Good morning, wonderful people, and happy Monday. Modi and Putin dominated India’s news stream throughout the weekend as the two signed 15 agreements including a pledge to take bilateral trade to USD 100 bn by 2030. Social media users are locking horns about the vegetarian menu for Putin’s dinner, but we’re not letting that distract us — we rang up an expert to help us make sense of it all.

THE BIG STORY this morning on the MENA-India corridor: UAE lender ENBD isn’t stopping with its USD 3 bn bid for RBL — it’s looking at taking a stake in state-owned IDBI Bank that could be worth north of USD 7 bn in what’s expected to be a sharply competitive bidding process.

MEANWHILE- Adia-backed ReNew is pushing ahead with a 6 GW solar component manufacturing facility and more non-sanctioned Russian crude will flow into two key state-owned refineries. In other energy news, the Modi government is proposing to expand its use of coal through 2047.

Market watchers welcomed the Reserve Bank of India’s decision to cut interest rates, hoping the move might throw a floor under the stock markets after a week that saw foreign portfolio investors head for the exits. And there’s a new proposal afoot to enhance the surveillance capacity of investigative agencies that will give Apple, Samsung, and Google executives some sleepless nights.

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

IN MENA THIS MORNING-

It’s going to be “All Abu Dhabi, All The Time” in MENA this week as Abu Dhabi Finance Week kicks off. The emirate is looking to cement its position as the self-proclaimed “capital of capital” with word on the street that the world’s largest listed hedge fund, Man Group (with USD 213.9 bn in AUM), is targeting a 2026 entry. The macro picture supports the hype: The UAE’s non-oil private sector expanded at its fastest clip in 11 months in November (PMI: 54.8)

Saudi Arabia is matching that optimism with hard assets: Policymakers are pressing head with the buildout of essential infrastructure even as they signal they’ll be taking a go-slower approach with gigaprojects: The Kingdom has tendered major capacity expansions for King Salman International Airport and its phosphate rail network, while awarding a SAR 3 bn sewage treatment contract in Makkah. Riyadh is pivoting toward a particularly Saudi flavor of “spending efficiency,” not signalling a stop. Meanwhile, officials are pushing ahead with a policy initiative to triple industrial capacity by 2035.

The World Bank thinks Saudi and the UAE had a good 2025: On track to expand at a 4.8% clip for the year, the UAE’s economy is the envy of the region. Saudi, meanwhile, grew a bit faster than the bank had originally expected this year — it now thinks KSA’s economy will expand at a 3.8% when all the numbers are in.

In Cairo, the Madbouly government is pushing ahead with aggressive incentives to court the private sector. That includes a package of three-year tax exemptions for new IPOs and an EGP 10 bn financing program for startups. It’s a signal to the IMF delegation in town that the reform drive is very much alive. Meanwhile, the USD 35 bn Leviathan gas agreement with Israel remains stuck in regulatory limbo until year-end, EnterpriseAM Egypt reports.

^^ Want to go deeper? Check out our UAE, Saudi, and Egypt editions.

WATCH THIS SPACE-

#1- Telcos look to have sparked a new surveillance and privacy controversy for the Modi government. Officials are reviewing a controversial proposal from the country’s telecom operators that would require smartphone makers to keep satellite-tracking (A-GPS) permanently enabled on all devices, Reuters reports, citing internal documents.

It’s a pass-the-buck strategy: The proposal comes from the Cellular Operators Association of India (COAI), which represents giants like Reliance Jio and Bharti Airtel.

  • BACKGROUND: The Modi government has long complained that the location data provided by telcos via cell towers is too imprecise for legal investigations.
  • The pivot: Rather than upgrading their own network infrastructure to improve triangulation, the telcos have proposed a solution that shifts the burden to the device: Mandate that Apple, Google, and Samsung hard-wire A-GPS location services to be “always on.”

Location on, privacy off: The measure would require location services to remain active even if a user attempts to disable them, using a mix of satellite and cellular signals to give authorities users’ down-to-the-meter location, Reuters reports.

Tech giants including Apple, Google, and Samsung are pushing back, having reportedly told officials that the mandate has no global precedent. Their argument: “Always-on” GPS could turn every commercial smartphone into a dedicated surveillance tool, creating security vulnerabilities for sensitive users, including military personnel, judges, and journalists.

It’s the second privacy firestorm in the past week: The story comes just days after the Modi government retreated from a separate order that would have required manufacturers to preload a state-run cyber-safety app, Sanchar Saathi, on all devices — and make it undeletable. That order was pulled following a sharp backlash over spyware concerns.

