Good afternoon, readers. The AI Summit in Delhi is commanding a major share of the newsprint in today’s issue. The event, which runs through Friday, features big tech CEOs, world leaders, and investors to debate the future of AI and India’s position as a leader of the global south in the field.
India’s primary focus is a bid to attract USD 200 bn in AI-linked investments. Anthropic, AMD, Nvidia, and Micron are accelerating their partnerships, while Asia’s second-richest man, Gautam Adani, has announced a significant AI pledge.
ALSO– Plans for the Ratnagiri refinery, intended as a joint venture among India’s state-run giants, Adnoc, and Aramco, may have to be shelved.
Let’s dive in.
Watch this space
ENERGY — India’s long-delayed Ratnagiri refinery in Maharashtra faces fresh uncertainty as key Gulf partners reassess their role, The Economic Times reports, citing unnamed industry officials.
What’s changed? Abu Dhabi National Oil Company (Adnoc) is understood to have withdrawn from the project, while Saudi Aramco has sought a review of its investment terms. Persistent land acquisition issues have stalled progress for over a decade.
Context: The refinery was conceived as a joint venture between Saudi Aramco, Adnoc, and Indian state-run refiners Indian Oil Corporation, Bharat Petroleum (BPCL) and Hindustan Petroleum, with a planned capacity of 60 mtpa and an investment of INR 3 tn (USD 33.1 bn).
Why it matters: Saudi Aramco is instead keen to partner with BPCL for a 20% stake in a proposed coastal refinery-petrochemicals complex in Andhra Pradesh.The pivot shows how execution risks are reshaping India’s mega-refining ambitions, as Gulf demand is reshaped by a preference for port-adjacent, mid-scale sites with lower political and land-acquisition friction.
TRADE — India will exclude tariff concessions on gold in a freetrade agreement (FTA) with the six-member Gulf Cooperation Council (GCC) to curb surging gold imports at reduced customs duties, Moneycontrol reports, citing officials.
Why it matters: The stance follows a surge in gold imports after the India-UAE FTA, under which India allowed a quota of gold imports at 1% customs duty. Gold imports from the UAE surged to USD 16.8 bn in FY 2025 from USD 5.8 bn in FY 2022.
Policy continuity: India kept gold and silver bullion outside tariff concessions under its trade agreement with Oman, signed in December 2025, and will maintain a similar position in talks with the GCC.
Context: India and the GCC formally launched negotiations last week covering goods, services, and investment. Bilateral trade between India and the GCC stood at USD 178.5 bn in FY 2025.
LOGISTICS — Adani Ports has entered into an agreement with France’s Marseille Fos Port to strengthen cooperation under the India-Middle East-Europe Economic Corridor (IMEC), according to a press release. The agreement links Adani’s Mundra and Hazira ports — described as eastern IMEC gateway ports — with Marseille Fos, which is positioned as a western European gateway under the corridor framework.
IMEC, a multimodal connectivity corridor initiative launched at the 2023 G20 Summit, seeks to connect India, the Middle East, and Europe via a seamless blend of sea, rail, digital, and green energy networks.
The agreement focuses on trade facilitation, port innovation, and energy transition initiatives and proposes forming an “IMEC ports club” to strengthen coordination among ports along the corridor. Marseille Fos adds around 70 mn tons of capacity to the network and could become an integral connectivity point for the IMEC.
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The big story abroad
The Netflix-Paramount-Warner Bros saga is making waves once again, after Warner Bros Discovery gave Paramount a seven-day window to propose its final bid, giving the suitor one last chance to counter rival Netflix’s offer. This came after Warner Bros rejected Paramount’s USD 30-per-share offer, but gave it a chance to put in its “best and final” offer. Investors have hinted that they will accept no less than 33 a share to consider a competing offer to Netflix’s current bid.
Social media giant Meta will buy mns of Nvidia chips, under a multiyear agreement worth tens of bns of USD. The move potentially gives the chipmaker a leg up in maintaining its dominance as it faces intense competition from AMD and even from its own pool of Big Tech clients. Meta framed the move as an infrastructure agreement, whereby it will use the hardware for its AI-optimized data centers.
ALSO- A few software companies released their latest earnings early to quell the recent equity selloff prompted by fears over AI overtaking the tech sector. Speaking of the selloff, it showed signs of abating with the S&P 500 information technology sector rebounding from previous losses, closing in the green yesterday. The upswing was bolstered by gains in Apple and Nvidia stocks.
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