Reliance and state-backed refiners shun Russian crude

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WHAT WE’RE TRACKING TODAY

THIS MORNING: India mulls higher foreign ownership in state banks; China widens rare-earth controls

Good morning, readers. The global chessboard is shifting again, and we have covered all the gambits you need to track. Reliance and Indian state-owned refiners are steering clear of Russian crude. Tata Motors is rolling out a custom MENA fleet. ENBD is helping IndiGo keep its wings wide with fresh funding. This comes just as New Delhi eyes higher FDI limits for investments in public banks which will also benefit ENBD.

Meanwhile, Adia-backed Lenskart is polishing its USD 828 mn IPO. And in the backdrop, China continues to tighten its grip on rare earth exports — a timely reminder that in global trade, the supply chain moves the money.

WATCH THIS SPACE-

#1- More FDI in public banks? The Indian Finance Ministry and Reserve Bank of India are weighing a proposal to raise the foreign direct investment (FDI) limit in state-run banks to 49% from the current 20%, Reuters reports, quoting unnamed sources. The proposed change would align public sector banks more closely with private lenders, where foreign ownership is permitted up to 74%.

ENBD + RBL deal: This comes amid Emirates NBD’s USD 3 bn deal to buy a 60% stake in RBL Bank, which is awaiting regulatory approvals due to the existing cap on foreign investments.

India’s 12 publicly-owned banks hold combined assets of INR 171 tn (USD 1.95 tn), accounting for over half of the country’s banking sector. The government plans to retain at least a 51% stake in these lenders. The proposed easing could bring in overseas participation and reinforce capital flows in India’s financial sector, which has already seen USD 8 bn worth of agreements this year.

#2- China tightens grip on rare earth equipment: India’s plan to incentivise domestic production of rare earth minerals and magnets faces new hurdles after Beijing tightened export controls on processing machinery and materials, The Economic Times reports. China has extended curbs to include key rare earth extraction and refining equipment — such as centrifugal extractors and impurity-removal systems — requiring exporters to seek licences and declare dual-use potential.

Indian self-reliance at risk: New Delhi recently cleared an incentive scheme, with USD 780 mn as capital support and USD 96 mn for operating costs, to bolster domestic rare earth production. Chinese equipment dominates global rare earth supply, but the new export curbs could force Indian producers to seek far costlier alternatives from Japan and Germany — slowing efforts to localise supply for EVs and clean-tech industries.

Background: India, heavily reliant on China for rare earth magnets, imported 870 tonnes in FY 2025. To cut this dependence, India is currently exploring global suppliers, FTAs, and developing domestic processing and manufacturing partnerships, as per the Economic Times.

Chinese chokehold: China controls 61% of global rare earth output and 92% of processing capacity. The new rules come amid earlier curbs in April on medium and heavy rare earth items amid US trade tensions, Business Standard reports.

#3- India plans to expand its commercial shipping fleet to reduce dependence on foreign-owned vessels, which carry most of its seaborne trade, The Hindu Businessline reports. The government will support domestic shipbuilding and encourage global shipping firms to register vessels in India, according to Ports, Shipping, and Waterways Minister Sarbananda Sonowal. About 95% of India’s trade by volume moves through sea routes, and Sonowal said that expanding the Indian fleet could save the country INR 4-5 tn in foreign exchange. Shipping majors including France’s CMA CGM and Denmark’s Maersk have already started registering vessels in India, while Mediterranean Shipping Company has announced plans to follow suit.

#4- OpenAI will offer a one-year subscription to ChatGPT Go service for its users in India starting 4 November, Bloomberg reports. The move aligns with the company’s plan to expand user base and subscriptions in India.

Offer details: ChatGo introduced in India in August 2025 as OpenAI’s affordable paid tier priced at INR 399 (USD 4.8) per month, provides higher message limits, image generation, and larger file uploads than the basic version. OpenAI said India has become ChatGPT’s second-largest market globally, as competitors such as Perplexity AI and Alphabet’s Google LLC roll out similar no-charge or discounted premium offerings to boost adoption in the country.

DATA POINTS-

US-based e-commerce giant Amazon said Indian sellers on its global selling platform have crossed INR 1.67 tn (USD 20 bn) in cumulative exports, including nearly INR 585 bn (USD 7 bn) so far this year, Reuters reports. The company aims to scale exports to INR 6.7 tn (USD 80 bn) by 2030, citing strong demand for cosmetics, toys, furniture, and apparel. About 200k Indian sellers currently use the platform.

PSAs-

#1- IndiGo Airlines has resumed direct flights between Kolkata and Guangzhou, the first air link between India and China in five years, The Hindu Businessline reports. The route, halted in 2020 amid the pandemic and border tensions, will operate daily. The airline will also start Delhi-Guangzhou flights from 10 November, restoring connectivity to the key Chinese business destination.

#2-Paytm is rolling out UPI (India’s digital payment system) functionality for non resident Indians across 12 countries, including Oman, Saudi Arabia, Qatar, and the UAE, enabling them to make payments in India using their international mobile numbers, The Hindu Businessline reports. The new feature links directly to NRE/NRO bank accounts, eliminating the need for a local Indian SIM card.

#3- Indian citizens residing in the UAE will begin receiving chip-enabled e-passport from 28 October under India’s Global Passport Seva Programme 2.0 (GPSP 2.0), DD news reports. The new passports contain embedded microchips storing biometric and personal data for faster immigration checks and enhanced identity verification. Applications, including renewals, must now be submitted through the GPSP 2.0 online portal, which replaces the old system.

THE BIG STORY ABROAD-

A mix of Big Tech news and headlines from the region are getting attention this morning:

#1- The Israel-Hamas ceasefire seems to be in its most fragile state yet, after Israel launched military strikes on Gaza yesterday, killing 26 people. An Israeli military official said the strike was in response to an attack from Hamas against Israeli military forces in an area within Gaza that is under Israeli control. (Reuters | Bloomberg | Financial Times)

#2- OpenAI is likely on track for a public listing, after a restructuring agreement with Microsoft that will see it abandon its nonprofit roots and turn into a public benefit corporation controlled by a nonprofit, as it looks to fund ambitious plans for data centers and AI technology. Microsoft will retain its 27% stake in the firm under the agreement. Its shares rose 2.5% on the news, sending its valuation above USD 4 tn. (Reuters | FT | CNBC | Wall Street Journal)

#3- Also joining the USD 4 tn club yesterday: Apple, which is benefitting from an ongoing rally prompted by positive sales momentum for its new iPhone 17. Only Nvidia and Microsoft have hit the USD 4 tn mark. (Reuters)

#4- As for the USD 5 tn club…: Nvidia was close to touching the USD 5 tn mark after its shares soared 5% yesterday, briefly touching USD 4.94 tn before settling at USD 4.89 tn. This came after it said it had USD 500 bn in bookings for its AI processors. (Reuters)

Other headlines from the firm:

The company is taking a stake in Nokia for USD 1 bn, with plans to work together on 6G technology. Nokia’s shares soared 22% on the news. (CNBC | FT )
Nvidia CEO dismissed concerns of an AI bubble, saying everyone’s “happily paying” for and enjoying AI models, as it struck industry partnerships with Uber, CrowdStrike, and Palantir Technologies. (Bloomberg)

ALSO- Could Elon Musk leave Tesla? That’s what he’s threatening to do if he does not get his USD 1 tn pay package in a shareholder vote next week. The chair of the board of the EV maker already said they’re lining up candidates to replace him as CEO in case that happens. (Bloomberg)

CIRCLE YOUR CALENDAR-

India is set to host India Maritime Week 2025 (IMW 2025) from 27-31 October at the Bombay Exhibition Centre, Mumbai. The event will cover India’s growing presence in the global shipping, port, and logistics ecosystem. The five-day summit will gather over 100k delegates and 500 exhibitors from 100 countries, alongside ministerial delegations from Singapore, the UAE, South Korea, Japan, and Denmark, and agencies including the International Maritime Organization and UNESCAP.

