Big capital pledges at AI summit

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WHAT WE’RE TRACKING TODAY

Emirates NBD secures board approval to merge its India unit with RBL Bank

Good afternoon, readers, and welcome to the weekend. It seems the race for AI dominance in India is officially on, with wallets wide open. Big tech and Indian conglomerates have collectively pledged tens of bns toward AI infrastructure in India. All these headlines are emerging from the India AI Impact summit, which concludes today.

Reliance Industries is planning to invest USD 110 bn in data centers and AI-linked infrastructure, rivalling the USD 100 bn pledge from Adani that we covered in the previous issue. Not to be left out, Tata Group is also making moves, having announced OpenAI as its anchor customer.

Plus: Abu Dhabi’s G42 will deploy an AI supercomputer as part of India’s state-backed AI mission.

All that, and more below.

Watch this space

Emirates NBD’s India outposts set for life under RBL: Emirates NBD shareholders approved a plan to fold the bank’s Indian branches into RBL Bank, according to a DFM filing (pdf). The resolution allows management to proceed with the merger of Emirates NBD’s existing three-branch network (Mumbai, Gurugram, and Chennai) into RBL, which is contingent on acquiring a majority stake (51-74%) in the Indian lender. This is the internal green light for the USD 3 bn transaction, which is facing several regulatory speed bumps.

The lender is also refreshing its funding toolkit: Emirates NBD shareholders approved an AED 6.32 bn dividend payout and a broad debt mandate, authorizing the bank to update its existing USD 20 bn EMTN and AUD 4 bn issuance programs and set up new funding lines of up to USD 10 bn. Within that limit, the bank has the flexibility to issue up to USD 2 bn in regulatory capital instruments.

OIL WATCH — State-run Bharat Petroleum has purchased its first-ever cargo of Venezuelan crude, and HPCL Mittal Energy has resumed buying Venezuelan oil after a two-year hiatus, Reuters reports, citing three sources familiar with the matter. The refiners are simultaneously cutting Russian oil supplies and increasing crude lifted from MENA.

Each refiner secured 1 mn barrels of Venezuela’s Merey heavy crude from energy trader Vitol. These shipments will boost India’s Venezuelan imports to at least 6 mn barrels through April.

MENA supply expands: Saudi Arabia’s crude shipments to India are tracking at about 1.26 mn bbl / d in February, positioning the kingdom as the top source of oil this month. Saudi shipments rose from about 774k bbl / d in January to 1.26 mn bbl / d in February so far. Imports from the UAE increased to roughly 490k bbl / d in February from about 395k bbl / d in January.

Russian crude accounted for roughly 21.2% of India’s oil imports in January 2026, the lowest share since 2022, as refiners boosted supplies from the Middle East.

Context: Last month, the US dropped a 25% custom tariff on India linked to its Russian oil purchases. The US claims India has agreed to reduce Russian crude imports while increasing US and Venezuelan supplies, a claim New Delhi has not formally confirmed.

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Data point

USD 1.34 bn — that was the total funding raised by AI companies in India across 198 transactions in 2025, Business Standard reports.

IN CONTEXT- This amount is a mere 0.6% of the total global AI funding, which reached USD 225.8 bn in 2025. Much of the funding in India was directed towards early-stage startups. This trend suggests that AI investments in India have only just begun to gain traction, with US giants maintaining unchallenged dominance.

The big story abroad

Attention is split between a selloff of private credit stocks and the US’ ticking time bomb in Iran — plus former Prince Andrew’s arrest on the back of more revelations tied to his relationship with [redacted] offender Jeffrey Epstein.

Shares of private investment managers on Wall Street took a tumble after Blue Owl sold USD 1.4 bn of loan assets held in three of its private debt funds, and said it would replace quarterly redemption with payouts weighed on the group’s shares. Blue Owl’s shares fell 6%, while Ares Management, Apollo Global Management, KKR, Blackstone, and TPG all closed in the red.

The must-read on the topic: Private credit stocks slide after Blue Owl halts redemptions at fund

Meanwhile, US President Donald Trump has warned Iran it has 15 days to reach a nuclear agreement with the US before “bad things happen,” as it continues to amass its forces in the region. (Reuters)

Also getting attention: Former Prince Andrew was released after his arrest earlier in the day on the back of files that were released related to Epstein showing he shared classified information during his time as trade envoy.

AND- Nvidia looks to be backtracking on its planned USD 100 bn investment in OpenAI, which would have come in increments over several years and as the startup’s demand for compute grew, with plans to scrap it for a lumpsum USD 30 bn investment in exchange for equity. (Financial Times)

Circle your calendar

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

India secures bns of AI investment pledges

Indian Prime Minister Narendra Modi framed India’s AI pitch around scale, openness, and global relevance, speaking at the fourth day of the AI Impact Summit in New Delhi. More than 100 countries including the UAE and Saudi Arabia are represented at the “world’s largest” AI conference.

India’s diversity makes it the toughest proving ground for the technology, Modi said, calling for an open source and shared AI development: “when codes are open and shared, mns of young minds can make them safer and better.” He called out countries and companies that treat AI as a strategic asset that is developed confidentially.

The summit was buzzing with activity as global AI giants announced new partnerships, investments and initiatives in India.

Reliance pledges USD 110 bn

Reliance Industries and its telecom arm Jio will invest USD 110 bn over the next seven years to build AI and data infrastructure, Chairman Mukesh Ambani said (watch, runtime: 14:45) at the summit.

Where the money goes: The spending will focus on long-term “nation-building” assets, including sovereign AI compute capacity, Ambani said, as high costs and limited access to computing power remain the biggest bottlenecks for India’s AI ambitions. Jio is developing multi-GW, AI-ready data centers in Gujarat’s Jamnagar and expects more than 120 MW of capacity to go live in 2H of this year, powered largely by renewable energy.

Why it matters: Ambani’s explicit goal to reduce the cost of AI is similar to what Ambani’s Jio attempted to do with mobile data. For investors and businesses in the MENA-India corridor, the scale of investments from India’s domestic conglomerate trifecta — the Ambani, Adani, and Tata groups — invites the potential for localized, low-latency, and significantly cheaper AI services.

L&T 🤝Nvidia

Mumbai-based engineering major Larsen & Toubro (L&T) announced a JV with American tech giant Nvidia to build a GW-scale AI factory, according to a press release. Under the plan, L&T will develop a large AI data center campus and scale Nvidia GPU clusters to 30 MW at its Chennai facility and 40 MW at a Mumbai site, enabling sensitive data and workloads to remain within India. It adds to Nvidia’s existing AI investment announcements at the India AI Impact Summit.

The venture will support production-scale AI across manufacturing, energy, finance, healthcare, and public services, L&T said. The partnership aligns with India’s ambition to become a global digital infrastructure hub, Nvidia CEO Jensen Huang said.

Why it works: The partnership pairs L&T’s large-scale engineering and infrastructure execution with Nvidia’s full AI stack, spanning GPUs, CPUs, networking, storage, enterprise software, and reference architectures. It also targets sectors facing tightening data residency requirements.

Tata 🤝OpenAI

Tata Consultancy Services (TCS) has signed OpenAI as the anchor customer for its data center arm, according to a press release. Under OpenAI’s global Stargate initiative, the partnership will build AI-ready data center capacity in India, starting with 100 MW and scalable to 1 GW, with a focus on data residency, security, and domestic capability.

The pact is a strategic boost for TCS, which last year outlined plans to invest up to USD 7 bn to build a 1 GW data center platform in India, expanding beyond its core IT services business.

Plus: TCS parent firm Tata Group has partnered with OpenAI to roll out ChatGPT Enterprise across its businesses over the next few years, beginning with thousands of TCS employees. India is ChatGPT’s second-largest market, with over 100 mn weekly users.

Google 🔗India-America

Alphabet CEO Sundar Pichai on Wednesday announced the India-America Connect Initiative, a plan to roll out new subsea cable routes linking the US, India, and parts of the Southern Hemisphere to boost AI-era connectivity, according to a press release. The move comes on the back of Google’s USD 15 bn pledge for a full stack AI hub in southern India and to strengthen high-capacity data flows for AI, cloud services, and cross-border digital trade.

Sarvam AI launches vernacular LLMs

Bengaluru-based startup Sarvam AI unveiled two voice-first large language models at the summit, pitching them as a homegrown alternative to ChatGPT and Claude for India’s linguistically diverse market, Bloomberg reports.

A vernacular vision: The 30B model targets chatbots, translation, and content creation, while the larger 105B model handles complex reasoning tasks, such as analyzing balance sheets in seconds. The models support 22 Indian languages and are designed for voice use, targeting a vast market of vernacular internet users.

From compute to capital: India-UAE partner up at AI Summit in New Delhi

UAE’s Crown Prince Khaled bin Mohamed bin Zayed Al Nahyan attended the AI Impact Summit in New Delhi, underlining AI and advanced technology as central pillars of the India-UAE partnership, as per a press release. He met Prime Minister Narendra Modi, with both leaders reviewing momentum in the India-UAE Comprehensive Economic Partnership Agreement.

G42 to deploy supercomputers in India

Abu Dhabi’s G42 has unveiled plans to set up a national-scale AI supercomputer in India with peak compute capacity of 8 exaflops, enough to train and run the most advanced AI models at national scale, as per a press release. The system will operate under India-defined governance frameworks, with data remaining within national jurisdiction.

Details: It will be delivered by G42 and California-based Cerebras, in partnership with Mohamed Bin Zayed University of Artificial Intelligence and Centre for Development of Advanced Computing. Part of the state-backed AI India Mission, the project provides the public and private sectors with the high-performance compute necessary for local LLM development.

Designed to meet sovereign security and compliance needs, the supercomputer will be accessible across India’s ecosystem — from premier institutions and startups to small and medium enterprises and government ministries — lowering barriers to AI innovation for applications serving 1.4 bn citizens.

Eyeing new investment flows

The discussions between Modi highlighted the India-UAE corridor as a key conduit for Gulf capital into India’s AI and deep-tech buildout with the leaders encouraging UAE SWFs, including the new L’imad, to continue exposure to India.

Modi and Al Nayhan agreed to bolster collaboration in space, nuclear energy, tech, and innovation.

India signs Pax Silica framework

India has joined the US-led Pax Silica framework designed to strengthen supply chains across critical minerals, energy, semiconductors and AI infrastructure, as per a statement. India is now the 11th member of the club of nations — the UAE, Qatar, Netherlands, Australia, Greece, Israel, Japan, South Korea, Singapore and the UK — that have joined hands with the US to build a resilient AI linked supply chain.

Why it matters: India’s joining places it within a US-led coordination platform for semiconductors and AI supply chains, providing a bedrock for shared institutional framework and advanced technology cooperation for Gulf nations exploring AI prospects in India.

What is Pax Silica? Launched in December 2025 Washington, Pax Silica is a first-of-its-kind “economic security coalition” designed for the AI era. The primary goal of the framework is to “eradicate coercive dependencies” — specifically targeting Chinese dominance in advanced manufacturing and raw material inputs.

US positioning: The US State department has described Pax Silica as a framework bringing together “friendly and trusted” countries to secure technology ecosystems and critical infrastructure to establish a durable economic order to support AI-led growth across partner countries.

“India has become a part of the Pax Silica. This will greatly benefit India’s electronics and semiconductor industry,” India’s IT Minister Ashwini Vaishnaw said, adding that “a complete ecosystem is emerging in India. Pax Silica will be crucial for this, and the youth of India will benefit from it.”

IN CONTEXT- India’s signing comes as New Delhi and Washington continue discussions toward a proposed bilateral trade agreement. US Ambassador to India Sergio Gor described Pax Silica as a coalition of capabilities and said that India’s membership is “strategic and essential.”

IIT Madras expands to Dubai with Applied AI Hub

IIT Madras in Dubai

India’s top-rated engineering school, IIT Madras, will establish its first Applied AI Innovation Center at Dubai CommerCity, according to a press release. The announcement came on the sidelines of Worldef Dubai 2026.

What’s planned: The center will host six applied AI startups with a combined valuation of USD 118 mn and projected revenues of USD 281 mn over the next five years.

Dubai base: Dubai CommerCity is described as a freezone dedicated to digital commerce in the Middle East, Africa, and South Asia region. The project is being facilitated by MCA Gulf, identified as a strategic partner of IIT Madras’s Global Research Foundation in Dubai.

Mandate: The foundation will lead the initiative, providing enablement and advisory support. The center is intended to support applied AI product development, solution deployment, and intellectual property creation, and to facilitate market access and investment for startups across GCC markets.

Nisus Finance targets INR 40 bn AUM after NCCCL acquisition

Mumbai-based alternative investment manager Nisus Finance Services is targeting consolidated assets under management (AUM) of INR 40 bn (USD 482 mn) in FY 2026, following its acquisition of New Consolidated Construction Company. The firm is planning a significant expansion in the UAE.

UAE footprint: The firm has invested in Dubai projects — USD 64.6 mn in the Lootah Avenue residential complex and USD 27.7 mn in a project in Majan. The company has set a longer-term target of USD 1 bn in consolidated AUM by 2028.

IFFCO proposes nano fertiliser cooperation in Oman

Indian Farmers Fertiliser Cooperative (IFFCO) has proposed introducing nano fertilizers in Oman during a meeting with OQ — which represents the Omani government’s 50% stake in Oman India Fertiliser Company (OMIFCO) — in Muscat, Zawya reports. IFFCO and Krishak Bharati Cooperative each hold a 25% stake in OMIFCO. IFFCO’s proposal aims to support Oman’s food security and environmental objectives.

Global AI demand drives utilities gains

Savvy investors have been wagering for years that AI workloads would lift the utilities sector, and that wager has now gone mainstream, Bloomberg reports. The biggest ETF tracking the sector, the Utilities Select Sector SPDR, is up 6.8% so far this year. Utilities — once bought mainly for predictable dividends — are suddenly being treated as AI plays.

Part of what’s driving this is simple rotation. Investors trimming pricey tech stocks still want exposure to AI, and regulated utilities offer a steadier, dividend-paying way to stay in the AI game without trying to wager on which firms will deliver returns. Power companies are effectively “on the winning side” of AI disruption because so much capital is flowing into generation and transmission, Citigroup analyst Ryan Levine told Bloomberg.

Momentum is buoying big players in the sector, with NextEra Energy recently hitting a record high after raising its dividend and securing nuclear power agreements with Microsoft and Meta Platforms. Meanwhile, Duke Energy and Constellation Energy have also climbed, supported by expanding data center transactions.

Lower long-term treasury yields have helped too, since utilities rely heavily on borrowing to fund infrastructure. But with positioning now crowded and bond yields under scrutiny, the trade looks more delicate than it did a few months ago.

An “extreme buying frenzy” is how analysts at SentimenTrader described buying momentum, warning that valuations are starting to stretch beyond fundamentals.

In the UAE, the tone feels calmer, more about steady expansion than market euphoria

Dubai Electricity and Water Authority (Dewa) posted record results in 2025, with net income rising 25.7% to AED 9.1 bn and revenue increasing 6% to AED 32.8 bn. The stock has remained largely range-bound in early 2026 despite occasional volatility — including a 1.57% gain on 9 February following the release of FY 2025 results. Dewa’s shares are up 8.6% YTD. Dewa’s Moro Hub subsidiary is developing solar-powered data center infrastructure, supporting increasing electricity demand from AI applications.

(** Tap or click the headline above to read this story with all of the links to our background as well as external sources.)

MARKETS THIS MORNING-

Asian stocks tracked Wall Street losses this morning as a private credit selloff and an escalation in US-Iran tensions weighed on the indices. Utilities stocks dragged Japan’s Nikkei down 1.3%, while shares of Sumitomo Pharma were volatile, surging and then falling 11% in a bout of what looks like profit-taking after it secured government greenlight for a Parkinson’s treatment. South Korea’s Kospi, however, bucked the trend with a 1.5% rise.

Sensex	82,908	+0.5% (YTD: -2.6%)
NIFTY 50	25,594	+0.5% (YTD:-2.5%)
ADX	10,578	-0.2% (YTD: +6.1%)
DFM	6,580	-0.4% (YTD: +9.2%)
Tadawul	10,947	-1.8% (YTD: +4.3%)
EGX30	50,668	-3% (YTD: +21.1%)
Boursa Kuwait	7,925	-1.4% (YTD: -4.5%)
QSE	11,229	-1.4% (YTD: +4.3%)
S&P 500	6,861	-0.2% (YTD: +0.2%)
FTSE 100	10,659	+0.3% (YTD: +7%)
Euro Stoxx 50	6,078	+0.3% (YTD: +4.6%)
Brent crude	USD 71.49	-0.2%
Natural gas (Nymex)	USD 2.98	-0.2%
Gold	USD 5,036	+0.8%
BTC	USD 68,122	+1.8%

The values in the table above are listed according to the market position as of 3:30pm IST / 2pm GST.

CALENDAR

16-20 February (Monday-Friday): India-AI Impact Summit, Bharat Mandapam, New Delhi.

18-22 February (Wednesday-Sunday): Brazilian President Luiz Inacio Lula da Silva to visit India.

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

MARCH

4 March (Wednesday): Holi.

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

19-22 March (Thursday-Sunday): Bharat Urja Manthan – Global Energy Conclave, New Delhi.

20 March (Friday): Eid Ul-Fitr.

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

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

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

31 March (Tuesday): Mahavir Jayanti.

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;
Canadian Prime Minister Mark Carney’s visit to India.

APRIL

3 April (Friday): Good Friday.

23-25 April (Thursday-Saturday): Rail & Metro Technology Conclave, Bharat Mandapam, New Delhi.

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

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

MAY

1 May (Friday): Buddha Purnima.

26 May (Tuesday): Eid Ul-Adha.

JUNE

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

26 June (Friday): Muharram.

Signposted to happen sometime in 1H 2026:

Signing of India-Qatar Freetrade Agreement (Details yet to be announced).
India-EU Trade and Technology Council Ministerial Meeting, Brussels, Belgium.

AUGUST

15 August (Saturday): Independence Day.

26 August (Wednesday): Prophet Mohammad’s Birthday.

OCTOBER

2 October (Friday): Gandhi Jayanti (Mahatma Gandhi’s Birthday).

20 October (Tuesday): Dussehra.

NOVEMBER

24 November (Tuesday): Guru Nanak Jayanti.

DECEMBER

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

25 December (Friday): Christmas Day.

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Today at a glance

Emirates NBD secures board approval to merge its India unit with RBL Bank

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India secures bns of AI investment pledges

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From compute to capital: India-UAE partner up at AI Summit in New Delhi

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India signs Pax Silica framework

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IIT Madras expands to Dubai with Applied AI Hub

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Global AI demand drives utilities gains

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