Our take: The Modi government has consistently sought tighter control over the digital landscape, but this specific proposal highlights a fracture within the industry. Telcos are happy to facilitate surveillance if it means the cost and technical burden fall on device manufacturers. For Apple and Samsung — who are currently being wooed by India’s PLI schemes to shift manufacturing away from China — this signals that market access may come with a compliance tax that conflicts with their global privacy standards.

Why it matters: India mandating always-on GPS could help set a dangerous global precedent. Other nations with strict surveillance regimes could cite the “India Model” to demand similar backdoors from Silicon Valley (think: the UK’s demands for a back-door to encrypted backups), forcing companies to choose between compromising their privacy architecture or exiting massive growth markets.

What’s next: The proposal is currently under review by the IT and Home Ministries. Expect intensified lobbying from the India Cellular and Electronics Association (ICEA) — which represents the device makers — to kill the proposal before it reaches the draft regulation stage.

#2- India mulls major coal expansion: New Delhi is weighing a sharp policy departure that would allow new coal-power capacity to be added until 2047, Bloomberg reports, citing unnamed sources. The plan — currently being hashed out by the Power Ministry and government think tank NITI Aayog — would mark a significant departure from earlier projections that saw capacity additions peaking in 2035.

What does this mean? The proposal could see total coal power capacity climb to 420 GW, an 87% jump from current levels, effectively extending the life of coal in India’s energy mix for another two decades. Coal is the most reliable option given domestic reserves and supply-chain risks in batteries and solar equipment, dominated by China, policymakers told the business outlet.

Climate trade-off? Some new coal capacity may aid grid stability as renewable generation grows. But this expansion complicates climate goals: emissions must peak by 2045 for India’s 2070 net-zero target, NITI Aayog estimates. India, the world’s third-largest emitter, has yet to publish its 2035 roadmap under the Paris Agreement, arguing that industrialized nations should bear more of the decarbonization burden.

#2- Big state refiners buy sanctions-compliant Russian crude: State-run Bharat Petroleum Corp (BPCL) has purchased four January-loading crude cargoes from non-sanctioned suppliers, Reuters reports. Indian Oil Corporation (IOC), India’s largest refiner, has also secured an undisclosed number of non-sanctioned Russian barrels for January loading, the newswire added.

MEANWHILE-Saudi Arabia has reduced January official selling prices for its Arab Light crude to Asia to USD 0.60 per barrel above the Oman / Dubai benchmark — the lowest in five years and down from USD 1 for December — amid signs of oversupply and weaker regional demand, DD News reports.

YOU’RE READING EnterpriseAM MENA <> India, your C-suite briefing on the movement of trade, investment, people, and ideas along one of the world’s most exciting corridors. Every Monday, Wednesday, and Friday at 9am UAE, we dive deep into the business, finance, economy, and policy headlines and trendlines that will move markets and set the tone for your day.

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DATA POINT-

India’s entertainment and media sector is projected to expand from USD 32.2 bn in 2024 to USD 47.2 bn by 2029, growing 7.8% annually — nearly twice the global pace, as per a PwC report. Internet advertising will rise from USD 6.2 bn to USD 13 bn, while OTT revenues will climb to USD 3.4 bn from USD 2.2 bn.

HAPPENING TODAY-

Telangana Rising 2047 will kick off today in Hyderabad, aiming to attract global investment and position the southern state as a future hub for technology and sustainable development. Modeled after the World Economic Forum in Davos, the event gathers over 1k global leaders and CEOs for talks about AI, renewable energy, and urban development.

HAPPENING THIS WEEK-

A US trade delegation is expected in New Delhi for talks on the proposed bilateral India-US trade agreement, Reuters reports, citing what it says was an Indian government source. India wants the Trump administration to pull back from punitive tariffs on Indian goods.

THE BIG STORY ABROAD-

It’s relatively calm in the global business press this morning — among the stories making headlines:

#1- Netflix will acquire Warner Bros Discovery in a USD 72 bn agreement, which would give it control of Warner’s portfolio, including HBO and major franchises like Harry Potter and Batman. Warner Bros Discovery CEO David Zaslav is expected to remain in charge of the studio under Netflix’s ownership. Regulators are expected to scrutinize the merger over antitrust issues, but if approved, it would expand Netflix’s influence across film, television, and streaming. (Financial Times | New York Times | CNN | Reuters | BBC | Bloomberg)

#2- Australia kicks off the world’s first social media ban: Australia is rolling out the world’s first social media ban for anyone under 16 years of age, with Meta already deactivating hundreds of thousands of teen accounts on Instagram, Facebook, and Threads ahead of the 10 December deadline. The ban will make it illegal for anyone under 16 years old to hold accounts on major platforms, including TikTok, YouTube, Snapchat, Reddit, and X, with companies facing fines of up to AUD 49.5 mn (c. USD 33 mn) if they fail to comply. (BBC | Reuters | Guardian | Washington Post)

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