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

ENBD deepens Indian aviation ties with new IndiGo lease agreement

Dubai-based Emirates NBD (ENBD) has executed an aircraft finance lease facility with Indian carrier IndiGo to fund the acquisition of two Airbus A321neo aircraft, as per a press release. The Dubai-based lender is a key liquidity provider for aviation and asset-based financing across the Middle East and globally.

The largest Indian airline, IndiGo, is expanding aggressively to meet rising demand and scale routes — adding 58 aircraft in 2024. The carrier has a fleet of over 400 aircraft, operates 2.2k daily flights, and accommodates 118 mn passengers in FY 2025.

Gulf financers and lessors: The Abu Dhabi Investment Council was among Indigo’s anchor investors in its IPO in 2015. The Dubai Aerospace Enterprise leased seven Airbus A321neo jets to IndiGo in 2021, as per a press release.

Lenskart’s USD 828 mn IPO puts 2025 Indian listing boom in focus

Lenskart IPO eyes market high: Indian eyewear retailer Lenskart Solutions Ltd plans to raise INR 72.8 bn (USD 828 mn) through its upcoming IPO, Business Standard reports. The company will issue new shares worth INR 21.5 bn (USD 245 mn), while existing investors will offload 127.6 mn shares.

Backed by Abu Dhabi Investment Authority (ADIA), SoftBank, KKR, and TPG, Lenskart plans to scale across India and Southeast Asia. ADIA’s investment in 2023 marked one of the largest Gulf bets in the Indian consumer retail segment. The retailer launched UAE operations in 2021 and debuted in Saudi Arabia in 2022.

The offer, priced between INR 382-402 per share, opens for anchor investors on 30 October and to the public from 31 October to 4 November, The Hindu Businessline reports. Lenskart’s valuation, pegged at USD 5 bn last year, was recently marked up to USD 6.1 bn.

Expansion, tech, and brand growth: Proceeds will fund expansion of company-owned stores, lease payments, technology and cloud investments, and brand marketing. Remaining funds will go toward acquisitions and general corporate purposes. Kotak Mahindra Capital, Morgan Stanley, Avendus, and Citigroup are among the lead managers, with MUFG Intime India as registrar.

Lenskart joins a wave of blockbuster listings that have pushed the Indian IPO market toward a record year, with companies already raising USD 16 bn (INR 1.4 tn) in 2025.

Reliance aligns with new US, EU curbs on Russian crude trade

India-based energy conglomerate Reliance Industries (RIL) said it will comply with Western sanctions targeting Russian energy exports, Reuters reports. The US, EU, and UK have imposed sanctions on Russian oil producers, including Rosneft and Lukoil PJSC.

Sanctions update: The latest measures from the US and EU expand restrictions on the Russian energy trade. The US has set a 21 November deadline for companies to wind down transactions with sanctioned entities, while the EU’s 19th sanctions package bans imports of fuel refined from Russian crude processed within 60 days before shipment.

Company response: RIL said it will modify its crude purchase contracts in line with changing market and regulatory conditions, that it will comply with the EU’s guidelines on refined product imports into Europe and maintain its diversified crude sourcing strategy to ensure operational stability, in a statement cited by newswire ANI. The company said it would address these changes “while maintaining relationships with its suppliers.” RIL did not specify whether import from Rosneft would be reduced or suspended once the wind-down period ends.

Context: The company, controlled by b’naire Mukesh Ambani, is the country's key private refiner and leading buyer of Russian crude. It operates a major refining and petrochemical complex in the western Indian state of Gujarat and has a long-term supply agreement with Russian state-owned oil producer Rosneft PJSC to purchase about 500k barrels per day (bpd) of crude.

INDIAN STATE REFINERS PAUSE NEW RUSSIAN OIL ORDERS-

Indian state refiners have also paused new orders for Russian crude oil after the latest US sanctions on Rosneft and Lukoil, Reuters reports. The decision affects both private and state-run refiners — including RIL, Indian Oil Corporation (IOC), Bharat Petroleum Corporation, Hindustan Petroleum Corporation, and Chennai Petroleum (CPCL) — as they await guidance from banks and government authorities on compliance procedures. IOC and its subsidiary CPCL said they will not buy crude from Rosneft or Lukoil beyond the 21 November wind-down deadline, according to The Hindu Businessline.

Trade shift: India imported around 1.9 mn bpd of Russian crude in the first nine months of 2025, about 40% of Russia’s seaborne exports, but shipments have begun to ease as refiners explore suppliers in the Middle East and the US, Business Standard reports.

IOC stance: IOC said Russian crude is not under blanket sanctions and it will continue sourcing from non-sanctioned suppliers and using compliant shipping channels under the price-cap regime. The company’s senior IOCL official indicated during the results call with analysts that IOC would maintain Russian purchases as long as transactions comply with sanctions, The Hindu Businessline reports.

MOSCOW TO BOOST LNG EXPORTS TO INDIA-

Russia plans to expand liquefied natural gas (LNG) exports to India as both countries deepen energy ties amid Western sanctions, The Economic Times reports. Energy minister Sergei Tsivilev said Moscow could increase shipments from current and upcoming LNG projects, calling India a key partner in its fuel and energy sector. India aims to raise natural gas’s share in its energy mix to 15% by 2030, up from about 6% now. Russia currently exports 3 mn tonnes of LNG to India annually and is exploring higher supplies under ongoing talks led by Deputy Prime Minister Alexander Novak. Russia also aims to raise coal exports to 40 mn tonnes by 2035.

Tata Motors rolls out next-gen trucks, buses for Gulf markets

Tata Motors drives into MENA: Indian automaker Tata Motors, part of the USD 180 bn Tata Group, has unveiled its largest-ever line-up of Euro 6-compliant trucks and buses for the MENA region, as per a press release. The new fleet — customized for the region’s fast-growing logistics, infrastructure, and passenger mobility needs — is a strategic push to boost the Indian commercial vehicle giant’s six-decade presence across Gulf markets.

Riyadh’s construction tech firm BRKZ bags up to USD 30 mn in growth debt from Stride Ventures

Riyadh-based construction tech firm BRKZ secured up to USD 30 mn in growth debt from the Indian venture debt firm Stride Ventures, Wamda reports. The firm secured a total of USD 22.5 mn across earlier equity rounds, including a USD 17 mn series A funding round.

Where will the money go? The funds will be used to expand the firm’s financing enablement capabilities, giving contractors and factories across Saudi Arabia more flexible payment options and stronger cash flow support, Founder and CEO Ibrahim Manna told EnterpriseAM. It will also use a portion of the capital to develop its procurement process.

The Saudi market is the top priority: The company is focused on expanding its presence in Saudi Arabia while maintaining active trade routes with China, India, the UAE, and Europe, Manna said to us. It sources raw materials from India and China and benefits from the UAE and Europe for logistics and quality advantages. Future expansion is being considered in the UAE and Qatar, driven by strong construction activity and market similarities with Saudi Arabia.

What’s next? The company plans to focus on scaling its factories and raw materials segment, while continuing to invest in AI-driven procurement tools, Manna told us. It is also doubling down on cloud manufacturing models and supply/offtake arrangements.

The company is also currently engaging with investors and venture capital firms to prepare for its upcoming Series B round, Manna mentioned. It aims to attract partners who can add value beyond capital, particularly in areas like technology, fintech, and regional expansion.

About BRKZ: Founded in 2022 by Ibrahim Manna (LinkedIn), BRKZ offers a B2B platform that connects suppliers and contractors in the construction industry, attempting to address fragmented, manual procurement processes. BRKZ served over 850 contractors and processed USD 350 mn in RFQs in 2024, supporting gigaprojects like Neom and Red Sea.

Stride Ventures also formed a strategic alliance with SAB Invest, Saudi Awwal Bank’s investment arm, to fund startups and SMEs in Saudi Arabia and across the GCC, according to a press release (pdf). The partnership involves providing capital to the targeted firms using non-dilutive financing instruments, which means raising funds without giving away ownership. Stride aims to invest USD 500 mn over the next three to five years across the region.

