Good afternoon, readers. It’s Wednesday, and we have a busy issue with updates spanning M&A, India’s tightening digital rules, and overseas regulatory action against the Adani Group.

Mubadala, along with Warburg, is making a bid for Mumbai-based pharma firm Encube Ethicals to snap up a majority stake. In other M&A news, Germany’s Bertelsmann has acquired a majority stake in Lets Transport, while Carlyle is making moves in India’s housing finance sector.

Plus: We have an exclusive feature on the IPO-bound Practo, a healthtech startup which is rapidly expanding in the UAE.

All of that and more, below.

***

We’re hiring a technology reporter: EnterpriseAM is looking for a tech reporter to own the beat across Egypt, the UAE, Saudi Arabia and beyond.

This is a reporting job — not a desk job. You’ll be working sources, breaking stories, and writing about trendlines (not just headlines) in our voice and with the authority our readers expect. AI and digital infrastructure are huge features of the beat, but our interests are broad: fintech, telecoms, regulation, SaaS, and the bajillion ways tech is reshaping how businesses operate across the region.

We want someone who can pick up the phone or WhatsApp, get people talking, and turn what they say into stories that senior decision-makers need to read. We also expect you to attend industry events and maintain relationships with PR folks across the industry without selling out. If you’ve got 2-3 years of experience and the hunger to build a beat from the ground up, we want to hear from you. We’re also interested in hearing from veteran reporters. Spoken Arabic is strongly preferred.

The role is based in Cairo, though we’re open to remote for the right candidate. If you’re reading EnterpriseAM, you know what we’re about: A no-BS daily news outlet that tells busy execs, investors, founders, and ambitious people what they need to know about the trends shaping business, economy, finance, regulation, and public policy across our region. We write stories that have impact — about issues that matter — for a global audience of decisionmakers.

Do we sound like the type of place where you want work? Send your CV and three clips to jobs@enterpriseamea.com. Also enclose a great cover letter that tells us who you are, what you do, and why you’d be a great fit for this job.

***

Watch this space

CONGLOMERATE WATCH — Adani Enterprises, owned by India’s second-richest man, Gautam Adani, is under investigation by US authorities for potential violations of US sanctions against Iran or individuals linked to these sanctions. The company disclosed in a regulatory filing that it has received a formal request for information from the US Treasury’s Office of Foreign Assets Control (OFAC). Adani Enterprises’ subsidiaries count many Gulf SWFs as marquee investors.

What changed: This follows Adani’s voluntary discussions with OFAC, which have now led to a formal civil investigation. In June 2025, the Wall Street Journal reported that Adani-linked firms imported Iranian-origin liquefied petroleum gas through its Mundra port. While the company denied these allegations, it has received a formal data request from the US government.

Why it matters: The probe adds to sustained scrutiny of the Indian conglomerate by US authorities, which could heighten regulatory and reputational risks at a time when the group is seeking to reassure global investors and lenders about its credibility. This follows a US bribery probe into Gautam Adani.

OIL WATCH — The Indian Coast Guard said it detected and seized a network of vessels engaged in illegal ship-to-ship oil transfers in international waters, according to a statement on X by the Indian Coast Guard. Iranian media, however, reported that Indian authorities stopped and seized three Iranian oil tankers — Al Jafziya, Asphalt Star, and Stellar Ruby — in the Arabian Sea on smuggling charges.

The operation involved the movement of cheaper oil from conflict-affected regions to other tankers to evade taxes and duties payable to coastal states, according to the Indian Coast Guard. The ships were sanctioned by the US Office of Foreign Assets Control in 2025 for transporting sanctioned Iranian oil.

Why it matters: The rare seizure comes after New Delhi withdrew funding for the Chabahar Port project amid growing US pressure on Iran and its trading partners. The incident could potentially strain diplomatic ties between New Delhi and Tehran.

EXPORTS — India is reportedly stepping up government-to-government outreach to expand steel exports to the Middle East and other Asian markets, as it looks to diversify trade dominated by outflows to Europe, PTI reports, citing a senior government official.

Why the Middle East? The Middle East is being prioritized as a key market because of large infrastructure projects coming up across the region, as Europe’s carbon border adjustment mechanism and stricter import quotas could restrict India’s exports. Several agreements with Indian companies are expected in the next six months.

***

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 2:30 pm 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.

Were you forwarded this briefing? Tap or click here to sign up without charge for your owncopy.

***

Data point

INR 84.8 bn (USD 936.2 mn) — India’s tea exports hit a record in 2025, driven largely by stronger demand from MENA markets, notably Iraq and the UAE, with Iran also contributing via re-exports through the UAE, BusinessStandard reports.

Market mix: Shipments to Iraq increased by 30% y-o-y, while exports to the UAE rose by 16.6%. The Middle East’s markets offset weaker demand from Russia and the US. Overall, the exports market saw a 9.5% y-o-y surge to 280k tons.

PSAs

India Post and Emirates Post have adopted the Express Mail Service Standard Agreement, aimed at making shipments between the UAE and India faster and more cost-effective, India Post announced on X. The agreement will streamline express mail flows, particularly from the UAE to India.

Happening tomorrow

Samyukt Kisan Morcha (SKM), one of India’s largest farmer coalitions, will press ahead with a nationwide protest tomorrow, alleging that New Delhi has conceded too much on agriculture under an interim trade agreement with the US, Bloomberg reports. The group has called for demonstrations, including a strike tomorrow.

India agreed to cut or remove duties on select US farm products such as distillers dried grains, soybean oil, tree nuts, and fruit, according to a joint statement. This move could lower food and feed costs but raise competitive pressure on domestic farmers. “Agriculture in trade talks is a taboo. This government has broken this taboo,” SKM leader Avik Saha told Bloomberg.

Tackling conflict: The government says sensitive areas like dairy, poultry, and genetically modified crops remain excluded, but farmer groups and the opposition parties argue the framework leaves room for future concessions.

The big story abroad

Recent Wall Street gainers have one thing in common — they are not tech: Amid mountingfears that AI advancements will supersede software firms, equities of formerly disfavored sectors have risen, namely supermarkets, energy companies, and manufacturers. Investors have poured USD 62 bn into funds focused on non-tech stocks in recent weeks, outgrossing the USD 50 bn they attracted in the whole of 2025.

Brokerages were not spared: Major US brokerages were also hit by the selloff — Charles Schwab, Morgan Stanley, and Raymond James saw shares sharply drop.

MEANWHILE- US retail figures lag, raising doubts over spending: US retail sales during the December holiday season remained flat, suggesting that consumers remain held back by high living costs and a precarious job market.

Circle your calendar

MumbaiClimate Week will kick off on Tuesday, 17 February, and run through Thursday, 19 February, PTI reports. Speakers at the three-day event include India’s Foreign Minister S Jaishankar, Commerce Minister Piyush Goyal, Maharashtra Chief Minister Devendra Fadnavis, and Bill Gates, along with other business and political leaders.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays, and news triggers.

Tags: