Good morning, readers. India’s new power play is being written in code and crude.

India has unveiled its first-ever AI governance framework — opting for flexibility over strict rules — just as Nvidia joined the India Deep Tech Alliance. Reliance is taking an unusual turn putting UAE and Iraqi crude cargoes on the block amid shifting global oil flows.

Over in the Gulf, Emirates NBD is preparing its open offer for RBL Bank, setting up what could become India’s biggest foreign banking investment. The numbers may be cooling — services PMI has dipped — but the mood stays bullish.

Capital in motion: From Abu Dhabi’s KSH Investment backing an India FinTech fund to global heavyweights expanding in logistics and real estate, cross-border capital continues to prove one thing: the India-Gulf investment corridor isn’t just busy, it’s booming.

WATCH THIS SPACE-

#1- Emirates NBD will launch its open offer for Mumbai-listed RBL Bank’s public shares on 12 December, with the tender period closing on 26 December, according to a filing (pdf) to the NSE. The offer price remains set at INR 280 per share, as announced in October, while RBL shares last closed at INR 322.3.

Background: Emirates NBD’s board approved a plan last month to acquire 51-74% of India’s RBL Bank through a USD 3 bn preferential share issuance, marking what would be the largest foreign investment in India’s financial sector. The size of the preferential allotment will depend on how much of the open offer is taken up.

ADVISORS- ENBD tapped EY, JP Morgan, and NeoStrat Advisors as financial advisors and Shardul Amarchand Mangaldas & Co as counsel. AZB & Partners is providing counsel to RBL.

Meanwhile…: Indian auto-giant Mahindra & Mahindra sold its entire 3.5% equity holding in RBL Bank for INR 6.8 bn (USD 77 mn) on Thursday, gaining a return of 62.5% on its investment, Reuters reports. The exit preempts the original stated timeline of seven to 10 years, as CEO Anish Shah had previously positioned the investment as a strategic move to gain deeper insight into the banking sector.

#2- India’s Purchasing Managers’ Index (PMI) for the services sector declined to 58.9 in October from the robust 60.9 recorded in September, Business Standard reports, citing HSBC India Services Purchasing Managers’ Index. Despite this moderation, the headline index remains indicative of a robust growth environment, sitting comfortably above the 50.0 threshold — the benchmark separating growth from contraction — and notably exceeding its long-run average of 54.3, the business daily added.

The current PMI level is running well above historical metrics, suggesting that the underlying market conditions for the services sector remain fundamentally solid and structurally supportive of growth, HSBC’s Chief India Economist Pranjul Bhandari told the daily.

#3- US-based semiconductor and AI company Nvidia Corp has joined the India Deep Tech Alliance as a founding member and strategic adviser, Reuters reports. The alliance — which also counts Qualcomm Ventures, Activate AI, InfoEdge Ventures, Chiratae Ventures, and Kalaari Capital among its members — has raised over INR 71 bn (USD 850 mn) in new commitments to support India-based startups in AI, semiconductors, space technology, and robotics.

Alliance expansion: As part of its advisory role, Nvidia will provide technical expertise, developer training, and policy input to help startups adopt advanced computing tools and scale globally. The move aligns with India’s INR 1 tn (USD 12 bn) national research and innovation programme, as deep-tech investment in the country grew 78% y-o-y to INR 133 bn (USD 1.6 bn) in 2024, the newswire added, citing a Nasscomreport.

Middle East footprint: Nvidia is deepening its Middle East footprint, launching the region’s first joint AI and robotics lab with Abu Dhabi’s Technology Innovation Institute and agreeing to supply its latest Blackwell chips to Saudi Arabia’s Humain AI platform, AP News reports.

#3- US President Donald Trump and Indian Prime Minister Narendra Modi are in regular contact as trade talks between the two countries continue, according to a White House statement. Trump “has great respect for Prime Minister Modi,” White House spokesperson Karoline Leavitt said, adding that the two leaders have been speaking frequently as trade teams engage in “very serious discussions.”

