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India-Gulf News Update: July 2008
Dear Reader,
In this issue, please find news about the $7.5 billion gas pipeline project between Iran and India as well as Sahara India Group’s investment projects in the UAE and the future partnership between Jet Privilege and the Globus Family of Brands.
For any further inquiries regarding the India-Gulf News Update please contact the secretariat at info@meconsult.co.uk. Please let me know if you have any particular news items that you would like to have included in the next newsletter, I would be happy to do so. Also, if you know any individual or organization that would like to receive the newsletter in the future, please let me know.
Kind regards,
Editor MEC International Ltd. Granville House, 132 Sloane Street, London SW1X 9AX Fax: 020 7591 4801 Email: info@meconsult.co.uk
India, Iran set to seal gas pipeline deal (03/07/2008) India expects to finalise a deal "by next month" on a pipeline that will transport gas from Iran, Indian Oil Minister Murli Deora told newswire AFP on Thursday. He said the $7.5 billion project to transport Iranian gas across the subcontinent to India and Pakistan was discussed on the sidelines of the World Petroleum Congress industry event in Madrid.
Indian firm to develop SEZ in Oman (11/07/2008) India’s leading infrastructure and development company, SKIL Infrastructure, says it will develop a major Special Economic Zone (SEZ) close to the industrial port of Sohar with an investment in excess of $2 billion. Media reports quoted a top official of SKIL subsidiary Horizon Countrywide Logistics as saying that the Mumbai-based developer had signed a Memorandum of Understanding (MoU) in this regard with the shareholders of Sohar port - the Omani government and the Port of Rotterdam.
Emaar to invest $150m in three Indian projects (15/07/2008) Dubai: Emaar is set to inject $150 million for a 20 to 25 per cent stake each in three real estate developments in India, to boost funds in its Indian joint venture. Emaar and MGF Developments of India set up a joint venture in 2005 called Emaar MGF, which currently holds India’s largest foreign direct investment (FDI) in real estate through projects with a combined development value of $1 billion. Emaar is now considering to pick three separate special purpose vehicles (SPVs) which will then develop two retail properties and one office property in Gurgaon and Mohali.
Sahara India eyes UAE investment (18/07/2008) Indian conglomerate Sahara India Group said it will explore business opportunities in the UAE. Its chairman Subrata Roy will be in the UAE today to look for potential projects in various sectors. Sahara India Group, which puts the market value of its assets at more than $50 billion, has diversified business interests in areas such as finance, real estate, media and entertainment, tourism, and services.
Passengers see fares to India slashed (19/07/2008) Indian Airlines has slashed fares from the UAE to India following Emirates’ decision to hike ticket prices, as the battle for control over the lucrative market segment heats up.
India may liberalize bank sector (24/07/2008) India’s government, fresh from surviving a confidence vote last week, will push to lift restrictions on overseas investors controlling privately-run banks, Finance Minister P Chidambaram said. Stalled legislation removing a 10 per cent cap on foreigners’ voting rights in banks may be revived before laws on pensions and insurance when parliament convenes next month, Chidambaram said.
Total’s pullout from Iran a golden opportunity for India (25/07/2008) Oil major Total’s move this month to effectively withdraw from Iran’s last major LNG project brought cheer to India, which now seems to be Tehran’s best hope for exporting its huge natural gas reserves. The trouble is, Delhi’s additional negotiating advantage in a $7.6 billion project nearly two decades old may ultimately do little to help overcome much bigger political hurdles. US success in deterring investors from entering Iran’s upstream oil and gas sector may prove an even bigger impediment than it has in the past, especially with India’s even more important nuclear energy deal on the line, while relations with Pakistan, the other partner in the pipeline, remain fraught.
Fashion enthusiasts throng World Trade Centre on second day of Dubai Fashion Fiesta (26/07/2008) World Trade Centre, the venue for Dubai Fashion Fiesta 2008, witnessed huge crowds on the second day as famed Indian designer Preeti Chandra, and charismatic Dutch designer, Larisa Karts displayed their collections to fashion enthusiasts present at the event. The four-day fashion gala will conclude on Sunday, July 27.
India to become manufacturing hub for luxury brands (27/07/2008) With disposable incomes increasing in India, the country is poised to become a manufacturing hub for global luxury brands over the next five years, a report to be released today by the Federation of Indian Chambers of Commerce and Industry (Ficci) and Yes Bank said. The report referred to the "core strengths" in India’s manufacturing sector, and said manufacturing of luxury items could become a $500-million industry in this period.
Jet Airways’ jet privilege to forge partnership with the Globus family of brands (28/07/2008) Jet Airways’ JetPrivilege, India’s largest frequent flyer programme, will enter into a partnership with the Globus Family of Brands, effective August 01, 2008. The Globus Family of Brands is the world’s largest escorted coach tour company which markets vacations under the Cosmos, Globus, Monograms and Avalon Waterways brands. With this partnership, Jet Airways’ JetPrivilege members based in India, U.A.E, Bahrain, Oman, Sri Lanka and Mauritius can earn 1 JPMile for every 1USD spent on taking a qualifying service with the Globus Family Vacations across Europe, North & South America, Australia, New Zealand, Japan and China.
Hi-tech firm grows 30% in Gulf region (29/07/2008) Sun Microsystems Inc has revealed its business in the Gulf jumped by 30 percent in the third quarter of 2008. At the beginning of July the company formed a new emerging markets region to drive accelerated expansion across growing markets such as the Middle East, South and Eastern Europe, Latin America, India and greater China.Speaking at Sun’s regional offices in Dubai, Denis Heraud, President of the firm’s emerging markets, told Arabian Business that globally the growth of the Gulf market was eclipsed only by India.
India gets tough to tame inflation (30/07/2008) India’s central bank jolted financial markets with a double strike against inflation yesterday and lowered the country’s economic growth projection to around 8 per cent from 8.5 per cent, sending the stock market into a downward spiral. Analysts said it was clearly prepared to sacrifice some growth for tamer prices, with more tightening expected. The Reserve Bank of India (RBI) raised its benchmark lending rate by 50 basis points to nine per cent, its highest in seven years and the third increase in two months as it battles annual inflation close to 12 per cent.
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MEC International Ltd. Granville House 132-135 Sloane Street London SW1X 9AX Tel: 020 7591 4816 Fax: 020 7591 4801 e-mail : mec(at)meconsult.co.uk |
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