From AI and IPOs to mining and energy, it’s a big news day to close the week

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WHAT WE’RE TRACKING TODAY

THIS MORNING: RBI under scrutiny for forecast errors; Oil India, TotalEnergies partner for deepwater exploration

Good morning, friends. We’re closing the week with an issue packed with news from AI, mining, energy, and automotive, cutting across Ahmedabad to Jabal Sayid.

AI remains as big a story in India as it does in MENA and the USA. The quest for advanced chips, energy, data centres, and the money to build it all out was center stage in Washington, DC, Dubai, Abu Dhabi, and Riyadh this week even as markets started shaking amid concerns about the return on investment from bns and bns of USD in spending. The tech-heavy Nasdaq dropped 2.2% yesterday on those worries.

IN THIS MORNING’S ISSUE- Fractal gears up for India’s first AI listing — and Tata is getting plenty of ink from news that its premier software house is getting into the AI hardware business amid concerns about the future of software consulting. Meanwhile Tata Neu is signalling that growth-at-any-cost days are over as it looks to shed 50% of the superapp’s staff.

ALSO TODAY- Adani is nearing a deal to take over Jaiprakash Associates. Vedanta is deepening its Saudi play with a new copper-gold exploration license, and Ashok Leyland is sharpening its Middle East presence with a Qatar push.

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

THE WEEK THAT WAS-

IT’S BEEN A BUSY WEEK across MENA, with AI and advanced industries getting the lion’s share of attention.

Saudi Arabia was the center of gravity as Crown Prince Mohammed bin Salman made his first White House visit in seven years. The headline? Reconciliation, lots of AI love, and a signal from MbS to Trump that Riyadh could be open to normalization with Israel provided there’s a credible route to a Palestinian state. The two leaders also inked deals on civil nuclear cooperation and F-35 fighter jets.

In the UAE, it was a week of heavy dealflow. The Dubai Airshow saw Flydubai split its ticket, ordering 150 jets from Boeing (737 MAX) and another 150 from Airbus (A321neo). On the tech front, the US authorized the export of 35k Nvidia Blackwell chips to UAE’s G42 and Saudi’s Humain, helping debottleneck the region’s AI ambitions. Meanwhile, Dubai announced a new USD 10 bn national fund to aggressively court foreign direct investment — a potential boon for Indian companies looking to set up shop or deepen operations in the world’s most attractive city.

In Egypt, the central bank held firm, leaving interest rates unchanged at 21.25% yesterday as inflation ticked up slightly. The focus now shifts to 1 December, when the IMF lands in Cairo to conduct critical reviews of the USD 8 bn loan program.

SIGN OF THE TIMES-

Tata Digital plans to cut 50% of Tata Neu’s staff in a big strategic reset. The superapp dream is getting a harsh reality check as Tata Digital prepares to slash headcount at Tata Neu by up to half, the Economic Times reports. CEO Sajith Sivanandan is steering away from a “growth at all costs” mentality toward profitability.

The pivot: The group is abandoning its obsession with gross merchandise value. The new mandate? Stop trying to do everything and focus on three high-margin pillars: financial services, digital marketing, and a unified loyalty engine for the wider Tata group.

IN CONTEXT- This is the third strategic reset since the app’s rocky launch in 2022. Despite narrowing losses in FY25, revenue fell 14%, forcing the group to admit that the ‘burn cash to build a habit’ model wasn’t working.

WATCH THIS SPACE-

#1- French asset manager Amundi says the Reserve Bank of India (RBI) should deliver an additional 50 basis-point rate cut over the next 12 months and shift away from its neutral policy guidance, ANI reports. The firm expects India’s growth to slow in 2026 as US tariffs weigh on competitiveness — even as domestic demand is likely to remain the primary driver. It projects inflation to average 4-5% next year, supported by a favorable monsoon and easing global food and energy prices.

SPEAKING OF RBI- The central bank is facing scrutiny after multiple large inflation-forecast misses this year, with its projection for the first quarter coming in 0.7 percentage points above actual inflation, the biggest gap in nearly six years, Bloomberg reports. Forecast misses occurred in two quarters, overshooting by 0.2 percentage points and 0.1 percentage points. Economists now expect another miss this quarter after October’s unexpectedly low inflation reading.

Economists say: The RBI’s most recent forecast pegs inflation at 2.6% throughout this fiscal year, ending in March 2026. UBS Group economist Tanvee Gupta Jain now expects inflation to come in between 2-2.2% during this period, raising concerns that the regulator is reluctant to trim rates. For 3Q, Deutsche Bank economist Kaushik Das estimated inflation at 0.7%, whereas the central bank forcecasts it at 1.8%, the outlet reported.

Policy backdrop: Despite rolling out its upgraded Quarterly Projection Model 2.0 last year, the RBI continues to refine its framework as repeated overestimates raise concerns about policy signalling. The central bank delivered a larger than expected 50 basis point rate cut in June, shifting its stance to neutral, and has held rates steady since. Economists point out that the bank’s conservative estimates could hurt policy credibility and delay rate cuts.

#2- India’s current account deficit is forecast to widen to 1.7% of GDP in FY 2026, up from an earlier estimate of 1.2%, Economic Times reports, citing a Union Bank of India analysis. The bank’s call is based on persistent global tariff pressures that it says are keeping the merchandise trade gap elevated despite weaker demand and softer commodity prices.

The bank said India’s external balance remains highly sensitive to crude oil prices — every USD 10 per-barrel change shifts the annual current account deficit by nearly INR 1.25 tn (USD 15 bn).

#3- State-run Oil India is bringing in TotalEnergies to help speed exploration in deep and ultra-deepwater basins, as per a disclosure to the bourse. The agreement, finalized on 19 November, gives Oil India access to the French major’s offshore expertise across its upcoming portfolio. This could include feasibility studies for a recent gas exploration in the Andaman basin and drilling plans in the Mahanadi and Krishna Godavari basins.

Why does it matter? State-run companies Oil and Natural Gas Corporation (ONGC) and Oil India have expanded their exploration activities in the Andaman Sea as part of a bid to ease reliance on crude imports. India currently buys 88% of its crude and 50% of its natural gas on international markets.

#4- India’s solar manufacturing sector is heading into a consolidation phase as technology turnover and excess capacity pressure smaller firms, according to a report from Indian credit rating agency ICRA. Of the 110 GW of module manufacturing capacity under India’s approved list of models and manufacturers, only 70-75% can pivot to newer technologies. Manufacturing is expanding towards 165 GW against an expected demand of up to 50 GW, Reuters reports, citing unnamed ICRA analysts.

The government’s push for full value-chain integration, from ingots to modules, by 2028 further raises capital needs. Firms with outdated tech or standalone module lines are most vulnerable, while integrated players will be best positioned as prices fall and US export risks rise.

DATA POINT-

IT spending in India is set to reach USD 176.3 bn in 2026, rising 10.6% y-o-y, driven by cloud uptake, AI infrastructure development, and evolving sovereign-cloud requirements, as per a Gartner forecast. Spending on data center systems will grow the fastest at 20.5% to USD 9.3 bn, while software spending is projected at USD 24.7 bn and IT services are forecast to add USD 35 bn. Sector growth will be fueled by the rapid expansion of global capability centers and AI development.

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.

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?

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.

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PSAs-

#1- Jio, India’s largest telecom provider, is now offering Google’s Gemini Pro without charge to its 5G users for 18 months, as per its website. It can be activated instantly via the MyJio app.

#2- India has expanded its visa-on-arrival facility for UAE nationals to Cochin, Calicut and Ahmedabad airports, bringing the total access points to nine, News On Air reports. The visa is available only to UAE citizens who have previously held an e-visa or paper visa. It permits a stay of up to 60 days for tourism, business, conference, or medical visits, with double entry allowed.

HAPPENING TODAY-

Saudi Arabia’s tourism body is bringing its “Spectacular India” showcase to India across Mumbai, Delhi, Bengaluru, Hyderabad, and Ahmedabad, according to Travel + Leisure. The event will run at major malls, offering cultural exhibits, food counters, and trip-planning support under the “Saudi, Welcome to Arabia” brand.

THE BIG STORY ABROAD-

Shaky markets are still dominating headlines after Nvidia’s bumper earnings yesterday failed to keep concerns of an AI bubble at bay, with the shares of several AI firms — including Nvidia, Broadcom, and Advanced Micro Devices — tanking yesterday, pulling the S&P 500 down 1.6% and the Nasdaq down 2.2%. (CNBC | Financial Times | Guardian | Wall Street Journal)

Meanwhile, Warner Bros received bids from Netflix, Paramount Skydance, and Comcast as the company mulls a sale of its business, after rejecting a nearly USD 60 bn bid from Paramount Skydance earlier. Netflix and Comcast are eyeing its film and TV library, while Paramount Skydance is looking to take over the entire business. (Reuters | Bloomberg | New York Times)

Geopolitics are also still getting attention, with Ukraine saying it will work with the US on its 28-point peace plan for the country and Russia, which would see Ukraine cede large chunks of territory to Russia, as well as cap the size of its military and lift sanctions on Moscow. (Bloomberg | Axios | Reuters)

CLOSER TO HOME- Iran ended its agreement allowing the International Energy Agency to inspect its nuclear stockpile after the UN’s atomic watchdog passed a resolution ordering it to provide details on its enriched uranium and nuclear sites with “without delay.” (Bloomberg | Washington Post | NYT)

Tata Consultancy Services (TCS) breaks character with USD 2.1 bn AI pivot

The global race for AI infrastructure has pulled in India’s largest software exporter. In a significant strategic pivot, Tata Consultancy Services (TCS) has signed a joint venture with US private equity giant TPG to build a “GW-scale” network of AI-ready data centers across India, TCS said in a statement.

The deal: The partners will invest up to INR 180 bn (approx. USD 2.1 bn) in equity to launch HyperVault AI Data Centre, with TPG taking a big minority stake of up to 49%.

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Why it matters: It is the end of an era for TCS’ “capex-light” model. For decades, TCS grew by selling time — the hours its people spent bashing out code, managing projects, and interacting with clients. TCS is now pouring capital into physical assets to capture the booming demand for AI compute.

The scale: The venture is looking to hit 1 GW of capacity within 5–7 years — roughly equivalent to India’s entire current data center capacity, the Economic Times notes.

Why now? AI is eating the world, as the inimitable Ben Evans argues. There’s a raging debate in the software industry about how much need there will be for human coders as AI improves — and plenty of management consultants are having heartburn right now.

The Context: It’s all about the hardware. The TCS move mirrors the capital-intensive AI push we’re tracking across the MENA corridor — from the UAE and Saudi scramble to obtain cutting-edge AI chips to the centrality of AI during MbS ’ visit to Washington, DC, this week.

The pattern: While public markets are getting jittery about AI software valuations (see the Nasdaq’s 2.2% slide overnight), there’s still plenty of capital flowing into the physical layer — chips, power, and liquid-cooled data centers.
The bet: TCS and TPG are betting that regardless of which AI models win — ChatGPT, Gemini, a regional / national model — they will all need a place to live.

DIVE DEEPER- USD 2.1 bn is just the equity slice. TCS and TPG will need to marshal debt to cover the full potential ticket of USD 7 bn. The centers will feature liquid-cooling and high-density racks designed specifically for the power-hungry chips used by hyperscalers (think: Microsoft, Amazon, Google).

Fractal Analytics plans India’s first AI listing

India’s first AI listing is on deck: New York-headquartered AI firm Fractal Analytics could increase its research spending as it prepares for its public-market debut, CEO Srikanth Velamakanni told Reuters. Fractal aims to raise INR 49 bn (USD 565 mn) via its IPO, potentially valuing the AI major at USD 3 bn. It filed a draft proposal for a listing with regulators in August, though no date has been set and regulatory approval is pending.

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BY THE NUMBERS- The firm plans to issue fresh equity of INR 12.8 bn (USD 148 mn), making up c. 26% of the offering, while the remaining INR 36.2 bn (USD 418 mn) (c. 74% of the offering) will come in the form of secondary sales by existing investors, according to a regulatory filing. It previously raised some USD 800 mn from Quinag Bidco, Apax Partners, and TPG Fett Holdings.

Money matters: The firm spent INR 1.4 bn (USD 17 mn) on R&D in 2025 and has on an average allocated 6% of its revenues over three years on to the activity.

Fractal, a global enterprise-AI company, helps Fortune 500 firms scale analytics and AI-driven decision-making across retail, consumer goods, and financial services. It earns over 65% of its revenue from US customers including Microsoft, Apple, Nvidia, Alphabet, Amazon, Meta, and Tesla. Nearly 10% comes from a single client among these.

India is big on AI: The listing push coincides with accelerating global investment in AI infrastructure. India is emerging as a key node, with Google committing USD 15 bn to a new data center in Andhra Pradesh, while Microsoft and Amazon are expanding their local cloud estates.

ADVISORS- Axis Bank, Goldman Sachs, Kotak Mahindra Capital, and Morgan Stanley are advising on the share sale, according to the filing.

Amazon-backed More Retail plans a USD 300 mn listing-

MEANWHILE- More Retail readies market debut: Indian supermarket and grocery major More Retail has appointed Avendus Capital and ICICI Securities to prepare a USD 300 mn (INR 26.4 bn) initial public offering that could value the chain at nearly USD 2.5 bn (INR 220 bn), Bloomberg reports, citing unnamed sources. The issue can be expected as soon as next year and will comprise a mix of fresh shares and secondary sales, with timelines still under discussion.

Background: More Retail, acquired in 2019 by Amazon-Samara JV Witzig Advisory, operates 767 supermarkets across 350 cities and plans to add up to 180 stores by 2026.

Also in the IPO pipeline…

ICICI Prudential Asset Management is nearing final regulatory clearance from the Securities and Exchange Board of India for its USD 1.1 bn listing, which is set to be one of India’s biggest IPOs this year, Bloomberg reports. The company has already kicked off preliminary discussions with prospective investors and could formally be in the market as early as next month.

Mumbai-based wedding matchmaking platform Shaadi.com is exploring an IPO and has held initial discussions with investment bankers, Bloomberg reports. The plan is in an early stage, with no advisers appointed and key details — including the valuation, timing, and structure of the offering — still up in the air.

Adani secures creditor nod for INR 135 bn takeover of JAL

Ahmedabad-based conglomerate Adani Enterprises (AEL) has won unanimous creditor approval for its INR 135 bn (USD 1.53 bn) acquisition of bankrupt infrastructure group Jaiprakash Associates (JAL), Reuters reports. The vote by JAL lenders — mostly Indian banks — clears Adani’s proposal as the preferred offer over that of mining conglomerate Vedanta Group.

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Why Adani? Creditors opted for Adani’s plan because it offered larger up-front payments than a higher INR 170 bn (USD 1.93 bn) bid from Vedanta. Vedanta’s plan involved a five-year repayment schedule, while Adani committed to clearing dues within two years.

Debt profile: Jaiprakash Associates owes lenders nearly INR 550 bn (USD 6.2 bn). It kicked off bankruptcy procedures in June 2024, making it one of the country’s largest ongoing bankruptcy cases.

Other bidders: Competing proposals were also submitted by cement producer Dalmia Bharat, power developer Jindal Power, and EPC firm PNC Infratech, alongside a withdrawn offer from JAL’s promoter group.

Adani’s coal project faces delay-

MEANWHILE- Uttar Pradesh’s power regulator has delayed approving Adani Power’s long-term supply contract for 1.5 GW from its INR 170 bn (USD 2 bn) coal project, citing gaps in cost disclosures, Reuters reports.

MENA connection: Adia- and QIA-backed Adani Power secured a contract in May to supply power from the coal plant at INR 5.38 per unit.

Compliance gaps: The regulator noted that Uttar Pradesh Power Corporation should have filed updated fixed charges, operating expenses, and the impact of revised tax rates on coal under the power supply agreement before seeking approval. A review hearing is scheduled for December.

Vedanta steps-up Saudi investment with new copper, gold exploration license

Indian metals conglomerate Vedanta will pour bns into Saudi Arabia after getting its license to explore for copper and gold, Bloomberg reports. The firm will start exploration within eight months, targeting prospects in the western Saudi Arabia’s Jabal Sayid belt.

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USD 2 bn pledge: Vedanta plans to apply for additional licences as part of a wider plan to build a Saudi supply chain that stretches from mining through to processing. In 2024, it pledged to invest USD 2 bn to build copper processing plants in the kingdom. Vedanta is a big player in India’s metals value chain as the largest producer of aluminum and zinc.

Zoom in: The metal giant is already progressing on a planned 400k tonnes per annum (tpa) copper smelter-refinery and a 300k tpa copper rod facility in Saudi Arabia as part of its USD 2 bn pledge. Construction on the rod plant has begun, with production expected in 2026, while the smelter is targeted for 2028.

Timeline: The company expects to finalize contracts for its first Saudi mine by mid-January, with early exploration focused on copper and gold. Until domestic ore becomes available, the company plans to source raw material from Chile and Peru to support the new processing facilities.

BACKGROUND- Saudi Arabia is courting global miners as it aims to unlock what it says are mineral reserves worth as much as USD 2.5 tn. India and Saudi Arabia signed a critical-minerals partnership in February 2025, committing to deepen cooperation in exploration and materials supply chains across copper, lithium, and rare earths.

Ashok Leyland expands Gulf footprint with Qatar partnership

Ashok Leyland has expanded in Qatar through a new distribution agreement with Al Futtaim Group’s Famco Qatar, extending the partnership that underpinned its 2024 entry into Saudi Arabia, Hindu Businessline reports. The tie-up brings Falcon and Oyster buses as well its truck range to the Qatari market, backed by local service and fleet-support infrastructure.

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Strategic Gulf build-out: Ashok Leyland said the collaboration leverages Al Futtaim’s regional network to offer low total cost of ownership options and long-term reliability for Qatari operators. The move comes as the flagship company of Hinduja group saw a 30% y-o-y jump in export market sales to 15.3k units in FY 25, around 40% of which came from Gulf countries, the company told Business Standard.

Regional manufacturing: Leyland is exploring local partnerships to create asset-light assembly facilities similar to its 50:50 joint venture with the Ras Al Khaimah Industrial Authority in the UAE. With the Ras Al Khaimah plant already near its full 6k unit per year capacity, the company is eyeing Saudi Arabia as its next manufacturing hub in West Asia.

Why Skoda’s Saudi entry is good for India

Skoda Auto has entered Saudi Arabia through a partnership with Jeddah-based SamacoMotors of Al Nahla Group, accelerating its Middle East expansion after launches in Oman, Qatar, and the UAE, Skoda said in a statement. The company cited strong long-term demand, with annual Saudi auto sales projected to reach 1 mn vehicles by 2030. It plans to launch outlets in Jeddah and Al Khobar by year-end, followed by Riyadh in 2026.

India link: India is a key manufacturing base for exports to Saudi and Oman as well as 24 other markets. Skoda’s exports of assembled-in-India vehicles grew 20% y-o-y in 2024, representing 40% of their local production, Acko Drive writes.

India’s a rising global player: With 6k vehicle and component manufacturers, India was ranked third globally this year in terms of production, exporting 5.3 mn units in FY 25. The country’s automakers are increasing their global footprint, particularly in MENA, backed by competitive manufacturing costs, skilled labor, and a USD 3.1 bn government subsidy program.

Reliance pulls the plug on Russian crude for export refinery

It’s official: Reliance Industries has stopped taking Russian crude at its Jamnagar export refinery to avoid taking US sanctions. The operator of the world’s largest refining complex halted imports for its export-only Jamnagar refinery effective yesterday (20 November), the Economic Times reports. Five Indian refiners, including Reliance, had earlier indicated they would stop taking Russian crude after 21 November.

Look for an increase in Indian appetite for MENA crude as other refiners follow Reliance’s lead.

The strategy: A clean split. Reliance is effectively bifurcating its crude diet to protect its export markets in Europe and the United States while keeping cheaper Russian oil flowing for domestic use.

For exports: From 1 December, the SEZ refinery — which supplies Western markets — will run exclusively on non-Russian crude to comply with EU and US restrictions.
For India: Any Russian cargoes arriving on or after yesterday will be diverted to a legally-onshore facility that serves the local market, Mint notes.

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IN CONTEXT- The US Treasury’s wind-down period for transactions involving Rosneft and Lukoil ends today. Indian Oil Corporation will continue lifting only non-sanctioned Russian grades, while Roseneft-backed Nayara Energy, which relies entirely on Russian supply, is continuing with its purchases.

MENA crude will become an even more critical component of India’s oil diet going forward. Look for Indian refineries to up imports from Saudi Aramco next month to help compensate for an expected 1.2 mm bbl / d decline in Russian supplies, the Hindu Business Line reports, citing what it says are industry sources.

India’s refiners are also ramping up bookings for oil tankers to carry crude to India from MENA, including from Saudi Arabia, Kuwait, Iraq, and the UAE, Bloomberg reports. About a dozen tankers were chartered by refiners this week versus just four in October. Recent bookings led to a jump in freight rates, with the daily cost of hiring an oil supertanker from MENA to Asia currently approaching a five-year peak.

REMEMBER- Saudi Arabia is hungry for Asian business as it looks to keep a floor under the price of oil amid a slowdown in demand, cutting its official selling prices to Asia for December.

Zaggle targets USD 1 bn with UAE launch

Hyderabad-based fintech startup Zaggle Prepaid Ocean Services is preparing to expand into the MENA, aiming to start operations in the UAE by June 2026, Hindu Businessline reports.

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Growth markets: After the UAE rollout, Zaggle wants to expand across the wider MENA region through potential joint ventures or acquisitions, CEO Avinash Ramesh Godkhindi told the daily. The firm is currently in discussions with banks and global networks Visa and Mastercard for MENA partnerships. A US expansion over the next year or two is also under consideration.

New vertical: The firm plans to launch a retail credit-card through a B2B2C model, targeting INR 5 bn (USD 60 mn) in revenue over five years. It recently secured a third-party application provider licence from the National Payments Corporation of India, enabling it to expand its digital payment offerings.

The company is aiming to hit USD 1 bn in annual revenue in the long term as it looks to grow through international expansion and new products.

THE MENA CONNECTION- Indian tech startups are increasingly expanding into the Middle East as Gulf markets open up to foreign digital businesses. The UAE and Saudi Arabia have rolled out faster licensing processes, lower corporate-tax regimes, and tech-sector incentives to attract overseas companies, according to a recent EY report. A large Indian diaspora and rising demand for fintech and enterprise software are also drawing Indian startups to the region.

Inox + KP firms to develop 5 GW of renewable energy projects

5 GW of renewables incoming: Inox Wind and Inox Solar signed MoUs with KP Energy and KPI Green, respectively, to develop 2.5 GW of wind and hybrid power and 2.5 GW of solar power across India, according to statements here (pdf) and here. No timeline or financial ticket was disclosed for either project.

Who’s doing what? Inox Wind and its subsidiaries will provide wind turbine generators, equipment, and engineering support for the turbines. KP Energy will handle project development, secure land approvals and EPC works. The firms will jointly manage operations and maintenance.

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Manufacturing

Mumbai-based steel pipe manufacturer Man Industries (India) has signed a five-year MoU with Aramco Asia India — a subsidiary of Saudi Arabia’s state-owned energy company Saudi Aramco, Business Standard reports. The MoU is to explore setting up a steel pipe manufacturing facility in the kingdom with a view to capturing slices of the energy, infrastructure, and industrial markets.

Climate watch

India slipped 13 places to number 23 on the 2026 Climate Change Performance Index as it still has no national coal-exit timeline, according to the latest assessment released at the UN COP30 summit in Brazil. The index scored India at 61.3 and moved it from a “high” to a “medium” performer, citing continued coal-block auctions, persistent fossil-fuel dependence, and weak carbon-pricing signals as key drivers of the decline. The index is an independent monitoring tool published by a coalition of environmental think tanks and NGOs, including Germanwatch, the NewClimate Institute, and the Climate Action Network

UAE fraud investigation

UAE assets seized in probe of alleged fraud against SBI: India’s Enforcement Directorate (ED) has seized nine Dubai properties worth USD 6 mn as part of its investigation into an alleged USD 1.4 bn fraud against the State Bank of India by Advantage Overseas Private Limited (AOPL), Business Standard reports. Investigators allege the assets belong to AOPL beneficial owner Shrikant Bhasi and were purchased using proceeds from fabricated circular trades before being transferred to his daughter. The probe centers on allegations that AOPL defaulted on USD 200 mn in letters of credit in 2018, forcing SBI to pick up the tab.

BACKGROUND- The ED can, subject to judicial review, seize foreign properties through mechanisms including mutual legal assistance treaties. India and the UAE have had a fully operational treaty on criminal matters since 1990.

GCC debt capital market momentum set to extend into 2026 -Fitch

Debt capital market (DCM) activity in the GCC is set to remain active well into 2026, backed by a healthy pipeline, according to a Fitch report seen by EnterpriseAM. The credit ratings agency sees USD-denominated issuance driving growth next year, supported by a mix of government initiatives and funding needs.

The region’s outstanding debt capital market hit the USD 1.1 tn mark at the end of 3Q 2025, up 12.7% y-o-y. Sukuk made up 40% of the total, up roughly 22% from a year earlier, while bonds rose just 7.2% y-o-y. Outstanding ESG debt climbed to USD 62.8 bn during the quarter, while ESG-linked sukuk reached USD 29.7 bn, up 54.1% y-o-y, with the lion’s share denominated in USD.

The 9M picture: New regional DCM supply dipped 5.6% y-o-y to USD 280 bn in 9M 2025, with USD-denominated sukuk climbing 61.3% y-o-y to USD 4.5 bn. USD-denominated issuances accounted for 46% of that total, while ESG issuance from the GCC hit USD 14.9 bn in 9M, up 8.5% y-o-y. No rating defaults were recorded during the period.

Saudi Arabia was the GCC’s most mature DCM, accounting for 46% of outstanding regional volumes, followed by the UAE with 30%. The two markets together made up nearly 93% of outstanding ESG sukuk in 3Q, while Saudi Arabia generated over 60% of the region’s ESG issuance in 9M. Both countries are also in line for deeper foreign participation — with each being reviewed for inclusion in JPMorgan’s Government Bond Index-Emerging Markets Watch List.

Banks continue to dominate: Banks continue to dominate participation in the region’s debt markets, especially in the sukuk segment, while local currency issuance by corporates and banks remains uncommon across most GCC markets, with Saudi Arabia standing out for its more developed SAR-denominated market.

Ranked among the top EM issuers in USD: GCC names generated 32% of emerging-market USD issuance over the period and make up 26% of outstanding EM USD debt, excluding China. This puts the region on track to become among the leading EM USD debt issuers in 2026, the report read.

The ratings mix remains skewed toward higher-quality names, with 65% of outstanding Fitch-rated sukuk sitting in the A category, followed by BBB (11%), BB (10%), B (9%), and AA (5%). Nearly 85% of issuers carry stable outlooks. The average tenor of Fitch-rated GCC sukuk stood around eight years as of end-9M, reflecting relatively long-dated structures across the region’s sovereign and corporate issuers.

Fitch’s breakdown of rated sukuk by sector shows sovereigns accounting for 31% of outstanding volumes, followed by corporates and other issuers at 26%, financial institutions at 24%, international public finance entities at 13%, and infrastructure and project-finance issuers at 6%. This distribution highlights the central role governments and banks continue to play in shaping the GCC’s sukuk landscape.

Not without risk: GCC debt markets face pressure from oil price swings, rate volatility, shifting sharia standards, and geopolitical risk, all of which influence fiscal positions, funding costs, and investor appetite. Market depth and maturity also vary widely across its six member states.

MARKETS THIS MORNING-

Asian markets are a sea of red as tech-related firms drag indices down, with tech conglomerate SoftBank sliding more than 10% and Japan’s Nikkei falling 1.6% at the open. Meanwhile, South Korea’s Kospi plunged 4.1%, weighed-down by Samsung and SK Hynix. Hong Kong’s Hang Seng was also down nearly 1.9% as auto stocks slumped and China’s CSI 300 fell 1.1%. Over on Wall Street, futures are up slightly across the board.

ADX	9,885	+0.3% (YTD: +5.0%)
DFM	5,911	+0.8% (YTD: +14.6%)
Tadawul	11,011	+0.1% (YTD: -8.5%)
EGX30	40,302	-0.5% (YTD: +35.5%)
Boursa Kuwait	8,340	+0.7% (YTD: +20.7%)
QSE	10,608	-1.3% (YTD: +0.4%)
S&P 500	6,539	-1.6% (YTD: +11.1%)
FTSE 100	9,528	+0.2% (YTD: +16.6%)
Euro Stoxx 50	5,570	+0.5% (YTD: +13.8%)
Brent crude	USD 63.38	-0.2%
Natural gas (Nymex)	USD 4.49	+0.3%
Gold	USD 4,078.3	+0.5%
BTC	USD 87,378	-4.3% (YTD: -7.5%)

THE OPENING BELL-

The S&P BSE Sensex opened in red at 85,409, down 0.26% in the morning trade. The index is up 8.79% YTD.

Over on the NIFTY 50, the index also opened red at 26,109, down 0.32%. The index is up 9.9% YTD.

CALENDAR

NOVEMBER

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.

21-23 November (Friday-Sunday): Spectacular India Showcase across major malls in Mumbai, Delhi, Bengaluru, Hyderabad and Ahmedabad.

22-23 November (Saturday-Sunday): G20 Summit 2025, Johannesburg, South Africa.

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:

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

JANUARY

Signposted to happen sometime in 2026:

18th BRICS Summit, India (Details yet to be announced).

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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