{"id":88877,"date":"2026-04-22T00:00:00","date_gmt":"2026-04-22T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/mena-india\/?p=88877"},"modified":"2026-04-22T10:25:47","modified_gmt":"2026-04-22T10:25:47","slug":"this-afternoon-adnic-enters-gift-city-with-reins-licence-india-gulf-trade-falls-up-to-66-in-march","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/mena-india\/2026\/04\/22\/this-afternoon-adnic-enters-gift-city-with-reins-licence-india-gulf-trade-falls-up-to-66-in-march\/","title":{"rendered":"THIS AFTERNOON: Adnic enters Gift City with reins. licence; India-Gulf trade falls up to 66% in March"},"content":{"rendered":"

Good afternoon, everyone. <\/strong>We celebrate the news this morning of an indefinite ceasefire extension between the US and Iran, after US President Donald Trump made the announcement hours before the ceasefire was set to expire. The extension gives the two nations more time to negotiate.<\/p>\n

How indefinite are we talking? <\/strong>Trump said the ceasefire will be extended until Iran submits its proposal and \u201cdiscussions are concluded, one way or the other.\u201d Washington\u2019s blockade will continue until an agreement is reached. <\/p>\n

It remains unclear where Iran stands:<\/strong> In the absence of a response from Tehran\u2019s top leadership, Iran\u2019s Tasnim News Agency stated<\/a> that Tehran never sought a ceasefire extension and reiterated threats to break the US blockade of its ports by force. An adviser to Iran\u2019s lead negotiator dismissed Trump\u2019s announcement as insignificant.<\/p>\n

As expected, global oil prices retreated on the news<\/strong>, despite an initial uptick at the opening of Asian trading earlier this morning. Brent crude is currently down 0.4% to USD 98.09 \/ bbl.<\/p>\n

Mixed market response:<\/strong> The MSCI Asia Pacific ex-Japan Index eased<\/a> 0.14%, dropping from a seven-week high. Japan\u2019s Nikkei gained 0.5%, and South Korea\u2019s Kospi eased around 0.6% in early trading this morning. US stocks are set to open in the green, with futures recording gains across the board.<\/p>\n

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Meet EnterpriseAM MENA+<\/strong>, our new flagship newsletter covering the flows of capital, people, and ideas across the Middle East \u2014 and beyond it. MENA+ covers AI and tech \u2014 and geopolitics, the war for talent, which BSD is on top (and who's gunning for them), the changing energy economy, new corridors to India and China, and much, much more. <\/p>\n

What\u2019s with the \u201c+\u201d in MENA+?<\/strong> We think one of the most powerful stories in the region is the *export* of ideas and capital not just to neighboring regions (Asia, the Stans) but to international financial centers. MENA countries are jockeying for position in the new global economy now taking shape, and we're going to shape that conversation. <\/p>\n

Tap or click <\/strong>here<\/a><\/strong> to get your own copy delivered to your inbox<\/strong> every Monday, Wednesday, and Friday at 12pm UAE | 11am KSA | 10am Egypt.<\/p>\n

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Watch this space <\/p>\n

<\/a> FINANCE<\/strong> \u2014 Abu Dhabi National Ins. Company (Adnic) will set up a reins. branch <\/strong>in Gujarat International Finance Tec-City <\/strong>(Gift City) after receiving regulatory clearance, CNBC<\/a> reports, citing company disclosures. The approval enables Adnic to provide reins. out of India\u2019s International Financial Services Centre, placing it within the country\u2019s offshore financial regime for cross-border business.<\/p>\n

Why it matters: <\/strong>India is positioning Gift City as a base for offshore ins. and reins. activity. The entry of foreign players such as Adnic expands Emirati presence<\/a> within that ecosystem while supporting deeper India-UAE trade and investment linkages. <\/p>\n

BACKGROUND- <\/strong>India and the UAE have agreed to facilitate the setup of UAE companies in Gift City<\/a>, with First Abu Dhabi Bank and DP World among early movers. Mashreq is also planning an expansion there, while Abu Dhabi Investment Authority secured an approval in 2024 to set up a local unit and launch a USD 4-5 bn fund. <\/p>\n

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<\/a> TRADE \u2014 <\/strong>India\u2019s<\/strong> trade flows with the UAE, Saudi Arabia, and Iraq dropped by up to 66% y-o-y <\/strong>in March<\/strong> in light of the war disrupting shipping routes, energy supplies, and regional demand, according to data from the Commerce and Industry Ministry<\/a>.<\/p>\n

By the numbers:<\/strong> Exports to the UAE fell 61.9% to USD 1.2 bn, while imports dropped 66.3% to USD 2.5 bn. Meanwhile, exports to the Kingdom declined 45.6%, while imports fell 37.3% to USD 2 bn. Imports from Iraq plunged 64.3%. The decline reflects logistical bottlenecks in the Strait of Hormuz, elevated freight and ins. costs, and weakened trade activity across the Gulf region. India\u2019s total goods and services exports saw an aggregate 4.5% downturn, indicating a broader impact on trade momentum. <\/p>\n

Why it matters:<\/strong> The GCC is India\u2019s largest trading bloc, accounting for over 15% of the country's total global trade. A prolonged blockade of sea transit will lead trade volumes to drop further in the coming months while adding to macroeconomic pressures along the economic corridor. However, the bottleneck\u2019s impact will be uneven among India\u2019s Middle East partners \u2014 Oman, less affected by the Hormuz blockade, stands out to gain as its trade with India already increased by 112% y-o-y in March.<\/p>\n\n

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YOU\u2019RE READING EnterpriseAM MENA- India, your C-suite briefing<\/strong> on the movement of trade, investment, people, and ideas along one of the world\u2019s most exciting corridors. Every Monday, Wednesday, and Friday at 2:30pm 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

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\n

Data point<\/p>\n

INR 2.91 tn<\/strong> (USD 31.11 bn) \u2014 that\u2019s the value of India\u2019s pharma exports in FY 2026<\/strong>, representing a 2% y-o-y increase despite global headwinds, The Hindu<\/a> reports, citing data from the Pharma Export Promotion Council of India.<\/p>\n

A sharp downturn in March <\/strong>saw exports plunge 23.1% y-o-y to USD 2.83 bn. This sudden reversal was driven by regional conflict-related shipping disruptions and new US tariffs that hampered major trade routes.<\/p>\n

\n

The big story abroad<\/p>\n

The global front pages are focused on US President Donald Trump\u2019s announcement of an extended ceasefire between the US and Iran<\/strong>, which we dive into in the news well, above. Also making headlines this morning: <\/p>\n

How did Warsh\u2019s confirmation hearing go? <\/strong>Trump\u2019s Fed chair nominee Kevin Warsh affirmed<\/a>the Fed\u2019s independence<\/a> during his Senate confirmation hearing, stating that Trump has not attempted to \u201cpredetermine, commit, fix, or decide on any interest rate decision.\u201d Warsh called for<\/a> major reforms at the Fed, including a new framework for handling inflation, and took issue<\/a> with the central bank\u2019s \u201cforward guidance\u201d \u2014 the practice of signaling the future trajectory of rates. <\/p>\n

And your daily dose of AI news: <\/strong>SpaceX has gained<\/a> the \u201cright to acquire\u201d AI startup Cursor<\/a> for USD 60 bn, agreeing to pay USD 10 bn if it does not proceed with the transaction. The potential acquisition of Cursor \u2014 which enables users to edit code with AI \u2014 is seen as a way for Elon Musk to catch up in the AI race ahead of SpaceX\u2019s IPO.<\/p>\n

\n

Market watch<\/p>\n

<\/a> Foreign<\/strong> portfolio investors (FPIs) have withdrawn a record USD 18 bn (INR 1.68 tn) from Indian equities so far in 2026<\/strong>, with bulk of selling concentrated in March, when investors pulled out USD 11.8 bn (INR 1.1 tn) as the Iran war triggered a spike in oil prices and risk-averse market sentiment, Business Standard<\/a> reports. <\/p>\n

Market mirror the stress: <\/strong>The INR\u2019s depreciation \u2014 down 3.5% this year \u2014 has further reduced returns for foreign investors. The Sensex has declined nearly 8% and the Nifty 7% y-o-y so far this year. A sustained FPI return is contingent on easing geopolitical tensions, lower oil prices, and a stabilizing currency and earnings.<\/p>\n

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Circle your calendar<\/p>\n

Check out our full calendar on the web<\/strong> for a comprehensive listing of upcoming news events, national holidays, and news triggers.<\/p>\n","protected":false},"excerpt":{"rendered":"

Plus: FPI outflows hit USD 18 bn as oil, war weigh on markets<\/p>\n","protected":false},"author":1,"featured_media":88878,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2403],"tags":[2498,2402,2644,2659,2979,2868,2401],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-88877","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-capital-markets","tag-enterpriseam-india","tag-gift-city","tag-india-gcc-corridor","tag-insurance","tag-trade-logistics","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"3d59d59a-bf0d-4df1-baa1-ea8418ce0085","order":"2","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2026\/4\/1108.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Adnic to enter Gift City with reins. branch; 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