatively straightforward affair for both the United States and Ireland. The Irish premier typically presents the president with a bowl of shamrocks as a symbolic gift, a tradition that will be observed during this visit. Recent meetings were with Trump’s proudly Irish-American Democratic predecessor, Joe Biden.
But Tuesday’s meetings come as Trump has begun to shake up the global economy with a raft of tariffs, with many more promised or threatened. While none of the measures has been aimed directly at Ireland, the nation of 5.4 million has a trade surplus with the United States and US-owned foreign multinationals employ a significant portion of Irish workers.
Trump has repeatedly taken aim at countries with which the United States has a trade deficit, and he has pledged broad measures to bring jobs back to the US He has also threatened to slap tariffs on pharmaceutical products, a major industry in Ireland.
“I am very, very conscious that in a very challenging world, thousands and thousands of jobs depend on the economic relationship between the United States and Ireland,” Martin said earlier this month.
On foreign policy, the stances that Ireland and the United States have adopted on the conflict in Gaza are at odds.
Trump has resumed his close alliance with Israeli Prime Minister Benjamin Netanyahu since taking office in January, and he has said that all Palestinians should be removed from Gaza, at least temporarily, following a peace deal.
In December, Israel announced it would close its embassy in Ireland, citing the country’s “anti-Israel policies.” Among the moves Ireland has made that have upset Israel was one in May to recognize an independent Palestinian state.
The Ukraine war may also be a topic of conversation. Martin’s visit is the first by a foreign leader since Ukrainian President Volodymyr Zelensky’s late February meeting with Trump at the White House devolved into
a heated argument.

On Tuesday, however, theUnited States agreed to resume military aidto Ukraine after talks where Kyiv said it would accept a US proposal for a 30-day ceasefire in its war with Russia.
Ireland is not a member of NATO and it has not provided lethal aid to Ukraine, but Ireland has provided hundreds of millions of dollars in non-lethal aid to the eastern European nation, and Martin has said Ireland has room to contribute more.
US Vice President JD Vance is set to host Martin at the vice presidential residence for a breakfast. Martin has events later in the day on Capitol Hill and the White House with Trump and lawmakers.


Canadians, stung by Trump’s tariffs and rhetoric, balk at US travel

Canadians, stung by Trump’s tariffs and rhetoric, balk at US travel
Updated 12 March 2025
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Canadians, stung by Trump’s tariffs and rhetoric, balk at US travel

Canadians, stung by Trump’s tariffs and rhetoric, balk at US travel
  • New bookings to the United States from Canada have declined about 20 percent since February 1 compared with the year-ago period
  • United Airlines CEO Scott Kirby said the company has adjusted its capacity due to a big drop in incoming traffic from Canada

NEW YORK: Right on the US-Canadian border, Corey Fram’s tourism marketing job has gotten a lot harder of late.
Fram is director of the 1000 Islands International Tourism Council, which promotes a nature destination with castles, cruises, hikes and fishing enjoyed by Canadians and Americans. But he says US President Donald Trump’s continuous disparagement of Canada is taking a toll.
“We have had to switch gears a bit,” Fram said from his office near the 1,800 tiny scenic islands that dot the St. Lawrence River framed by New York State and Ontario province.
Seeing Canadian and American flags often flying side by side, travelers didn’t care what side of the border they were on. Now, with Trump’s recent rhetoric, Fram has had to adjust his message.
“We’ve been very careful not to broadcast and demonstrate US assets to Canadian audiences and Canadian assets to US audiences because when we have, we found that has drawn out a lot of negative sentiment,” Fram said.
Canadians have been stung by Trump’s actions and words since he returned to the White House, both around tariffs and suggestions that Canada should be annexed by the United States.
The American anthem has been booed at hockey games and some stores are removing US products from their shelves, even before Trump’s latest salvo on Tuesday, when he increased tariffs on imported Canadian steel and aluminum to 50 percent.
Travelers are responding with their wallets. New bookings to the United States from Canada have declined about 20 percent since February 1 compared with the year-ago period, according to Forward Keys, a flight ticketing data firm.
United Airlines CEO Scott Kirby said on Tuesday the company has adjusted its capacity due to a big drop in incoming traffic from Canada.
“We’ve lost a lot of interest in going to the States in general,” said Allyson C., 34, from Vancouver, who canceled her family’s summer vacation to Washington, D.C., citing the on-again, off-again tariffs and the US exchange rate.
This worries the US travel industry. Inbound travel to the United States is still just 90 percent of pre-pandemic levels, Geoff Freeman, CEO of the US Travel Association, said in an interview.
No other country’s residents go to the United States more than Canada, which notched 20.4 million visits in 2024. Canadian travelers also spend three times more on vacations than domestic US travelers, said Freeman.
Saturday night hotel bookings in Bellingham, Washington, a coastal city near the Canadian border which offers skiing and ferries to Alaska, declined 10.8 percent from February 2 through March 1. Bookings in Niagara Falls, New York, fell 8.1 percent over the same period, according to analytics firm CoStar.
Weather and the exchange rate also affected cross-border travel in 2024, said Jan Freitag, director of US hospitality at CoStar.
“The thing that is different this year is the rhetoric from the administration that has a lot of Canadians thinking twice about coming across the border.”
Fram said his tourism council is also not getting as warm a reception to invitations to bring Canadian travel writers and influencers to Thousand Islands attractions on the New York side.
“Anytime that we put a restriction and make it difficult or make people not want to cross the border, that has a lasting impact,” said Fram. “It is going to be a significant challenge to get back to where we were before this.”
The Trump administration said it will require all foreigners above the age of 14 in the US to register and submit fingerprints beginning April 11 if they stay beyond 30 days. Canadians are not exempt, even though they typically can visit the US for up to six months without a visa.
Canadians aren’t the only travelers backing off from the US Bookings from Denmark and Germany decreased 27 percent and 15 percent year-over-year, respectively, according to Forward Keys. Demand from Europe as a whole only slightly decreased at 1 percent.
But Canada’s proximity makes it more important. A 10 percent drop in Canadian travelers could cost the United States $2.1 billion in lost spending, the US Travel Association estimated.
“I would love to go back to the US, but right now, as things are, I as a Canadian don’t really feel safe or welcomed,” said artist manager Zina Oukil, 32, from Calgary. She is vacationing in Cancun, Mexico with her husband after canceling a road trip to Los Angeles.
“I feel very sad about it, but also a little bit frustrated and quite frankly angry,” Oukil said.