The details: This joint platform for venture debt and private credit will offer Shariah-compliant funding solutions across several sectors, including fintech, B2B SaaS, health tech, logistics, and consumer brands. “We aim to deliver diversified returns to our investors through a dynamic private credit asset class, and to strategically support the next generation of Saudi and GCC champions,” SAB Invest’s CEO Ali Almansour said.

LIC denies Washington Post claim on Adani investment plan

LIC denies government link to its Adani investments: State-owned insurer Life Ins. Corporation of India (LIC) dismissed allegations that government officials influenced its INR 325 bn (USD 3.9 bn) investments in Adani Group firms, saying all decisions are made independently and with due diligence, Bloomberg reports, citing a post on X.

Allegations: The clarification came after a Washington Post report claimed Indian government officials encouraged LIC to invest in Adani companies through a roadmap proposed in May 2025. The report alleged that the proposed plan involved around USD 3.4 bn in Adani Group bonds and about 500 mn in equity stakes across subsidiaries including Adani Green Energy and Ambuja Cements. It alleged that the proposal was discussed between the Department of Financial Services (Finance Ministry), federal government think tank NITI Aayog, and LIC to help the conglomerate refinance debt. The report raised concerns over the use of public-sector funds to support politically connected businesses.

LIC rebuttal: LIC called the allegations “false and baseless,” adding that no such plan or document outlining any roadmap for infusing funds into Adani companies exist in its records.

Policy and process: The insurer said all its investments are guided by board-approved policies, undertaken after detailed due diligence and in compliance with regulations. It added that neither the Department of Financial Services nor any other government body plays any role in its investment decisions.

Company exposure: LIC was the sole buyer in Adani Ports & Special Economic Zone’s record INR 50 bn (USD 569 mn) bond sale in May 2025, and has also invested in Adani Enterprises Ltd. and other Adani Group entities.

Broader context: The statement comes amid ongoing scrutiny of Adani Group’s financial dealings following the 2023 Hindenburg Research report. In September 2025, the Securities and Exchange Board of India cleared several allegations, including those related to stock manipulation and related-party transactions, while other investigations remain open. India’s tax department is also probing Adani Defence & Aerospace for alleged import-duty evasion linked to missile-component shipments, Reuters reports.

Following the US daily’s report, opposition party Indian National Congress demanded a parliamentary probe, accusing the Modi government of allowing LIC policyholders’ funds to be used to benefit Adani Group, according to The Economic Times.

Indian regulators roll out financial reforms to counter USD 17 bn outflows from capital markets

RBI, Sebi move to restore investor confidence: Indian regulators are fast-tracking financial sector reforms to regain investor confidence and attract capital after foreign investors pulled nearly USD 17 bn from equities this year, making India the worst-hit Asian market, Reuters reports, citing unnamed sources familiar with the matter.

Regulations ease, reforms up: The capital markets regulator, the Securities and Exchange Board of India (Sebi), and the Reserve Bank of India (RBI) have rolled out measures to ease listings, open credit lines for mergers, and simplify the process for foreign investor participation. More reforms — including expanded retail market access and relaxed banking regulations — are expected next year.

The Indian deregulation coincides with China’s recent easing initiatives, including opening its stock option market to foreign investors and expanding foreign access to its bond repurchase market, as per Reuters.

New leadership’s liberal tilt: The reform push comes under new leadership, as RBI Governor Sanjay Malhotra and Sebi Chair Tuhin Kanta Pandey, both former finance ministry officials, are reversing post-crisis restrictions seen as stifling investment. Indian banks can now fund acquisitions, lend more against listed securities, and face fewer capital constraints.

Growth outlook: With GDP forecast at 6.8% in FY26, investors like M&G and Fiera Capital say India’s liberalization drive signals a renewed, investor-friendly turn, the newswire added.

OTHER POLICY NEWS-

The RBI has proposed new limits on domestic lenders’ exposure to capital markets and corporate acquisition finance, aiming to tighten risk controls and prevent excessive exposure, Reuters reports.

