Good morning, friends. It’s a particularly busy morning on the MENA-India corridor, with piles of IPO news on both sides, macro-economic soup to consume as monthly reports come tumbling in, and a flap over New Delhi’s bid to force global smartphone makers to install a mandatory government app.

AND- Indian companies are still piling into the Gulf. Our friends at Stride Capital are pushing ahead with a plan to hit USD 500 mn in AUM, they tell us in an exclusive interview. Meanwhile, automaker Ashok Leyland is opening a wholly-owned Saudi unit and fashion platform Myntra is moving back into the UAE after success in Singapore.

^^ We have all of that and more, below.

THE BIG STORY HERE AT HOME-

The Indian government’s “undeletable” app may be deletable after all. The Modi government appeared towalk back a requirement that smartphones make a new mandatory government app “undeletable,” bowing to industry pressure and privacy concerns just days after the initial directive surfaced. The story dominates coverage of India in the global business press this morning.

The reversal: Communications Minister Jyotiraditya Scindia clarified that while manufacturers must still preload the state-owned Sanchar Saathi cybersecurity app, users are free to delete it. “Keeping it in their devices or not is up to the user,” Scindia said, explicitly contradicting an earlier directive that the measure would require devicemakers to ensure “no disabling or restriction” of the app’s features. The ministry is also requiring devicemakers push the app out to existing users through software updates.

Watch this space: While Scindia’s remarks overnight were designed to tamp-down the controversy, the government hadn’t (as of our dispatch time this morning) released an amended executive order, nor has it issued new guidelines.

This likely heads off a showdown with Big Tech. Apple was reportedly preparing to resist the original order, with sources telling Reuters the company planned to argue that mandatory, non-removable third-party software violated its global security protocols. The mandate applies to all major players in the Indian market, including Samsung, Xiaomi, Vivo, and Oppo, who now have 90 days to push the app to devices.

Why the panic? Privacy advocates and opposition parties had flagged the move as a potential step toward state surveillance, arguing the directive was issued without consultation and could introduce security vulnerabilities.

The government’s defense: Scindia insists the app is strictly a “citizen safety tool” designed to curb cybercrime, citing data that the platform has already helped block some 620k fraud-linked IMEIs and recover thousands of lost phones.

Our take: This was a trial balloon that popped. New Delhi attempted to assert digital sovereignty over hardware — a growing trend in emerging markets — but underestimated the ferocity of the privacy backlash. By pivoting to “voluntary,” the government saves face: It keeps its app on mns of screens by default (relying on user inertia to keep it there) without forcing a legal battle with Apple that could have embarrassed the administration.

Why it matters: India is one of the few markets big enough to try to bully Big Tech — but there are limits. While the EU forces changes through antitrust legislation (like USB-C ports or alternative app stores), India often uses direct executive fiat. This episode draws a line in the sand: Preloading is acceptable; locking the software in is not.

What’s next? The rollout begins. Manufacturers must now integrate Sanchar Saathi into their builds within three months. Watch closely to see if Apple isolates the app within a sandbox to prevent it from accessing broader system data, regardless of whether users choose to keep it.

The story is everywhere this morning, from Bloomberg and Reuters to the New York Times.

MENA THIS MORNING-

Among the stories making headlines in the Middle East this morning, from our UAE, Saudi, and Egypt editions:

Saudi Arabia will continue spending through the dip. Despite pulling back from the excesses of Neom and The Line, the Kingdom isn’t tapping the brakes: Finance Minister Mohammed Al Jadaan’s FY2026 budget projects an SAR 165 bn (USD 44 bn) deficit to sustain the diversification drive; Saudi National Bank is seeking USD 1 bn to bolster its balance sheet — partly from Asian lenders — to help fund the vision. The IPO window remains open, with education play Almasar bucking the trend of recent lackluster market debuts: It popped 18% on its first day of trading. The question remains: Can liquidity support the 100+ firms in the pipeline — let alone back them in the aftermarket — if Saudi firms can’t attract institutional capital?

