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This is the first issue of EnterpriseAM MENA <> India, our newest publication. We’re giving readers of EnterpriseAM UAE a sneak peek this week — MENA <> India will be in your inboxes today, Wednesday, and Friday.

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Good morning, wonderful people, and welcome to the first issue of EnterpriseAM MENA <> India, the latest of our exclusive executive briefings on the business, finance, economy, and policy news that will move markets and set the tone for your day.

The investment, trade, and cultural corridor between India and MENA region is home to some of the most exciting opportunities of the twenty-first century — and we’ll be exploring the trend-lines and headlines with you every Monday, Wednesday and Friday at 9am UAE time.

Indian businesses want a piece of MENA, the world’s most exciting economic bloc and an exporter of capital on a global scale. Major corporations and startups alike want to grow in Saudi Arabia, the UAE, Egypt, and beyond. Large groups are looking to the UAE for finance, the chance to monetize their businesses, or as a regional headquarters, while startups are attracted by regulatory clarity and new opportunities for expansion. And, of course, MENA is a magnet for outstanding Indian talent across just about every discipline you can name.

Arab businesses and governments alike look at India and see not just the world’s largest population, but one of the planet’s most compelling business stories. Whether it’s investment in energy, technology, manufacturing, or banking, MENA businesses and governments are deploying capital in India on a scale never-before seen. They’re eager to attract the subcontinent’s best and brightest to invest and do business in the Arab world — and who wouldn’t want to sell into India, whether you’re exporting energy, petrochemicals, or production inputs?

We think the flow of capital, talent, trade, and ideas between MENA and the Indian subcontinent is one of the defining economic stories of our time, and we’re looking forward to telling you the story in the same way that we’ve done for more than a decade in Egypt, the UAE, and Saudi Arabia: sharp, global, and ahead of the curve. We’ll bring you the headlines, explain why they really matter, and give you a peek into what’s happening behind the scenes.

EnterpriseAM MENA <> India is for C-suite execs and entrepreneurs — and bankers, business development pros, founders, and builders. Whether you’re reading us in Abu Dhabi, Riyadh, Mumbai, New Delhi, or points in between, this is your daily dose of fact and inspiration if you care about what happens along this exciting corridor.

IN THIS MORNING’S ISSUE: Stories of bold plays and pledges along the corridor. Egypt and India are aiming to double bilateral trade and New Delhi’s ambition to build globally competitive banks is getting attention.

AND- India’s state-run NBCC is making its UAE debut, joining hands with Dubai’s Pantheon Development on an AED 3 bn real estate pipeline. Apple is dialing production up to USD 28 bn next year, keeping India central to its global supply chain, while Emmvee Solar is talking up a USD 625 mn expansion as it kicks off subscriptions for its IPO this week.

And in energy news: Aramco is trimming prices to defend its Asian turf while Indian refiners put the brakes on Russian crude.

WATCH THIS SPACE-

#1- It’s IPO week for Emmvee: Bengaluru-based solar module and cell manufacturer Emmvee Photovoltaic Power plans to invest about INR 55 bn (USD 625.75 mn), Reuters reports. The expansion will raise its solar module capacity to 16.3 GW from 7.8 GW and its cell capacity to 8.94 GW from 2.94 GW by early 2028.

The news comes just hours ahead of the kickoff of Emmvee’s initial public offering, making the company the big file on Dalal Street this week as the nation’s second-largest integrated PV manufacturer looks to open subscriptions for its IPO on Tuesday, 11 November. Orders need to be in by 13 November.

Bankers are guiding for a c. INR 29 bn (USD 330 mn) IPO with the company raise fresh capital (c. 74% of the offering) at the same time as existing shareholders cash out some risk with a secondary sale (c. 26% of the offering). With nearly three-quarters of the proceeds going into the company’s coffers, Emmvee’s owners are sending a clear message that they have faith in the company’s growth prospects.

Where’s the money going? For the most part, Emmvee plans to use the fresh capital it’s raising to shore-up its balance sheet — about 75% will go to paying down debt it took on to fund its massive capacity expansion. The company is looking to retire some INR 16.2 bn (USD 185 mn) of long-term debt.

Domestic focus: The firm said its focus remains on India’s solar market, though it may explore export possibilities as conditions (read: the glut of low-cost Chinese PV on the global market) improve. The company expects limited impact from potential US tariffs on solar exports from India and is banking on strong domestic demand as the country targets 500 GW of non-fossil fuel energy capacity by 2030.

Emmvee has delivered strong top- and bottom-line growth under the Modi government’s multi-pronged industrial policy. This includes boosters on both the supply and demand sides.

Demand side: The government has a target of solarizing some 10 mn households through a substantial direct-to-consumer subsidy that could create demand for up to 30 GW of new residential capacity. A parallel program is looking to drive adoption of solar among farmers.

Supply side: A government-maintained “approved list of models and manufacturers” effectively shuts out Chinese suppliers, ensuring that domestic players capture the benefits of the demand-side programs. The government is also paying a direct subsidy to solar PV producers.

WHAT TO LOOK FOR TODAY: Bankers are building their book of anchor investors and should disclose it to the market this evening. We think it likely the offering will be priced near the top of the INR 217 per-share band. We’ll want to see a good mix of big international names (think the UAE’s Adia and Singapore’s GIC alongside Fidelity, BlackRock, etc) and big domestic mutual funds including HDFC, ICICI Prudential, and SBI Mutual.