Draft guidelines: The central bank proposes capping banks’ combined exposure to capital markets and acquisitions financing at 20% of their Tier-1 capital, which represents the strongest form of a bank’s capital base. Total capital market exposure, including indirect holdings through funds, guarantees, or underwriting, would be limited to 40% of Tier-1 capital, while exposure to acquisition finance would be capped at 10%.

Acquisition finance: Banks would be allowed to fund up to 70% of an acquisition deal, while the acquiring company must provide at least 30% equity. Such financing would be restricted to listed companies with a satisfactory net worth and a three-year profitability record.

The RBI also proposed revising risk-weight guidelines for infrastructure loans by non-banking financial companies, a move that could reduce capital requirements for lenders financing established infrastructure projects. The proposed exposure caps come as Indian banks expand their corporate loan portfolios amid rising deal activity in India.

DID YOU KNOW?-

Switzerland has been named the world’s most resilient country for investors in the 2025 Global Investment Risk & Resilience Index, published by Henley & Partners. Out of 226 countries, a cluster of small, high-governance economies — Denmark, Norway, Singapore, and Sweden — dominate the top five, demonstrating how predictability, low corruption, and institutional strength drive investor confidence.

India came in 155th, with high exposure to systemic risks and limited resilience capacity despite strong GDP growth. Faced with governance and infrastructural bottlenecks, India’s resilience score of 49.76 (out of 100) is the lowest among BRICS peers, trailing China (49th), Russia (94th), Brazil (150th), and South Africa (145th).

Gulf economies are performing strongly amid global uncertainty, with the UAE (38th) leading the region, followed by Qatar (51), Saudi Arabia (57), Kuwait (60), and Oman (73).

Reliance, Meta announced new AI venture with INR 855 mn investment

Reliance, Meta to form INR 855 mn AI joint venture: Reliance Industries Ltd (RIL) and Facebook Overseas, a wholly owned subsidiary of Meta Platforms, announced an INR 855 mn (USD 103 mn) investment to form an artificial intelligence joint venture called Reliance Enterprise Intelligence Ltd (REIL), The Hindu reports. RIL will hold 70% and Meta 30% in the venture, which will design and market enterprise AI solutions across India. The collaboration builds on the existing partnership between Reliance Jio and Meta, expanding Reliance’s presence in India’s fast-growing enterprise-AI ecosystem.

PORTS-

The Adani Group has committed to invest INR 42.5 bn (USD 510 mn) in expanding Dighi Port, and related infrastructure along western India’s eastern coast in Maharashtra, The Hindu Businessline reports. The pact was among 15 agreements worth a combined INR 56 bn (USD 670 mn) signed at the opening of India Maritime Week in Mumbai. Other commitments include USD 45 mn from JSW Group to expand Jaigad Port in Maharashtra. Foreign firms from the UAE, the Netherlands, and Sweden also pledged investment in Maharashtra’s maritime infrastructure.

AGRI-

Indian rice traders plan to secure fresh export agreements with buyers in Iraq, Saudi Arabia, and Indonesia as above-average monsoon rains increased production, Business Standard reports. India, which already supplies about 40% of the world’s rice, harvested a record 146 mn tonnes in the year till June 2025, far exceeding domestic demand of 120 mn tonnes.

The country’s overflowing grain warehouses are prompting traders to expand into 26 new and underserved markets, including Japan and Mexico. Indian suppliers are expected to sign several export agreements at the upcoming Bharat International Rice Conference in New Delhi this week.

Global sukuk market on track to close out 2025 on a high note

The global Islamic finance industry is expected to register growth in 2025 despite headwinds and “growing uncertainty,” S&P Global said in its recent Islamic Finance Outlook report (pdf). This year’s anticipated positive performance will come after the industry grew 10.6% in 2024, driven by an outstanding sukuk performance and substantial banking asset growth. Banking assets contributed to 60% of the industry’s growth in 2024, with Saudi Arabia leading the pack, accounting for around two-thirds of that acceleration.

Global sukuk issuance is on track to hit as much as USD 200 bn by the close of the year — barring any major impact from current market volatility, S&P said, reiterating its forecast from January of this year. Foreign currency-denominated sukuk are expected to account for a little less than half of the total (USD 70-80 bn), maintaining positive momentum from 2024, when FCY-denominated sukuk rose 29% y-o-y despite total sukuk issuances dipping.

