Good morning, folks. It’s a somber start to the week as India observes a national day of mourning following the passing of former Qatari emir Sheikh Hamad bin Khalifa Al Thani.

In our Spotlight today, we spoke to the CEO of Indian space-tech startup SatLeo Labs, which is selling the Gulf on its promise to measure the region’s heat, street by street. The company is in advanced talks with UAE-based Space42 to sell hyperlocal heat maps to the Emirati government — granular enough to tell a city planner which specific block is heating fastest.

Plus: ONGC is adding a 13 mn bbl strategic reserve on India’s west coast.

National mourning for Sheikh Hamad

India is observing a one-day national mourning today after the passing of former Qatari emir Sheikh Hamad bin Khalifa Al-Thani — with the national flag to be flown at half-mast across the country and official entertainment suspended for the day.

Sheikh Hamad was a “visionary leader” and “true friend of India” who transformed Qatar into one of the Gulf’s most prosperous economies, Prime Minister Narendra Modi said on X. Parliamentary Affairs and Minority Affairs Minister Kiren Rijiju is expected to visit Doha to convey India’s condolences.

Why it matters: National mourning of a foreign leader is an uncommon diplomatic gesture, reflecting the depth of India-Qatar ties. Qatar is India’s largest supplier of liquified natural gas, hosts one of the largest Indian expatriate communities in the Gulf, and has become an increasingly important partner in trade, investment, and strategic cooperation. The relations gained further momentum this year when New Delhi and Doha elevated their bilateral ties to a strategic partnership.

Indian seafarer missing

An Indian crew member remains missing after a commercial vessel — the GFS Galaxy — was attacked off the coast of Oman on Sunday, according to a statement by the External Affairs Ministry. “The repeated attacks on commercial vessels in the region are deeply worrisome,” the ministry said, calling for open and unimpeded navigation through international waterways to be restored.

The vessel is managed by Dubai-based GFS Ship Management and has 24 crew members, including 11 Indians. The missing Indian national is the ship’s third engineer. The remaining 23 crew members were rescued by the Omani navy. The ship was hit by a projectile near Oman’s coastline after sailing from the UAE’s Jebel Ali port.

The latest attack adds to mounting security risks for Indian nationals working in the Gulf shipping sector. Two Indian-flagged vessels — the Jag Arnav and Sanmar Herald — were attacked in April, while three Indian seafarers were killed in a US strike on the Settebello along Oman’s coast in June.

Gift City’s maritime ambitions

The Indian government is exempting companies operating from Gujarat International Finance Tec (Gift) City from the licensing requirements to charter foreign vessels for export-import cargo and international trade, making it easier to structure international shipping transactions, according to a statement. Gift City is promoted as an alternative international financial services center rivaling Dubai and Singapore.

Why it matters: Maritime services have become one of Gift City’s fastest-growing sectors. Since launching the ship-leasing framework in 2021, Gift City has rolled out a series of incentives, including tax breaks for ship leasing, a dedicated regulatory framework for lessors, easier financing norms, and measures to encourage Indian companies to own and lease vessels through Gift City.

For Gulf shipping companies, maritime financiers, and sovereign-backed investors, the move further strengthens Gift City’s proposition as a regional base for ship ownership, leasing, ins., and trade finance, and positions the hub as the financial gateway for cross-border shipping businesses serving the wider Indian Ocean region.

PSAs

Air India Express is launching five new routes to Abu Dhabi this summer, bringing its India-UAE network to 70 daily flights, the airline said on X. The rollout includes Hyderabad, Navi Mumbai, Indore, Lucknow, and Guwahati. The Navi Mumbai route is the first international service out of the Navi Mumbai International Airport, while Guwahati gives India’s North Eastern region its first direct Gulf connection.

Why it matters: The new routes push the Tata Group airline deeper into non-metro Gulf traffic, linking the Emirati capital to Indian markets beyond the corridor’s busiest routes. It also comes as Air India Express finishes restoring its full Middle East network, after airspace closures tied to the Iran war forced widespread cancellations across the region. As we recently reported, the Indian airlines had canceled more than 15.5k Middle East flights since 28 February, affecting over 1.36 mn travelers.

The big story abroad

It’s a quiet Monday morning on the global front pages save for the latest escalations in the regional war.

The US military launched fresh strikes on Iran to keep the Strait of Hormuz open. Rejecting Tehran’s claims that it has closed the waterway, the US Central Command announced new strikes designed to weaken Iran’s ability to target commercial vessels. Meanwhile, Iranian state media reported explosions in cities along the strait.

Iran launched at least three waves of missiles and drones at Gulf nations, targeting US military bases across Jordan, Qatar, Kuwait, Bahrain, and Oman. The strikes were in retaliation for bombings in southern Iran, state-affiliated Tasnim News Agency reported.

Oil markets jolted: The escalations sent Brent crude prices up 3% to USD 78 a barrel at the open of Asian trading, while West Texas Intermediate surged 4% to USD 79 a barrel. Oil prices have been steadily falling, inching towards their pre-war level of USD 72.5, since the US and Iran announced their framework agreement — prices hit a war peak of USD 126 a barrel in April.

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