ADVISORS- Lead managers and bookrunners for the offering are JM Financial, IIFL CapitalServices,Jefferies India, and Kotak Mahindra Capital. Trilegal is providing counsel to the issuer on matters of Indian law. MSKC & Associates are auditors for Emmvee. KFin Technologies is registrar. Bankers to the Emmvee are Axis Bank and HDFC Bank.

#2- SPEAKING OF GREEN ENERGY- The rapid commissioning and development of renewable energy projects is straining India’s grid infrastructure, as new transmission networks are being built to cater to renewable supply rather than actual power demand, Reuters reports, citing an unnamed official at the Central Electricity Authority (CEA). Demand has not kept pace with the power generation and increased supply costs are straining revenues for state distribution companies, the newswire added.

Indian renewable energy output rose in 1H 2025 at its fastest pace since 2022, with non-fossil fuel sources accounting for half of installed capacity this year. With India set to add over 40 GW of installed capacity this year, a lot of the new projects may not be able to secure power purchase agreements due to the demand mismatch, leading to a supply glut.

The CEA is tightening planning cycles and is now reviewing transmission plans every six months and working with the India Meteorological Department for improved localized wind and solar forecasting. This aims to align real capacity, grid absorption, and costs.

#3- Pantheon + NBCC India ink memo on UAE projects: Kalpesh Kinariwala’s Dubai-based real estate developer Pantheon Development has inked an MoU with India-based, government owned engineering and infrastructure company NBCC India to jointly develop residential, hospitality, and mixed-use projects across the Emirates, Khaleej Times reports.

The partnership will support Pantheon’s AED 3 bn (USD 816 mn) expansion pipeline, focused primarily in Dubai and Ras Al Khaimah. NBCC will collaborate on project planning and execution, bringing more than six decades of experience and a project portfolio exceeding AED 50 bn (USD 13.6 bn).

BACKGROUND- NBCC is one of India's leading public-sector construction and redevelopment firms, engaged in large-scale housing, urban infrastructure, and civil works projects domestically and overseas. Kinariwala’s Pantheon has aggressively positioned itself as a champion of affordable luxury, centering its campaign on having delivered what it says is the first 10-year payment plan in the UAE.

#4- Apple plans to produce USD 28 bn worth of iPhones in India in the next fiscal year, up 21% over FY 2025, as per Business Standard. This increase will contribute significantly to exports, which are expected to reach USD 22 bn, up from USD 18 bn last year. The surge comes on the back of strong demand from the US market and peak shipping cycles during the October-December quarter.

Exports power growth: Apple shipped USD 10 bn worth of iPhones in 1H of FY 2026, marking a steep 75% y-o-y jump. Exports will account for 78% of total production even as domestic output sales continue to rise amid strong consumer demand for the iPhone 17 family of devices announced this past September.

Favourable backdrop: The IT Ministry expects Indian smartphone exports to reach USD 35 bn next year, led by Apple, which contributed 75% of smartphone exports in the first half. India’s smartphone production overall is projected to rise to USD 40 bn in FY 2026.

DATA POINTS-

#1- US tariffs weigh heavy on Tiruppur exporters: Exporters from the Tiruppur knitwear cluster in the southern state of Tamil Nadu have lost export orders worth about INR 120 bn (USD 1.44 bn) since the new US tariff took effect, The Hindu Businessline reports. Production has dropped by nearly 30%, though no job losses have so-far been reported among the cluster’s roughly 1 mn workers.

The dynamics right now: Exporters said US buyers have sought discounts of over 25% on ongoing and new contracts, forcing many companies to scale back output. The state government is supporting diversification toward EU markets, while exporters have urged the central government to extend relief measures and soft loan support to cushion the impact.

#2- Gold exchange-trade funds (ETFs) in India are on track for record inflows in 2025, with investments nearing INR 251 bn (USD 3 bn) so far this year, Bloomberg reports, citing World Gold Council data. This equates to about 26 tonnes of gold, nearly matching the combined value of ETF purchases made between 2020 and 2024. October alone saw inflows worth INR 71 bn (USD 850 bn), bringing total gold ETF assets to around INR 920 bn (USD 11 bn) and holdings to 83.5 tonnes.

PSA-

Air India Express will begin new flights to Abu Dhabi from 2 December, The HinduBusinessline reports. The airline will operate four weekly flights connecting Delhi and Abu Dhabi and three weekly runs linking Pune with Abu Dhabi.

THE BIG STORY ABROAD-

It’s a quiet morning in the international press, with all eyes on critical negotiations in Washington, DC, that pundits think could potentially end the 40-day-and-counting shutdown of the US government. At dispatch time this morning, the Senate had just voted 60-40 to advance a bill that would end the shutdown. The procedural vote will allow a full vote in the Senate on the bill, but no time for the vote has yet been scheduled. The House of Representatives would also have to sign off on the bill before it goes to President Donald Trump for signature. (Bloomberg | Axios)

The longest shutdown on record is weighing on the US economy, putting federal workers on leave, delaying food aid, and slashing airport trips, while also delaying the release of key economic figures on employment, inflation and oil trading. (CNBC | Washington Post | Reuters | Financial Times)

ALSO- Head of the BBC and its top news executive both resigned yesterday, following criticism of the broadcaster’s editing of a speech by President Trump on 6 January 2021. (Associated Press)

CIRCLE YOUR CALENDAR-

India will host the BRICS Summit in 2026 and plans a national showcase featuring cultural festivals and state events, Moneycontrol reports. The External Affairs Ministry has invited bids to handle nationwide branding and outreach activities across all states and territories as part of the BRICS presidency.

Check out our full calendar below at the end of this email for a comprehensive listing of upcoming news events, national holidays and news triggers.

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