Trade backdrop: The statement followed Trump’s remarks in South Korea last week that Washington wants to reach a new trade deal with India, after relations hit their lowest point in decades when the US doubled tariffs on Indian imports in response to India’s continued purchases of Russian oil.

#4- An EU-sanctioned tanker is discharging Russian naphtha at an Adani-operated port, highlighting the Adani Group’s change of stance on its September ban on sanctioned vessels docking at the port, Reuters reports. The medium-range tanker Prometei is currently unloading approximately 30k metric tons of Russian naphtha at the Mundra port in western India. This development contradicts the Adani Group’s 11 September directive which explicitly barred tankers sanctioned by Western countries from all its ports. Last month, the port turned away a different sanctioned vessel chartered by Roseneft-backed refiner Nayara Energy.

#5- Global stock market index MSCI will add four India-listed companies to its flagship index by 24 November — Paytm, Fortis Healthcare, GE Vernova T&D India, and Siemens Energy India, Reuters reports. Two Indian firms, Tata Elxsi and logistics company Container Corporation of India, will be removed. Eight Indian stocks will see an increase in their representation, with notable mentions including Asian Paints, Apollo Hospitals, Lupin, and SRF. Seven stocks will experience a reduction in weightage, including Samvardhana Motherson, Dr. Reddy’s, REC, and Zydus Life.

DATA POINTS-

Millennials and Generation Z together accounted for over 80% of outbound travel bookings from the UAE in 2025, Gulf news reports, citing data from US-based visa processing platform Atyls. Millennials made up nearly 56% of total bookings, Gen Z about 25%, and Gen X travellers 17.11%. The platform reported a 69% male to 31% female ratio among travelers. Top destinations for UAE residents included Egypt, Indonesia, Saudi Arabia, Turkey, and Azerbaijan in the summer, while Saudi Arabia, the UK, Thailand, and Indonesia led in winter preferences.

PSAs-

Saudi Arabia’s Foreign Ministry has launched a pilot version of its e-visa to simplify short-term travel applications, The Times of India reports. The digital system issues single-entry visas valid up to 90 days and multiple-entry visas valid for one year within three business days. The visa costs about USD 80 excluding service and ins. fees and is open to citizens of more than 60 countries. Holders of valid US, UK, or Schengen visas and permanent residents of eligible countries can avail the service. However, Indian passport holders are not eligible.

THE BIG STORY ABROAD-

Musk is getting his USD 1 tn package: Tesla shareholders approved CEO Elon Musk’s USD 1 tn pay package — the largest ever for a CEO and a figure larger than the size of most economies. This sets Musk up to become the world’s first t’naire, and to expand his stake in the EV maker to 25% or more over the next 10 years. The package is tied to targets including a significant expansion of Tesla’s market value, getting its robotaxis off the ground, and improving its car business as it continues to lose market share to Chinese competitors. (Bloomberg | Financial Times | Reuters | Wall Street Journal | New York Times)

ALSO- Swiss commodity trader Guvnor has withdrawn its USD 22 bn bid to take over Russian energy firm Lukoil’s international assets after the US blocked the transaction, criticizing the firm for being “the Kremlin’s puppet.” (FT | Reuters)

CLOSER TO HOME- Sudan’s Rapid Support Forces agreed to a ceasefire proposal put forward by the US, the UAE, Saudi Arabia, and Egypt, which would last three months and be followed potentially by an end to hostilities. The caveat? This is not the first ceasefire it has agreed to, with several previously failing to end the war against the Sudanese army which has now been ongoing for 30 months. The news comes following an escalation of violence after the RSF took over the city of El Fashir, with reports of mass killings and kidnappings. (Reuters | Guardian)

AND- Kazakhstan is set to join the Abraham Accords, US President Donald Trump said yesterday, formalizing its already normalized ties with Israel. (Reuters)

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