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This is EnterpriseAM MENA <> India, our newest publication. Published every Monday, Wednesday, and Friday, it tracks one of the most important economic stories shaping our region: the flow of capital, trade, talent, and ideas between the Middle East, North Africa, and the Indian subcontinent.

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Good morning, friends and welcome to issue #2 of EnterpriseAM MENA <> India. The corridor is busy today with capital flowing east and ambition pushing west. From clean energy megaprojects to USD bn takeovers, the week is already running on full charge.

The numbers tell the story: Last year, MENA + India contributed some USD 8 tn to global GDP. Bilateral trade between India and the Gulf Cooperation Council (GCC) countries reached USD 178 bn in 2025, while GCC investors collectively poured c. USD 28 bn into India last year.

IN THIS MORNING’S ISSUE: Indian refiners are returning to MENA to fuel the world’s fastest-growing economy — and India and Bahrain have linked up their digital payment systems to make remittance transfers instant.

AND- Adani Group is aiming high — to build the world’s largest battery storage project in Gujarat. Meanwhile, India’s most influential business lobby is proposing the creation of a new sovereign wealth fund.

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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SIGN OF THE TIMES?

Goldman is bullish on Indian equities: Goldman Sachs has upgraded India to “overweight” from “neutral,” reversing its October 2024 downgrade, citing stronger earnings and an improved domestic policy environment, according to Reuters. The investment bank predicts that India’s benchmark index Nifty 50 will reach 29k points by the end of 2026 — 14% above where it stands today.

Foreigners have pushed to the exit, but locals have piled in:

• Foreign portfolio investors have pulled USD 17.4 bn out of the market this year
• Domestic institutions have absorbed the hit, deploying USD 70 bn into equities.

Goldman likes: financials, consumer durables, staples, autos, defence, oil marketing companies, internet, and telecom.

The drivers: Tax cuts, central bank rate cuts, and slower fiscal consolidation are all supporting growth.

Goldman is lukewarm on: export-oriented IT, pharma, chemicals, and industrials.

WATCH THIS SPACE-

#1- India loads up more MENA crude: India’s state-run Hindustan Petroleum Corp (HPCL) has booked 2 mn bbl of Abu Dhabi’s Murban crude for January, while Mangalore Refinery and Petrochemicals secured 1 mn bbl of Basra Medium crude, Reuters reports, citing trade sources. HPCL also bought 2 mn bbl of US West Texas Intermediate crude, marking a continued push to diversify supply beyond the region. HPCL and Mangalore have both paused Russian oil imports, Reuters added.

IN CONTEST: Saudi and Iraq are among MENA suppliers that will provide Indian refiners with their full-term crude allocations in December, Reuters adds. The two largest Opec producers are also offering additional volumes under optional contracts, while Kuwait Petroleum has boosted deliveries for November and December.

The discounts helped: Indian refiners are eying more supply after Aramco cut oil prices to Asian refiners, as we noted earlier this week. Saudi Arabia trimmed its official selling prices to Asia for December, pushing Arab Light to an 11-month low last week.

ICYMI- Spot premiums for Middle Eastern crude climbed late last month after fresh US sanctions on Russian producers Rosneft and Lukoil drove expectations that India and China would be seeking alternative supplies.

#2- UPI and Fawri+ will offer instant India-Bahrain payments: India and Bahrain have inked a pact to link India’s digital payments system Unified Payments Interface (UPI) with Bahrain’s Fawri+ platform, making possible instant cross-border remittances between the two markets, CNBC TV18 reports.

Why does it matter? UPI, launched just nine years ago, processes even more real-timepayments (640 mn a day) than does Visa (639 mn). Indian expats make up nearly 30% of Bahrain’s population by some estimates. The agreement is regulated by the Reserve Bank of India and the Central Bank of Bahrain.

#3- India’s Consumer Affairs Ministry has proposed new rules requiring e-commerce platforms to include a “country of origin” filter on all packaged goods. The measure, outlined in draft amendments to the Legal Metrology (Packaged Commodities) Rules, 2011, would allow customers to search and filter products based on where they are made.

Compliance scope: The proposal, open for public feedback until 22 November, applies to all online marketplaces selling packaged commodities. The ministry said the rule aims to “ensure a level playing field” between domestic and foreign-made products. Reuters and CNBC TV-18 have the story.