The UAE is doubling down on future-proofing. Back from the national holiday, the Emirates continues its pivot to tech, joining a US-led summit on AI supply chains next week. The non-oil economy grew 5.7% in 1H 2025, driving Abu Dhabi inflation to a 20-month high as talent floods the capital.

Corridor Signal: India’s Stride Ventures is capitalizing on this growth, securing commitments for its ADGM fund to deploy capital into UAE and Saudi startups.

AND- UAE and Saudi equity markets were both down for the month of November.

Egypt stabilizes. Net foreign assets climbed to USD 22.7 bn in October, signaling improved liquidity on the back of strong remittances and foreign portfolio inflows. Meanwhile, a French-Egyptian consortium landed the EUR 540 mn Cairo-Alexandria freight railway, boosting the country’s logistics ambitions.

HAPPENING TODAY-

Meesho IPO kicks off today: The SoftBank-backed e-commerce unicorn hits the market looking to raise INR 54 bn (c. USD 640 mn), with a price band set at INR 105-111 per share.

Meesho is a “value commerce” marketplace that connects suppliers of unbranded goods — mostly fashion and home accessories — with budget-conscious shoppers in India’s Tier-2 and Tier-3 cities, originally gaining fame for its reseller model.

Why it matters: This is the biggest test yet for India’s mass-market thesis. With a valuation of c. USD 6 bn, Meesho is betting its grip on the “next bn users” can hold off Amazon and Flipkart. Anchor investors — including Fidelity and BlackRock — like its chances: They already snapped up INR 24 bn worth of shares yesterday, signaling strong institutional appetite as the company’s losses continue to narrow.

HAPPENING THIS WEEK

Russian President Vladimir Putin arrives in New Delhi tomorrow for a two-day state visit, his first to India since the start of the Ukraine war. He’s expected to pitch Russian crude as well as military equipment including missile systems and fighter jets to Indian buyers, according to Reuters.

WATCH THIS SPACE-

#1- The INR crossed the psychologically important mark of 90 to the greenback this morning on the back of weak foreign inflows, hitting a new record-low 90.14 to the USD.

[wwtt4] #2- Adani plots USD 15 bn airport expansion. The conglomerate plans to invest the funds over five years to boost capacity to 200 mn passengers annually ahead of a planned IPO for the unit. The roadmap includes major upgrades at Navi Mumbai and hubs including Ahmedabad and Jaipur, positioning Adani to capture two-thirds of India’s projected 2030 air traffic.

Speaking of aviation: India’s aviation regulator has grounded an Air India aircraft and launched an investigation after the carrier operated the jet with an expired airworthiness review certificate, Reuters reports. The Airbus A320 had flown eight times after its certificate had lapsed.

#3- IOC + BPCL load up on Russian crude: State refiners Indian Oil Corp and Bharat Petroleum have snapped up additional Russian shipments for January, capitalizing on widening discounts vs Gulf crude and better availability from non-sanctioned tankers, Bloomberg reports.

Why it matters: The discount is back. Indian buying cooled when the price advantage over Middle East grades narrowed, but with the spread reportedly widening again to c. USD 5 per barrel (up from USD 3), state refiners are proving that price — not politics — is the policy that matters.

#4- India plans to raise the minimum efficiency requirement for solar modules used in government-supported and grid-connected projects beginning 1 January 2027, according to a draft notification issued by the New and Renewable Energy Ministry. The requirement would make a significant part of existing manufacturing capacity obsolete, with production lines that produce lower-efficiency modules being forced to shift to next-gen technologies, Bloomberg reports, quoting energy experts.

The proposal comes amid a rapidly expanding domestic manufacturing base and oversupply concerns, with industry analyses estimating that module capacity in India could exceed 120-150 GW by 2025, according to Economic Times.