The year so far: Global sukuk issuance hit a record in 3Q 2025, defying market volatility and the usual seasonal slump, according to recent Fitch Ratings figures. Core markets — the GCC, Malaysia, Indonesia, Turkey, and Pakistan — issued about USD 80 bn in the quarter, up 22% q-o-q and 89% y-o-y. The 3Q performance comes after issuances fell 15% y-o-y in 1H 2025 on the back of lower local currency-denominated issuances in key markets, including Malaysia, Qatar, the UAE, and Saudi Arabia.

Sustainable sukuk issuance volumes rose by 27% in 1H 2025, reaching USD 9.3 bn, according to S&P. The issuance activity was led by the Islamic Development Bank, which accounted for almost half of the market’s activity, with Saudi Arabian issuers leading the market.

Saudi Arabia and the UAE are expected to be the primary engines of growth, S&P said. “Saudi Arabia’s Vision 2030 will continue to translate into significant banking system growth, provided it attracts sufficient refinancing sources, including sukuk issuances from the international capital market.” Meanwhile, high non-oil GDP growth in the UAE and high capex needs “will further support financing requirements and sukuk issuances in 2025,” according to the report. S&P also sees continued growth in the industry across the rest of the GCC, as well as high single-digit growth coming out of Asia-Pacific markets — particularly Indonesia, Bangladesh, Malaysia, and Pakistan.

Not all markets will do equally well: Local currency-denominated sukuk are expected to continue growing in Turkey and Egypt, but overall performance will depend on the performance of their currencies. S&P said. Depreciation in Turkey made it one of the largest contributors to growth in relative terms, but the contribution was modest in absolute terms, the report said.

Risks remain: Prospects for the sukuk and takaful market in 2026 and next depend on the possibility of adopting Shariah Standard 62, S&P noted, saying that the adoption of the new standards could disrupt the market “by potentially reclassifying the instruments from debt-like to equity-like.” Some issuers may still preemptively rush to market before the standard is implemented, particularly if it is adopted in its current form.

SOUND SMART- Shariah Standard 62 is a proposed overhaul of how sukuk are treated to bring them more in line with shariah principles. The planned revisions — introduced in 2024 — would allow sukuk holders to gain full ownership of the underlying assets and expose them to additional risks like defaults. It could also increase costs and red tape for issuers through additional asset transfer and documentation.

India pushes ASEAN to fast-track FTA review

Indian Prime Minister Narendra Modi called for an early review of the trade agreement between India and the Association of Southeast Asian Nations (ASEAN), arguing that an updated pact could unlock the partnership’s full economic potential, The Hindu Businessline reports.

Background: The 15-year-old trade pact is under joint review, with Malaysian Prime Minister Anwar Ibrahim stating that ASEAN aims to conclude negotiations this year. Modi reiterated ASEAN’s “centrality” in India’s Indo-Pacific strategy, calling for unity amid geopolitical uncertainty. Both sides will continue advancing cooperation in green energy, health, and digital inclusion under the 2026-2030 Plan of Action, the business daily added.

India + US

Indian Foreign Minister S. Jaishankar met with US Secretary of State Marco Rubio in Malaysia, where they discussed bilateral relations, trade, and regional developments on the sidelines of the ASEAN Summit, Business Standard reports. The meeting comes as India and the US work to conclude a bilateral trade pact, with officials confirming that five rounds of talks have been completed and the agreement is “very near” conclusion.

CALENDAR

OCTOBER

27-31 October (Monday-Friday): India Maritime Week (IMW) 2025, Bombay Exhibition Centre, Mumbai.

28 October- 7 February, 2026 (Monday-Saturday): The Rooted Nomad: M.F. Hussain Exhibition in Qatar Museums Gallery, Katara, Doha.

30-31 October (Thursday-Friday): Bharat International Rice Conference 2025, Pragati Maidan, New Delhi.

