Good morning, readers. The India-MENA corridor is humming again with investment deals and trade. Abu Dhabi is doubling down on India with a USD 2 bn commitment into shipbuilding and logistics, just as Taqa exits its power play and a Masdar-led consortium sweetens its offer to take ReNew private.

Meanwhile, QatarEnergy has inked a 17-year LNG supply pact with Gujarat State Petroleum Corporation, locking in long-term energy security for both sides. And further west, Washington’s nod keeps India’s Chabahar Port project alive, extending the sanctions waiver and ensuring New Delhi’s gateway to Central Asia stays open for business.

And there’s more fuel in today’s mix: BPCL + Oil India are teaming up for a USD 11 bn refinery-petchem project in Andhra Pradesh, while IOC partners with Vitol to expand global trading from Singapore. From energy to equity markets, a fresh crop of IPO hopefuls — boAt and Groww — are lining up listings, even as UAE capital continues to find new moorings in India’s growth story.

WATCH THIS SPACE-

#1- UAE to invest up to USD 2 bn in India’s logistics sector: Abu Dhabi is planning on investing upwards of USD 2 bn in India’s Maharashtra’s ports and shipbuilding sector, according to a statement on X . The agreement — inked between Abu Dhabi Ports Group, Abu Dhabi Investment Office, and India’s Maharashtra Ports Department — aims to focus on shipbuilding, ship-breaking, as well as shipping and port infrastructure.

This is not the first time we’ve heard of a potential investment: India and UAE were planning to expand their 10-year trade agreement to include eight new sectors — including logistics — with an aim of more than USD 100 bn in annual bilateral trade. Last year, India and the UAE inked several agreements on bilateral trade, including setting up a multi-modal trade corridor.

India 💚UAE: Adani Ports acquiring 80% of Dubai offshore marine services firm Astro Offshore. DP World, India’s Deendayal Port Authority, and Polish transport solutions provider Nevomo have inked an MoU to mull the deployment of autonomous magnetic rail freight movement solutions in India.

ALSO- DP World’s marine and ship repair subsidiary — Drydocks World — inked a heads of terms agreement with India’s Cochin Shipyard to set up India’s first vessel repair cluster at the International Ship Repair Facility in Cochin, Kerala, according to a press release.

ICYMI- Earlier this year, the two entities inked an MoU to develop ship repair clusters in Kochi and Vadinar, aiming to strengthen maintenance capacity and repair facilities.

#2- India’s industrial output rose 4% y-o-y in September — outpacing predictions of 3% — driven by a rebound in manufacturing, as per government data. Manufacturing output climbed 4.8% y-o-y, compared to 3.8% in August, while power generation grew 3.1%. Mining, however, contracted 0.4% after a 6.6% rise the previous month.

Consumer durables surge: Production of consumer durables, including cars and electronics, jumped 10.2% y-o-y, a sharp rise from August’s 3.5% growth, signalling festive season demand and stronger retail sentiment. Non-durables output fell 2.9%, though less steeply than the 6.4% decline in August. Capital goods output, a proxy for investment, rose 4.7%.

#3- New bidding system for India-UAE gold trade: The Indian government will now auction licenses for importing gold from the UAE under the India-UAE Comprehensive Economic Partnership Agreement via a competitive bidding process, Business Standard reports. The tariff rate quota (TRQ) permits India to import up to 200 tonnes of gold annually at a 1% lower customs duty.

Tighter compliance: Only refiners and jewellers registered with India’s hallmarking and tax authorities will be eligible to bid, as per the amended guidelines. Imports of gold dore will not be allowed under the TRQ. The timelines for annual bidding will be announced separately. The shift seeks to enhance system transparency and fairness by replacing earlier quota allocations made through direct applications.

#4- The US has extended its sanctions waiver for India’s operations at Iran’s Chabahar Port, allowing New Delhi to continue project work until early 2026, The Hindu Businessline reports. The extension allows India Ports Global, a venture under India’s shipping and foreign affairs ministries, to continue development and cargo handling at the Shahid Beheshti Terminal. The US ended the sanctions waiver on 29 September; however, it is now allowing project activities to continue “as usual” following diplomatic discussions with New Delhi.

#5- Abu Dhabi’s International Holding Company (IHC) revised the terms of its planned investment in Mumbai-listed mortgage-focused firm Sammaan Capital, increasing its proposed stake to 43.5% from 41.2%, according to a recent exchange filing by the Mumbai-listed firm. IHC has plans to deploy USD 110 bn in India over the next five years. It has previously invested in Adani Group companies and Haldiram Snacks Foods.

IHC will invest USD 997.7 mn under the updated agreement through its affiliate Avenir Investment. The investment will include 330 mn equity shares and 306.7 mn convertible warrants. The transaction will trigger a mandatory open offer to acquire an additional 26% stake at the same price.

ADVISORS: Jefferies and Citi Bank are reportedly advising Sammaan Capital on the transaction.

#6- India and the EU reaffirmed their goal of finalizing a long-pending freetrade agreement (FTA) by year-end, even as key issues — including steel, automobiles, and the EU’s carbon border levy — remain unresolved, according to a press release. Indian Commerce Minister Piyush Goyal met EU Trade Commissioner Maros Sefcovic in Brussels on 26-28 October, where both sides agreed to further discussions on “high-sensitivity” sectors. India reiterated its call for preferential access for labour-intensive sectors like textiles and leather while urging flexibility on new EU environmental and regulatory measures. An EU technical team will visit India next week to work on potential compromises identified during the Brussels meetings.

DATA POINTS-

The Reserve Bank of India (RBI) increased its gold holdings to 880 tonnes as of the end of September 2025, up from about 25 tonnes a year earlier, Press Trust of India reports. Gold made up roughly 14% of the RBI’s total reserves. Of this, about 576 tonnes are stored in India, around 290 tonnes are kept overseas with the Bank of England and the Bank for International Settlements (BIS), and close to 14 tonnes are held as gold deposits. India’s total foreign-exchange reserves stood at USD 700 bn, compared to USD 705 bn a year earlier, The Hindu Businessline reports.

THE BIG STORY ABROAD-

Another day, another wave of Big Tech earnings is upon us:

#1- Amazon’s shares soared 14% in afterhours trading after the company posted the fastest increase in cloud revenues in three years and forecast quarterly sales above estimates. (Reuters | Bloomberg | Wall Street Journal)

#2- Apple expects next quarter to be its best ever in terms of iPhone sales as holidays spur buying, with double-digit growth forecast — double analyst estimates. The company narrowly beat analyst expectations with its net income and sales figures in its fiscal fourth quarter. (Reuters | Bloomberg | WSJ)

Meanwhile, Netflix has reportedly tapped Moelis & Co to mull a bid for Warner Bros Discovery’s studio and streaming business, potentially giving it control over plenty of franchises, from Harry Potter to DC Comics. (Reuters | Bloomberg)

PLUS- A day after saying it plans to hike spending on AI next year, Facebook owner Meta raised USD 30 bn in bonds, marking the biggest bond sale of the year, with some USD 125 bn in orders placed. (Bloomberg)

And across the pond, Prince Andrew is prince no more: King Charles stripped Prince Andrew from his royal title and evicted him from his royal residence in a rare move aiming to salvage the royal family’s reputation amid fresh revelations about his friendship with Jeffrey Epstein and [redacted] abuse allegations from Virginia Roberts Giuffre, one of Epstein’s victims. (Financial Times | AP | Guardian | New York Times | WSJ)

Tags: