{"id":85553,"date":"2025-12-23T00:00:00","date_gmt":"2025-12-23T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/mena-india\/?post_type=issue&#038;p=85553"},"modified":"2025-12-23T13:05:52","modified_gmt":"2025-12-23T13:05:52","slug":"russian-oil-will-continue-to-flow-into-india","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/mena-india\/issues\/russian-oil-will-continue-to-flow-into-india\/","title":{"rendered":"Russian oil will continue to flow into India"},"content":{"rendered":"<section id=\"85555\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"85555\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">1<\/div>\r\n\r\n                    <p class=\"f-graphik\">WHAT WE\u2019RE TRACKING TODAY<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/mena-india\/2025\/12\/23\/india-concludes-fta-with-new-zealand-2\/\">\r\n                            THIS MORNING: India concludes FTA with New Zealand                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/mena-india\/2025\/12\/23\/india-concludes-fta-with-new-zealand-2\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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Let\u2019s dive in.<\/p>\n<p class=\"tag-border-left\">WATCH THIS SPACE- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt1\"><\/a> <strong>INFRASTRUCTURE:<\/strong> <strong>Mumbai<\/strong><strong>-based engineering and infrastructure group<\/strong> <strong><a target=\"_blank\" href=\"https:\/\/www.larsentoubro.com\/\" style=\"\" rel=\"noopener\">Larsen & Toubro<\/a><\/strong> <strong> (L&T) is scaling up its utilities business<\/strong>, focusing on green hydrogen and large battery storage projects beyond its traditional transmission and distribution (T&D) segment in India and overseas, <a target=\"_blank\" href=\"https:\/\/www.business-standard.com\/companies\/news\/lt-bets-on-green-hydrogen-battery-storage-td-to-drive-utilities-growth-125122100482_1.html\" style=\"\" rel=\"noopener\"><\/a><a target=\"_blank\" href=\"https:\/\/www.business-standard.com\/companies\/news\/lt-bets-on-green-hydrogen-battery-storage-td-to-drive-utilities-growth-125122100482_1.html\" style=\"\" rel=\"noopener\">Business Standard<\/a> reports.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Long-term <\/strong><strong>f<\/strong><strong>ocus:<\/strong> Green hydrogen is the company\u2019s long-term priority, even as T&D and battery energy storage systems continue to drive near-term growth, the report added, citing Senior Executive Vice President T Madhava Das.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Corridor <\/strong><strong>a<\/strong><strong>ngle:<\/strong> L&T is a major engineering, procurement, and construction contractor operating in the Middle East region, working on large-scale projects in the UAE and Saudi Arabia. L&T is delivering the entire power system at Saudi Arabia\u2019s Neom, encompassing solar, wind, battery storage, and transmission. It is also collaborating on the Yanbu Green Hydrogen project in the country.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Why it <\/strong><strong>m<\/strong><strong>atters:<\/strong> For Gulf investors and energy buyers, L&T\u2019s push into green hydrogen and grid-scale storage signals its growing international exposure. This positions the firm as an important EPC partner for renewables-to-industry projects that require integrated delivery across hydrogen, storage, and transmission infrastructure, rather than single-asset execution.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt2\"><\/a> <strong>ENERGY: <\/strong><strong>Adani Group<\/strong><strong> is in talks with the Uttar Pradesh state government to build a commercial nuclear power project<\/strong>, marking one of the first private-sector forays since India opened the sector to private firms, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-12-19\/adani-plans-nuclear-energy-foray-as-india-allows-private-firms?srnd=phx-india-v2\" style=\"\" rel=\"noopener\">Bloomberg<\/a> reports. The proposal involves eight 200 MW small modular reactors, giving the project about 1.6 GW of capacity. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Public-private structure: <\/strong>The project is expected to be structured as a public-private partnership, with state-run Nuclear Power Corporation of India expected to operate the plant, while the Bhabha Atomic Research Centre is working on the SMR design. The state has yet to identify a riverside site needed for cooling water, the report added. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why does it matter?<\/strong> For Gulf sovereign wealth funds and long-term investors, India\u2019s move from a purely state-led nuclear model toward private participation expands opportunities in India\u2019s high-capital-intensive infrastructure projects. The UAE has already brought all four units of the Barakah nuclear plant into commercial operation, while Saudi Arabia continues to advance plans for a civil nuclear program.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt3\"><\/a> <strong>TRADE:<\/strong> <strong>India<\/strong><strong> has concluded a freetrade agreement (FTA) with New Zealand, marking its third such agreement in six months<\/strong>, according to a <a target=\"_blank\" href=\"https:\/\/www.pib.gov.in\/PressReleasePage.aspx?PRID=2207300&reg=3&lang=2\" style=\"\" rel=\"noopener\">press release<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>With this agreement, the two sides aim to double bilateral trade in five years. <\/strong>Total bilateral trade between India and New Zealand reached USD 2.4 bn in 2024, with services trade accounting for USD 1.4 bn, the statement added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Trade + investment terms: <\/strong>New Zealand will grant zero-duty market access on 100% of Indian exports, while India will liberalize tariffs on 70% of tariff lines, covering 95% of bilateral trade. The deal also includes a commitment from New Zealand to direct USD 20 bn in foreign direct investment into India over 15 years, backed by a rebalancing mechanism if investment targets are not met, the daily added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why it matters: <\/strong>This FTA is India\u2019s third in a year following last week\u2019s <a target=\"_blank\" href=\"https:\/\/enterprise.news\/mena-india\/en\/news\/edition\/mena-india\/33f27e91-ae26-47f8-861b-529741a92923\/in-a-strategic-pivot,-india-and-oman-sign-trade-agreement\" style=\"\" rel=\"noopener\">Comprehensive Economic Partnership Agreement with Oman<\/a> and an agreement with the UK in May. With 50% US tariffs still in place and the agreement with Washington delayed, New Delhi is moving swiftly to close agreements with key bilateral partners to offset losses in export-oriented industries squeezed by these duties. This renewed push could augur well for the India-GCC FTA, which has been under negotiation since 2004. <\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">   Get <b style=\"font-weight: 700\">Enterprise<\/b> daily   <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>  <a target=\"_blank\" href=\"\/egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\" rel=\"noopener\">Subscribe here<\/a>  <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">YOU\u2019RE READING EnterpriseAM MENA <> India, your C-suite briefing on the movement of trade, investment, people, and ideas along one of the world\u2019s 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. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Were you forwarded this briefing? <\/strong><a target=\"_blank\" href=\"https:\/\/sub.ent.news\/mena-india\/\" style=\"\" rel=\"noopener\">Tap or click here to sign up without charge for your own<\/a><a target=\"_blank\" href=\"https:\/\/sub.ent.news\/mena-india\/\" style=\"\" rel=\"noopener\">copy.<\/a> <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\"> THE BIG STORY ABROAD- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Oil prices ticked up in Asia this morning after US forces tried to tighten their blockade <\/strong><strong>of oil tankers coming into and out of Venezuela.<\/strong> The US coast guard is reportedly pursuing in international waters a tanker that was heading into Venezuela. The development comes barely two days after it raided a Panama-flagged ship and two weeks after it seized a third. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s otherwise a particularly quiet morning in the global business press <\/strong>\u2014 markets seem already to be sliding into the Christmas week news slowdown. That has the business pages serving up year-end fare including: <\/p>\n<ul>\n<li>2025 in photos <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/investigates\/special-report\/year-end-2025-photos-stories\/\" style=\"\" rel=\"noopener\">(Reuters)<\/a> <\/li>\n<li>The year ahead: A sensible guide to 2026 <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/features\/the-year-ahead-2026\/?srnd=homepage-middle-east\" style=\"\" rel=\"noopener\">(Bloomberg)<\/a> <\/li>\n<li>Market upheavals drive biggest gains since 2008 for macro hedge funds (<a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/051a72ca-ec03-4988-b61e-9cb784342ba7\" style=\"\" rel=\"noopener\">Financial Times<\/a>)<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We\u2019re not sure 2025 is going to give up the ghost quite so easily<\/strong>, but \u2026 we\u2019ll take it. <\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/mena-india\/tag\/fta\/\">FTA<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/mena-india\/tag\/nuclear-energy\/\">nuclear energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/mena-india\/tag\/what-were-tracking-today\/\">WHAT WE\u2019RE TRACKING TODAY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"85557\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"85557\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">2<\/div>\r\n\r\n                    <p class=\"f-graphik\">THE BIG STORY TODAY<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/mena-india\/2025\/12\/23\/why-india-will-not-pivot-away-from-russian-crude-2\/\">\r\n                            India will not pivot away from Russian crude but energy ties with MENA strategically unbeatable                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/mena-india\/2025\/12\/23\/why-india-will-not-pivot-away-from-russian-crude-2\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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In this context, Indian refiners are expected to continue buying Russian crude, despite sanctions on firms including Lukoil and Rosneft, India\u2019s leading energy expert Narendra Taneja told EnterpriseAM.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>(** Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The view from New Delhi: <\/strong>Taneja, a distinguished research fellow at the Oxford Institute for Energy Studies, notes that Russian crude itself is not under sanctions. \u201cIf they sanction Russian oil, it will be a massive disruption to the global oil supply system, driving prices to USD 120 per barrel,\u201d he observed.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>When Indian refiners began buying from Russia, there was no government directive<\/strong>; it was a \u201cpurely commercial decision\u201d driven by discounts that were \u201csometimes as high as USD 20 per barrel.\u201d While some refiners have slowed purchases to mitigate risk, Taneja emphasizes that no firm government directive exists to stop.<\/p>\n<p class=\"tag-border-left\">Buying continues-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>India\u2019s crude oil purchases from Russia jumped to a five-month high in November <\/strong>to 1.77 mn bpd, according to <a target=\"_blank\" href=\"https:\/\/economictimes.indiatimes.com\/industry\/energy\/oil-gas\/indias-russian-crude-oil-imports-jump-to-five-month-high-in-november\/articleshow\/125931521.cms?from=mdr\" style=\"\" rel=\"noopener\">Economic Times<\/a> and <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/energy\/indias-russian-oil-imports-show-resilience-despite-sanctions-sources-say-2025-12-17\/\" style=\"\" rel=\"noopener\">Reuters<\/a> reports. This followed a brief downturn in October as US sanctions on Lukoil and Roseneft came in. \u201cIf Russian exporters can deliver oil to Indian refiners, they will continue to buy,\u201d Taneja said, adding that refiners still find the barrels commercially attractive.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>To navigate sanctions on specific firms<\/strong>, refiners may use specialized intermediaries in Dubai and Singapore. \u201cThese companies are highly specialized and competent... manned by experts from all over the world,\u201d Taneja said, adding that they maintain long-standing relationships with Indian refiners. He described this as \u201clegal business,\u201d reiterating that sanctions are unilateral rather than UN-imposed. \u201cOnce the oil comes into the international system, it loses its nationality,\u201d he said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The energy partnership with Russia is anchored by significant capital flows. <\/strong>Indian firms have invested USD 18 bn in Russian oil and gas assets. Russian firms have invested USD 13 bn in the Indian oil sector.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">The MENA-India energy partnership is strong and long term-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>India\u2019s approach remains to diversify supply<\/strong>, even as discounted Russian barrels help manage near-term price sensitivity, Taneja said. He famed this as a demand-supply interdependence: \u201cFor India, energy security is securing supply. But for Saudi Arabia, the UAE, Kuwait, and Iraq, energy security is securing demand.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>India\u2019s demand is projected to reach 10 mn bpd by 2050<\/strong>, and Gulf producers are increasingly positioning themselves as long-term partners and investors in India\u2019s refining ecosystem to \u201clock in\u201d demand.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">What to watch in 2026- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Ukraine peace agreement: <\/strong>A breakthrough would lead to a \u201ccomplete recalibration\u201d of global supply, potentially lowering prices and reopening Western Europe to Russian flows. In this scenario, Middle East suppliers may offer more competitive deals to attract big importers like India.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Continued sanctions:<\/strong> If the war persists, the US policy stance would remain a key market variable. India will maintain a \u201cdynamic approach,\u201d purchasing from any geography \u2014 including the US and Russia \u2014 where it finds better commercial terms.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Middle East floor:<\/strong> Simultaneously, India's core strategy is to ensure it never \"drastically\" cuts imports from Middle East partners. Maintaining these flows is a fundamental part of the national energy doctrine.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">Refining role-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>India is positioning itself as the world\u2019s \u201crefining superpower,\u201d <\/strong>importing crude from around 40 countries and exporting petroleum products to roughly 100 nations. Despite external pressure, New Delhi signals that it \"cannot afford to completely stop buying\" oil because of pressure from \"country X or country Y.\u201d<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/mena-india\/tag\/india-russia\/\">India Russia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/mena-india\/tag\/oil-and-gas\/\">oil and gas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/mena-india\/tag\/russian-crude\/\">Russian crude<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/mena-india\/tag\/the-big-story-today\/\">THE BIG STORY TODAY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"85559\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"85559\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">3<\/div>\r\n\r\n                    <p class=\"f-graphik\">STARTUP WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/mena-india\/2025\/12\/23\/enterprise-explains-how-gcc-became-indian-startups-preferred-overseas-launchpad-2\/\">\r\n                            Enterprise Explains: How GCC became Indian startups\u2019 preferred overseas launchpad                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/mena-india\/2025\/12\/23\/enterprise-explains-how-gcc-became-indian-startups-preferred-overseas-launchpad-2\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" 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                   <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2025\/11\/2173.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"85560\" data-permalink=\"https:\/\/enterpriseam.com\/mena-india\/2025\/12\/23\/enterprise-explains-how-gcc-became-indian-startups-preferred-overseas-launchpad-2\/2173-jpg-5\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/11\/2173.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2173.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/11\/2173.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/11\/2173.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-85559\" class=\"content-area-description single-story post-85559 post type-post status-publish format-standard has-post-thumbnail hentry category-startup-watch tag-enterpriseam-india tag-explainers tag-hub71 tag-india-uae-cepa tag-startup-watch tag-startups wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"> <strong>Indian startups are increasingly turning to the Gulf Cooperation Council (GCC) as a first overseas expansion market<\/strong>, driven by capital availability, policy support, and stronger revenue visibility compared to other international destinations.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>(** Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>The shift is most visible in the United Arab Emirates (UAE) and Saudi Arabia <\/strong>where SWFs, accelerators, and government-backed platforms are actively engaging Indian firms across fintech, enterprise SaaS, AI, logistics, and consumer internet sectors.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>The UAE-India CEPA Council\u2019s start-up series received more than <\/strong>\u201c10k applications from Indian startups in under two months, making it the largest start-up initiative of its kind ever held in India. This level of engagement has validated the CEPA Council\u2019s model and demonstrated strong demand for structured pathways into the UAE innovation ecosystem,\u201d Director of UAE-India CEPA Council Ahmed Aljneibi told EnterpriseAM. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>The UAE offers Indian startups a uniquely global scaling platform.<\/strong> \u201cIt combines regulatory clarity, ease of doing business, access to regional and international capital, and proximity to diverse clients across the Middle East, Africa, and Europe,\u201d Aljneibi said. \u201cImportantly, founders can internationalize without disconnecting from India, maintaining operational and cultural proximity.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>\u201cWhat we are seeing is a clear change in founder mindset,\u201d <\/strong>Lloyd Mathias, angel investor and business strategist, told EnterpriseAM. \u201cUnlike earlier phases where startups focused on Silicon Valley or Southeast Asia, the GCC has become the primary port of call for many Indian founders over the last year.\u201d<\/p>\n<p class=\"tag-border-left\">Why the GCC, and why now-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Several factors are converging to make the GCC an attractive expansion destination for Indian startups.<\/strong> Mathias pointed to the availability of large pools of capital as a key driver. \u201cThese economies are now actively looking beyond oil,\u201d he said, citing Saudi Arabia\u2019s Vision 2030 and the UAE\u2019s startup-focused initiatives such as Hub71.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Geographic proximity and familiarity also matter.<\/strong> Most cities in the Gulf region are three-to-five-hour flights from India\u2019s commercial hubs and host a large Indian diaspora, lowering cultural friction. This contrasts with tightening visa regimes and policy uncertainty in traditional Western markets, particularly the US. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>High digital adoption and enterprise readiness across GCC economies further strengthen the case.<\/strong> \u201cThere is a strong appetite to adopt technology,\u201d Mathias said. \u201cAt the same time, there is a talent gap that Indian startups can fill.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Ashish Bhatia, founder and chief executive of India Accelerator, said the motivation for expansion has also become more pragmatic.<\/strong> \u201cFounders aren\u2019t expanding for a checkbox anymore,\u201d he told EnterpriseAM. \u201cThey\u2019re asking where their product will get adopted fastest, with the least friction and real revenue visibility. For many, the GCC feels like a logical second market after India.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>\u201cFounders aren\u2019t expanding for a checkbox anymore,\u201d<\/strong> he told EnterpriseAM. \u201cThey\u2019re asking where their product will get adopted fastest, with the least friction and real revenue visibility. For many, the GCC feels like a logical second market after India.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">\n<p class=\"tag-border-left\">Revenue visibility and scaling-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>For many founders, the GCC offers stronger pricing power than the Indian market. <\/strong>\u201cIndian clients often push pricing to levels that become unviable. While the GCC market is smaller in size, it is far more lucrative,\u201d Mathias said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Expansion beyond the Gulf:<\/strong> Indian startups are increasingly using the GCC not only as an end market but as a regional operating base to access clients across the Middle East and Africa. \u201cMore mature Indian startups are increasingly choosing the UAE as their regional base to expand into MENA rather than entering each market individually\u201d, Ahmed said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">\n<p class=\"tag-border-left\">Specialized accelerator programs- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>India Accelerator, a Gurugram-based startup accelerator, recently expanded into Saudi Arabia<\/strong> with a USD 15 mn fund to support Indian startups entering the Kingdom. The program is backed by Saudi Arabia\u2019s National Technology Development Program (NTDP).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>\u201cWhat we realized was that the gap wasn\u2019t access to capital <\/strong>\u2014 it was the absence of a structured pathway from pitching to proof,\u201d Ashish Bhatia, founder and chief executive of India Accelerator, told EnterpriseAM. \u201cFounders were coming in for fundraising conversations without customers, pilots, or operating presence.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">\n<p class=\"tag-border-left\">Watch out for risks-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>While momentum is building, founders face risks if they underestimate regulatory variation<\/strong>, cultural norms, and the importance of local partnerships, Mathias cautioned. \u201cThe GCC provides revenue and margins, while India provides scale,\u201d he said. \u201cUsed together, they create a more balanced revenue profile \u2014 but founders need to approach the region with discipline and patience.\u201d<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/mena-india\/tag\/explainers\/\">Explainers<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/mena-india\/tag\/hub71\/\">Hub71<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/mena-india\/tag\/india-uae-cepa\/\">India-UAE CEPA<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/mena-india\/tag\/startup-watch\/\">Startup Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/mena-india\/tag\/startups\/\">startups<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"85561\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"85561\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">4<\/div>\r\n\r\n                    <p class=\"f-graphik\">M&amp;A WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/mena-india\/2025\/12\/23\/mufgs-usd-4-4-bn-acquisition-of-shriram-finance-highlights-growing-competition-with-gulf-swfs-2\/\">\r\n                            The USD 10 bn M&amp;A Surge: Japanese and Emirati investors dominate in India\u2019s financial sector in 2025                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/mena-india\/2025\/12\/23\/mufgs-usd-4-4-bn-acquisition-of-shriram-finance-highlights-growing-competition-with-gulf-swfs-2\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/mena-india\/2025\/12\/23\/mufgs-usd-4-4-bn-acquisition-of-shriram-finance-highlights-growing-competition-with-gulf-swfs-2\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/mena-india\/2025\/12\/23\/mufgs-usd-4-4-bn-acquisition-of-shriram-finance-highlights-growing-competition-with-gulf-swfs-2\/\">\n                    Facebook                    <!-- <img decoding=\"async\" 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data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/12\/1071.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1071.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/12\/1071.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/12\/1071.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-85561\" class=\"content-area-description single-story post-85561 post type-post status-publish format-standard has-post-thumbnail hentry category-ma-watch tag-adia tag-emirates-nbd tag-enterpriseam-india tag-ma tag-ma-watch tag-mufg tag-sumitomo-mitsui wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Japan\u2019s<\/strong> <strong>Mitsubishi<\/strong><strong> UFJ Financial Group (MUFG) is investing USD 4.4 bn to acquire a 20% minority stake in India\u2019s shadow lender Shriram Finance<\/strong>, according to a press release <a target=\"_blank\" href=\"https:\/\/www.mufg.jp\/dam\/pressrelease\/2025\/pdf\/news-20251219-001_en.pdf\" style=\"\" rel=\"noopener\">(pdf)<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Key details:<\/strong> The acquisition, which values Shriram at approximately INR 2 tn (USD 22.2 bn), involves the issuance of 471 mn new shares at a 3.3% discount to the stock\u2019s recent closing price, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-12-19\/mufg-to-invest-4-4-billion-in-shadow-bank-in-key-india-deal?srnd=phx-india-v2\" style=\"\" rel=\"noopener\">Bloomberg<\/a> reports. This transaction is set to be the single largest foreign investment in India\u2019s financial services sector, ahead of Emirates NBD\u2019s <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/879631e5-d1d0-41e2-8f32-53f3942aa99c\/enbd-moves-to-acquire-majority-stake-in-india%25e2%2580%2599s%253cmark%253e-rbl%253c%2Fmark%253e-bank\" style=\"\" rel=\"noopener\">USD 3 bn majority stake<\/a> acquisition of Mumbai-based RBL Bank. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>(** Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why it matters:<\/strong> Japanese investors are scaling up their India exposure, increasingly overlapping with Gulf sovereign wealth funds that have been building positions in India\u2019s banking and consumer finance sector.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Other SWF bets in 2025:<\/strong> Abu Dhabi\u2019s International Holding Company (IHC) <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/e048eaee-8a70-4b90-842c-0e5823a37b2d\/ihc-to-acquire-41.2%2525-of-of-mumbai-listed-sammaan-capital\" style=\"\" rel=\"noopener\">picked up a 41.2%<\/a> stake in housing finance firm Samaan Capital at USD 1 bn. Abu Dhabi Investment Authority also <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/b6b93251-1b80-4acc-b16a-b1fea8182a07\/adia-picks-up-5%2525-of-india%25e2%2580%2599s-idfc-first\" style=\"\" rel=\"noopener\">picked a 7% stake in IDFC First Bank<\/a> for USD 310 mn. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The pattern: <\/strong>The MUFG-Shriram transaction caps a strong year for Indian dealmaking. Total M&A volume in India is projected to exceed USD 60 bn in 2025, with the financial services sector alone accounting for roughly USD 10 bn of that flow. MUFG is the latest Japanese financial group to scale up in India:<\/p>\n<ul>\n<li>Sumitomo Mitsui recently became the largest shareholder in Yes Bank after snapping up a 20% stake for USD 1.3 bn. <\/li>\n<li>Mizuho recently acquired a USD 524 mn majority stake in Avendus Capital.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s next:<\/strong> Expect the momentum to carry into 2026 as overseas institutions continue to look for avenues for consolidation in India. For Gulf investors, the challenge will be competing with the sheer scale and low cost of Japanese capital, which is increasingly being deployed in India.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/mena-india\/tag\/adia\/\">Adia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/mena-india\/tag\/emirates-nbd\/\">Emirates NBD<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/mena-india\/tag\/ma\/\">M&amp;A<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/mena-india\/tag\/ma-watch\/\">M&amp;A Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/mena-india\/tag\/mufg\/\">MUFG<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/mena-india\/tag\/sumitomo-mitsui\/\">Sumitomo Mitsui<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"85563\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"85563\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">5<\/div>\r\n\r\n                    <p class=\"f-graphik\">ALSO ON OUR RADAR<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/mena-india\/2025\/12\/23\/indias-exports-to-us-rebound-in-november-despite-50-tariff-2\/\">\r\n                            India-US trade shows November rebound after two-month slump                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/mena-india\/2025\/12\/23\/indias-exports-to-us-rebound-in-november-despite-50-tariff-2\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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The rebound came even as a 50% US tariff on Indian goods has been in place since 27 August, while imports from the US rose 38.2% to USD 5.25 bn in November, the report added.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/mena-india\/tag\/also-on-our-radar\/\">ALSO ON OUR RADAR<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/mena-india\/tag\/tariffs\/\">Tariffs<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/mena-india\/tag\/trade\/\">Trade<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/mena-india\/tag\/us\/\">US<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"85565\" class=\"issue-section markets\">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"85565\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">6<\/div>\r\n\r\n                    <p class=\"f-graphik\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/mena-india\/2025\/12\/23\/year-of-the-megadeals-and-ai-acquisitions-2\/\">\r\n                            Global M&amp;A rebounds in 2025, led by mega-transactions, tech, and AI                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/mena-india\/2025\/12\/23\/year-of-the-megadeals-and-ai-acquisitions-2\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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Volumes rose just 5%, making clear this was a rebound driven by transaction value, not a flood of activity.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>(** Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Go big or don\u2019t bother: <\/strong>Transactions above USD 5 bn accounted for more than 75% of incremental transaction value as infrequent, deep-pocketed buyers re-entered the market. Around 40% of these agreements were \u201ctransformative,\u201d meaning they were worth more than half the buyer\u2019s market cap.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Tech did the heavy lifting: <\/strong>Technology M&A surged more than 75% y-o-y, powered by AI-related agreements. Nearly half of strategic tech transaction value was tied to AI-native targets or capabilities, underscoring how acquirers are choosing to buy transformation rather than build it slowly.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Growth is back in fashion. <\/strong>Roughly 60% of large transactions in 2025 targeted revenue expansion or new capabilities \u2014 the highest share on record \u2014 reversing the cost-cutting, consolidation-heavy playbooks that dominated during the downturn.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Still, M&A lost the budget fight: <\/strong>Despite the rebound, companies allocated just 7% of total capital spending to acquisitions \u2014 a decade low \u2014 as capex and R&D took priority. The Magnificent Seven alone spent nearly USD 500 bn on capex and R&D through 3Q, crowding out dealmaking.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>US and China were still the two biggest M&A markets: <\/strong>US targets drove nearly half of global strategic transaction value growth, while Greater China led by transaction count thanks to domestic activity. EMEA\u2019s M&A market lagged \u2014 with volumes falling 7% despite strong growth in transaction value. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">MARKETS THIS MORNING- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Asian markets were in the green this morning<\/strong> after China held its loan prime rates steady, with Hong Kong\u2019s Hang Seng and China\u2019s CSI 300 both gaining more than 0.5%. Japan\u2019s Nikkei was also up 1.6%, while South Korea\u2019s Kospi rose 1.8%. <strong>Over on Wall Street<\/strong>, futures are also edging higher ahead of a shortened holiday week. <\/p>\n<div class='stock-ticker-panel'>\n<table class='table stock-ticker-table markets-table'>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Sensex <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">85,504<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.68% (YTD: +8.7%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>NIFTY 50 <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">26,156<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.7% (YTD: +10.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>ADX<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">10,011<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.4% (YTD: +6.2%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>DFM<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">6,120<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.1% (YTD: +18.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">10,491<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.07% (YTD: -12.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>EGX30<\/strong> <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">4,427<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.36% (YTD: +43.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Boursa Kuwait<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">8,270<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.31% (YTD: +20.2%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>QSE<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">10,748 <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.3% (YTD: +1.3%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>S&P 500<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">6,834<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.9% (YTD: +16.2%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>FTSE 100<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">9,859<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.38% (YTD: +19.37%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Euro Stoxx 50<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">5,757<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.05% (YTD: +17.07%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 61<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.86%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 4.1<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+3.04%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Gold<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 4,411<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+1.67%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>BTC<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 89,684<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.9% (YTD: -6.6%)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p style=\"padding-top:0pt;margin:0;padding-left:0;padding-bottom:12pt;line-height:1.15;orphans:2;widows:2;text-align:left;padding-right:0\">Values in the table above are listed as per the market position at 3:00 pm (IST) \/ 1:30 pm (GST).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>DECEMBER<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">26 December (Friday): Tender period for Emirates NBD\u2019s offer for RBL Bank\u2019s public shares ends.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>2026<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>JANUARY <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">1 January (Thursday): India assumes the Presidency of Brics.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">19-20 January (Monday-Tuesday): <a target=\"_blank\" href=\"https:\/\/www.tradeindia.com\/tradeshows\/145470\/international-crop-science-conference-exhibition-2026.html\" style=\"\" rel=\"noopener\">International Crop Science Conference and Exhibition<\/a>, Le M\u00e9ridien Conference Center, Dubai.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">26 January (Monday): Republic Day (Public Holiday). <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">27 January (Tuesday): India-EU <a target=\"_blank\" href=\"https:\/\/www.mea.gov.in\/press-releases.htm?dtl\/40336\/Joint_Press_Release_on_the_11th_India__EU_Foreign_Policy_and_Security_Consultations_and_the_6th_IndiaEU_Strategic_Partnership_Review_Meeting_in_Brusse\" style=\"\" rel=\"noopener\">Summit<\/a> (to potentially finalize FTA), New Delhi.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">27-30 January (Tuesday-Friday): <a target=\"_blank\" href=\"http:\/\/indiaenergyweek.com\/event\/2026\/_home\" style=\"\" rel=\"noopener\">India Energy Week<\/a>, ONGC Advanced Training Institute, Goa.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">30 January-1 February (Friday-Sunday): <a target=\"_blank\" href=\"https:\/\/indiaagriexpo.com\/\" style=\"\" rel=\"noopener\">India Agri Expo<\/a>, Ludhiana Exhibition Center, Punjab.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">31 January (Saturday): Commencement of Budget Session 2026, Parliament of India, New Delhi.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>FEBRUARY<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">1 February (Sunday): <a target=\"_blank\" href=\"https:\/\/dea.gov.in\/files\/announcements_documents\/Budget_Circular202627.pdf\" style=\"\" rel=\"noopener\">Union Budget 2026-27<\/a>, Parliament of India, New Delhi. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">3-6 February (Tuesday-Friday): <a target=\"_blank\" href=\"https:\/\/www.indembassydili.gov.in\/section\/upcoming-events\/52nd-year-of-chemtech-world-expo-2026-3rd-6th-february-2026-bombay-exhibition-centre-goregaon-mumbai-india\/\" style=\"\" rel=\"noopener\">ChemTech World Expo<\/a>, Jio World Convention Center, Mumbai.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">9-10 February (Monday-Tuesday): <a target=\"_blank\" href=\"https:\/\/www.mcciapune.com\/initiatives\/pibs\/\" style=\"\" rel=\"noopener\">Pune International Business Summit (PIBS)<\/a>, SL Kirloskar Convention Center, JW Marriott, Pune.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">14-18 February (Saturday-Wednesday): <a target=\"_blank\" href=\"http:\/\/mail.mgovcloud.in\/zm\/reUrlCheck.do?url=https%3A%2F%2Fwww.ihgfdelhifair.in&uvd=080112bc01b0ca97b3b9c382fe8695f75900007551b3edcfcc2ddb715e6c6aafa782978c518a566cb3f6f21a7ffe245f0866d9739a2e499cb927e87a01a88796ae6f12bc9f57b01a3453a8582efd9c34348988c22f6b91180b551b1f376e9f25031cfc37c4ea8c2dd794586260eb4f7ab8d4b819af61d02b8c79bca5ed6019798dfd57476ad58a6ae69453df1092abdeb0411daa73a5e4730634ee6589ce7c65e0c0d835fceb01d9978da96482e3f4d3f54cb2fbe191fc12a2a26b6fc98eaaec21\" style=\"\" rel=\"noopener\">IHGF Delhi Fair<\/a> (Spring), New Delhi.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">19-20 February (Thursday-Friday): <a target=\"_blank\" href=\"https:\/\/impact.indiaai.gov.in\/\" style=\"\" rel=\"noopener\">India-AI Impact Summit<\/a>, Bharat Mandapam, New Delhi.