NOVEMBER

6 & 11 November (Thursday, Tuesday): Bihar Legislative Assembly Elections 2025 (Two-phase polling across Bihar)

13 November (Thursday): 3rd CII India Europe Business and Sustainability Conclave, Vishakhapatnam, Andhra Pradesh.

14 November (Friday): Counting of votes for Bihar Legislative Assembly Elections 2025.

17-21 November (Monday-Friday): Dubai Airshow 2025, Al Maktoum International Airport, Dubai.

19 November (Wednesday): ET Global Capability Centers (GCC) Annual Conclave 2025, Sheraton Grand Bengaluru, Bengaluru.

19-21 November (Wednesday-Sunday), Bengaluru Tech Summit 2025, Bangalore International Exhibition Centre (BIEC), Bengaluru.

21-22 November (Friday-Saturday): Global Economic Summit & World Trade Expo 2025, World Trade Center, Mumbai.

21-22 November (Friday-Saturday): BCKIC CSR & Sustainability Conclave 2025, Odisha State Convention Centre, Odisha.

22 November (Saturday): Finance Conclave 2025, The Park, Hyderabad.

26 November (Wednesday): GCC Annual Conclave 2025, Sheraton Whitefield, Bengaluru.

28 November (Friday): Launch of Lawh Wa Qalam: M.F. Husain Museum in Education City, Doha.

DECEMBER

3-7 December (Wednesday-Sunday): ENGIMACH Automation & Manufacturing Technology Expo, Helipad Exhibition Centre (Gandhinagar), Gujarat.

11 December (Thursday), FICCI Commercial Real Estate Conclave, Taj MG Road, Bengaluru.

Signposted to happen sometime in December 2025:

Russian President Vladimir Putin’s India Visit (Details yet to be announced).

Signposted to happen in 2H 2025:

G20 Summit 2025, Johannesburg, South Africa.

JANUARY

19-20 January (Monday-Tuesday): International Crop Science Conference and Exhibition 2026, Le Meridien Conference Centre, Dubai.

27-30 January (Tuesday-Friday): India Energy Week 2026, ONGC Advanced Training Institute, Goa.

30 January-1 February (Friday-Sunday):India Agri Expo 2026, Ludhiana Exhibition Centre, Punjab.

31 January (Saturday): Commencement of Budget Session 2026, Parliament of India, New Delhi.

FEBRUARY

1 February (Sunday): Union Budget 2026-27, Parliament of India, New Delhi.

3-6 February (Tuesday-Friday): ChemTECH World Expo 2026, JIO World Convention Centre, Mumbai.

19-20 February (Thursday-Friday): India - AI Impact Summit 2026, New Delhi.

19-20 February (Thursday-Friday): India-AI Impact Summit, Bharat Mandapam, New Delhi.

25 February (Wednesday): World Sustainable Development Summit, Taj Palace, New Delhi.

MARCH

12 March (Thursday): ET Entrepreneur Summit & Awards 2026, Bengaluru.

23-25 March (Monday-Wednesday): Indiasoft 2026: International IT Exhibition & Conference, New Delhi

23-25 March (Monday-Wednesday): 11th Smart Cities Expo, Bharat Mandapam, New Delhi.

23-25 March (Monday-Wednesday): PLASTIWORLD India 2026, Jio World Convention Centre, Mumbai.

Signposted to happen sometime in March 2026

Election Commission of India is expected to announce polling dates for elections in the states of Tamil Nadu, Kerala, West Bengal, Assam, and the union territory, Puducherry.

APRIL

29 April-2 May (Wednesday-Saturday): Bharat Buildcon 2026, Yashobhoomi, Dwarka, Delhi.

7-10 April (Tuesday-Friday), India Rubber Expo 2026, ITPO, Pragati Maidan, Delhi.

JUNE

24-25 June (Wednesday-Thursday): India Homeland Security Expo 2026, Bharat Mandapam, Pragati Maidan, New Delhi.

Signposted to happen sometime in 1H 2026:

Signing of India-Qatar FTA (Details yet to be announced).

DECEMBER

8-11 December (Tuesday-Thursday), Expand North Star 2025, Dubai.

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