#5- Adia + ICD back VC fund: Bengaluru-based VC firm Fireside Ventures has raised INR 22.65 bn (USD 250 mn) for its fourth fund from a mix of global and domestic investors including the Abu Dhabi Investment Authority, Investment Corporation of Dubai, Fidelity International, and US university endowments, Reuters reports.

Background: Founded in 2017, Fireside now manages USD 650 mn across four funds with a portfolio of over 60 consumer brands including Mamaearth, boAt, and the Sleep Company, as per the newswire.

DATA POINT-

Speaking of venture capital: Indian VC and private equity shops had a busy October, closing 102 transactions, a 9% increase over the same period a year ago, according to IVCA-EY’s latest report (pdf).

Where money flowed:

  • The biggest share of October’s PE and VC inflows came from private investments in public equity deals, which totalled INR 175 bn (USD 2.1 bn).
  • Startup funding was the next-largest category at INR 167 bn (USD 2 bn), recording a 175% surge y-o-y.

Fast fact: Nine large transactions worth INR 309 bn (USD 3.7 bn) accounted for roughly 70% of total inflows, including Abu Dhabi-based International Holding Company’s INR 83 bn (USD 1 bn) purchase of a 43.46% stake in Sammaan Capital.

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MUST VISIT-

The Qatar Foundation has launched the world’s first museum dedicated to India’s pioneering modernist painter MF Hussain, setting a significant milestone in the late artist’s global resurgence. The Lawh Wa Qalam Museum in Doha houses more than 150 of Hussain’s works, including his final Arab Civilization series, created in exile while in Qatar, alongside personal objects and rarely seen early pieces from India. Unveiled with a facade-scale projection of his most iconic motifs, the museum realized Hussain’s 2008 blueprint for a space that would preserve both his Indian and Arab legacies.

THE BIG STORY ABROAD-

Russian President Vladimir Putin met US special envoy Steve Witkoff in Moscow to discuss ways to end the war in Ukraine. Putin’s aide Yuri Ushakov described the discussions as “constructive” but said much work remains. The meeting followed US consultations with Ukrainian officials in recent weeks to revise a 28-point peace proposal criticized for favoring Moscow. (Reuters | BBC | Axios | New York Times | CNN | Washington Post)

In Washington, US President Donald Trump said he will announce his nominee for Federal Reserve chair in early 2026, naming White House economic adviser Kevin Hassett as a leading contender to replace Jay Powell when his term ends in May. Trump said the search, which once included about ten candidates, is now “down to one,” though final interviews with senior officials will continue in the coming weeks. The president reiterated his criticism of Powell for not cutting interest rates fast enough. (Financial Times | Reuters | Bloomberg)

Meanwhile in crypto markets, BTC climbed back above the USD 90k mark, rebounding after a steep selloff, Bloomberg reports. The recovery came after the Securities and Exchange Commission signaled plans for an “innovation exemption” for digital asset firms and Vanguard announced it would allow trading of crypto-focused ETFs and mutual funds on its platform. Despite the recovery, sentiment remains fragile with traders staying cautious ahead of next week’s Fed rate decision.

MARKET WATCH-

Foreign portfolio investors withdrew INR 37.6 bn (USD 420 mn) from Indian equities in November, reversing October’s net inflows and reflecting a broader risk-off mood, according to data from National Securities and Depositories. The pullback followed three months of heavy selling in July-September amid uncertainty over the US Federal Reserve’s rate-cut timeline, a stronger USD, and geopolitical tensions. Sectoral pressure in IT services, consumer services, and healthcare deepened the caution, analysts told The Hindu.

A late-November rally pushed Nifty and Sensex to new records, which, alongside stronger 2Q earnings, has lifted sentiment. December investment flows will depend on US interest rate signals and progress on the India-US trade pact. So far in 2025, FPIs have pulled INR 1.43 tn (USD 16.04 bn) from equities, while adding USD 90 mn to debt under the general route and withdrawing USD 60 mn through the voluntary retention window.

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