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">25 February (Wednesday): <a target=\"_blank\" href=\"https:\/\/wsds.teriin.org\/\" style=\"\" rel=\"noopener\">World Sustainable Development Summit<\/a>, Taj Palace, New Delhi.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>MARCH<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">4 March (Wednesday): Holi (Public Holiday).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">12 March (Thursday): <a target=\"_blank\" href=\"https:\/\/b2b.economictimes.indiatimes.com\/entrepreneur-summit?ag=events_listing&utm_source=events_listing&utm_medium=eventListing\" style=\"\" rel=\"noopener\">ET Entrepreneur Summit & Awards<\/a>, Bengaluru.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">19-22 March (Thursday-Sunday): Bharat Urja Manthan - <a target=\"_blank\" href=\"https:\/\/www.globalenergyconclave.com\/\" style=\"\" rel=\"noopener\">Global Energy Conclave<\/a>, New Delhi.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">20 March (Friday): Eid Al Fitr (Public Holiday).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">23-25 March (Monday-Wednesday): <a target=\"_blank\" href=\"https:\/\/indiasoft.org\/delegates-registration\/\" style=\"\" rel=\"noopener\">Indiasoft: International IT Exhibition & Conference<\/a>, New Delhi.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">23-25 March (Monday-Wednesday): <a target=\"_blank\" href=\"https:\/\/www.smartcitiesindia.com\/\" style=\"\" rel=\"noopener\">Smart Cities Expo<\/a>, Bharat Mandapam, New Delhi.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">23-25 March (Monday-Wednesday): <a target=\"_blank\" href=\"https:\/\/plastiworld.org\/\" style=\"\" rel=\"noopener\">PlastiWorld India<\/a>, Jio World Convention Center, Mumbai.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">31 March (Tuesday): Mahavir Jayanti (Public Holiday).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Signposted to happen sometime in March 2026<\/strong><\/p>\n<ul>\n<li>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.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>APRIL<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">3 April (Friday): Good Friday (Public Holiday).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">23-25 April (Thursday-Saturday): <a target=\"_blank\" href=\"https:\/\/conclave.railanalysis.com\/\" style=\"\" rel=\"noopener\">Rail & Metro Technology Conclave<\/a>, Bharat Mandapam, New Delhi.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">29 April-2 May (Wednesday-Saturday): <a target=\"_blank\" href=\"https:\/\/bharatbuildcon.com\/\" style=\"\" rel=\"noopener\">Bharat Buildcon<\/a>, Yashobhoomi, Dwarka, Delhi.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">7-10 April (Tuesday-Friday), <a target=\"_blank\" href=\"https:\/\/www.indiarubberexpo.in\/\" style=\"\" rel=\"noopener\">India Rubber Expo<\/a>, ITPO, Pragati Maidan, Delhi.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>MAY<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">1 May (Friday): Buddha Purnima (Public Holiday).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">26 May (Tuesday): Eid Al Adha (Public Holiday).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>JUNE<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">24-25 June (Wednesday-Thursday): <a target=\"_blank\" href=\"https:\/\/homelandsecurityexpo.in\/datesvenue.php#\" style=\"\" rel=\"noopener\">India Homeland Security Expo<\/a>, Bharat Mandapam, Pragati Maidan, New Delhi.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">26 June (Friday): Muharram (Public Holiday).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Signposted to happen sometime in 1H 2026:<\/strong><\/p>\n<ul>\n<li>Signing of <a target=\"_blank\" href=\"https:\/\/timesofindia.indiatimes.com\/business\/india-business\/india-qatar-trade-deal-by-q3-next-year-piyush-goyal\/articleshow\/124350957.cms\" style=\"\" rel=\"noopener\">India-Qatar Freetrade Agreement<\/a> (details yet to be announced);<\/li>\n<li>India-EU Trade and Technology Council <a target=\"_blank\" href=\"https:\/\/www.mea.gov.in\/press-releases.htm?dtl\/40336\/Joint_Press_Release_on_the_11th_India__EU_Foreign_Policy_and_Security_Consultations_and_the_6th_IndiaEU_Strategic_Partnership_Review_Meeting_in_Brusse\" style=\"\" rel=\"noopener\">Ministerial Meeting<\/a>, Brussels, Belgium.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AUGUST <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">15 August (Saturday): Independence Day (Public Holiday).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">26 August (Wednesday): Prophet Mohammad\u2019s Birthday (Public Holiday).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>OCTOBER <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">2 October (Friday): Gandhi Jayanti (Public Holiday).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">20 October (Tuesday): Dussehra (Public Holiday).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>NOVEMBER <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">24 November (Tuesday): Guru Nanak Jayanti (Public Holiday).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>DECEMBER<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">8-11 December (Tuesday-Thursday), <a target=\"_blank\" href=\"https:\/\/expandnorthstar.com\/\" style=\"\" rel=\"noopener\">Expand North Star<\/a>, Dubai. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">25 December (Friday): Christmas Day (Public Holiday).<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/mena-india\/tag\/financial-markets\/\">Financial markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/mena-india\/tag\/ma\/\">M&amp;A<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/mena-india\/tag\/planet-finance\/\">PLANET FINANCE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    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