#4- Engineers India is going after business in Saudi Arabia in a new partnership with the UAE’s NMDC Energy. State-run Engineers India Ltd. (EIL) has inked an MoU on engineering, procurement, and construction that will see it bid with NMDC Energy for onshore projects in Saudi Arabia across oil and gas processing, petrochemicals, pipelines, refineries, storage terminals, and energy transition, according to a press release.

Regional facilities are in play: NMDC has fabrication facilities in Ras Al Khair while EIL runs a design center in Al Khobar.

BACKGROUND- EIL wants to grow its EPC business in MENA, eyeing refinery upgrades, the addition of new capacity at fertilizer plants, and green hydrogen and ammonia infrastructure. EIL has so far this year booked technical support mandates with units of UAE national oil company Adnoc in the UAE, as well as with Bahrain Petroleum Company in Bahrain, and green ammonia jetty-less engineering work in Oman.

#5- India’s unemployment rate eased to 5.2% in 2Q (July-September), down from 5.4% in 1Q, according to the Periodic Labour Force Survey released by the government. The overall labor force participation rate held steady at 55.1%, with rural participation at 57.2% and urban at 50.7%, indicating a stable employment environment.

More women are working: Female labor force participation rose to 33.7% q-o-q, up from 33.4% in 1Q, with rural women accounting for most of the gains at 37.5%. In rural India, the unemployment rate fell to 4.4%, while urban joblessness edged up slightly to 6.2%.

Self-employment in rural areas increased to 62.8%, reflecting seasonal agricultural activity, with agriculture employing 57.7% of rural workers. In cities, the share of salaried employment improved marginally to 49.8%, while the tertiary sector employed 62% of the urban workforce.

DATA POINTS-

#1- India is on track to become the world’s third-largest consumer market by 2026 and the third-largest economy by 2028, behind the US and China, Business Standard reports, citing an analysis by Swiss investment bank UBS. The country could sustain potential real GDP growth of 6.5% y-o-y between FY 2028-30, driven by strong domestic demand and policy support.

#2-Nine smaller emerging Indian cities are powering the country’s next phase of commercial and industrial growth, the Economic Times reports, citing a JLL India study. Chandigarh Tricity, Jaipur, Lucknow, Indore, Nagpur, Coimbatore, Kochi, Bhubaneswar, and Guwahati are among hubs driving expansion. Together, they generate nearly INR 10 tn (USD 120 bn) in economic output and house about 70 mn sq ft of Grade-A office space and 80 mn sq ft of logistics infrastructure.

Businesses expanding in these markets find their operational costs are 25-50% lower and have a 15% lower rate of staff attrition than in major urban centres. At the same time, local infrastructure is improving alongside connectivity.

• Southern hubs including Coimbatore and Kochi are gaining traction in manufacturing and IT.
• Jaipur, Lucknow, and Bhubaneswar are emerging as northern and eastern industrial centers.

#-3 India’s merchandise trade deficit widened in September to a 13-month high of INR 2.68 tn (USD 32.1 bn), following a sharp rise in imports and weaker exports to the US after Washington imposed tariffs on Indian goods, BW Businessworld reports. Imports rose to a record USD 68.5 bn, driven by higher gold inflows, while exports grew 6.8% y-o-y.

By the numbers: Shipments to the US fell nearly 12%, though exports to China, Bangladesh, and the UAE rose 11%.

THE BIG STORY ABROAD-

No one story dominated the front pages this morning, with headlines moving between AI bubble fears, a trouble-laden COP30 in Brazil, and the anticipated end to the US government shutdown.

SoftBank’s shares plunged 10% in early trading despite strong quarterly results, after the Japanese giant sold its entire stake in US chipmaker Nvidia for USD 5.8 bn. The sale comes amid mounting fears of inflated capital investments in AI that are yet to produce certain returns. Nvidia’s shares closed down 3% yesterday. (CNBC | Reuters | Financial Times)

ALSO- A controversial COP30 kicked off yesterday in Belém, known as the gateway to the Amazon. Brazil wants to draw the focus to rainforests, aiming to raise USD 125 bn for a global forest protection fund. However, a recent government approval of oil drilling at the mouth of the Amazon River, a severe lack of hotel rooms at the Brazilian city, and clashes with indigenous protestors who forced their way inside the venue have marred the summit with controversies and accusations of hypocrisy. (CNN | Reuters)

AND- The US House of Representatives is returning on Tuesday, to vote on a funding measure that is set to end the longest government shutdown in history. The reopen would put issues of healthcare affordability front and center, as both parties stand to gain (and lose) ground with voters ahead of midterm elections next November. (CNN | Reuters | New York Times)

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