Tag: GCC

Categories
-Top News UAE News

India, GCC resume FTA talks

The conference is the flagship initiative of both sides to provide an institutional platform for robust engagement between the business communities…reports Asian Lite News

Ausaf Sayeed, Secretary (CPV&OIA), Ministry of External Affairs, has informed of the resumption of discussions on the Free Trade Agreement (FTA) between India and the Gulf Cooperation Council (GCC) at the 6th India Arab Partnership Conference.

Under the aegis of the Arab-Indian Cooperation Forum, the 6th India-Arab Partnership Conference on “New Horizons in Investment, Trade & Services” was organised on July 11, 12. Ministers, senior officials and businesspersons from the Arab States and India participated in it. “India and GCC have resumed discussions on concluding the Free Trade Agreement. We have exchanged preliminary documents, and the delegations have been meeting. We hope this will soon become a reality, bringing newer opportunities for businesses on both sides,” Sayeed said during his special address.

In addition, the secretary alluded to the discussions on exploring alternative forms of trading with GCC nations. “There are discussions with our bilateral partners, talks about Rupee trading, barter trading and many other things, especially under the circumstances where most countries are facing challenges of foreign currency,” he said.

The conference is the flagship initiative of both sides to provide an institutional platform for robust engagement between the business communities. The previous five editions of the conference have guided in laying the foundations of a roadmap and synergizing the economic cooperation between India and the League of Arab States (LAS) countries.

V Muraleedharan, Minister of State for External Affairs (MoS) inaugurated the Conference and delivered a keynote address. From the Arab side, the Conference was led by Ambassador Ali Ibrahim Al Malki, Assistant Secretary General, Head of the Economic Affairs Sector of the League of Arab States headquarters who gave a welcome address.

The conference was rich in content with the inaugural session at Ministerial-level, followed by Special Sessions in which discussions were held on investment climates and opportunities. The speakers elaborated on the present state of India-Arab cooperation in various sectors including healthcare, food and energy security and resilient supply chain and means to further enhance them, including by sharing expertise and best practices. The meeting also stressed the important role of the private sector to push trade and investment relations to wider horizons.

On the main day evening, Ausaf Sayeed, Secretary (CPV & OIA) hosted a dinner for dignitaries, speakers and participants from the Arab and Indian sides with MOS being the Chief Guest of the occasion. In the concluding session, Secretary (CPV & OIA) delivered a special address to the participants.

The conference was jointly organised by the Ministry of External Affairs, Government of India and the LAS, in partnership with the Federation of Indian Chambers of Commerce and Industry (FICCI), Federation of Arab Businessmen (FAB) and Union of Arab Chambers (UAC). In conclusion, the participants conveyed their sincere appreciation to all stakeholders for the excellent coordination in putting together a substantive programme.

​They agreed to convene the seventh edition of the IAPC in the Arab country in the year 2025. (ANI)

ALSO READ-Russia hails GCC trade ties

Categories
-Top News Arab News World News

Russia hails GCC trade ties

Russia praised the successful efforts of the OPEC+ countries in preserving the stability of the global oil market…reports Asian Lite News

Representatives of the Cooperation Council for the Arab States of the Gulf met with Russian Foreign Minister Sergey Lavrov in Moscow, where the joint action plan between the GCC and Russia for 2023-2028 was adopted, which addresses cooperation between both sides.

Russian foreign minister said at the end of last year, trade between Russia and the GCC countries  was increased by more than six percent compared to the previous year, and exceeded $11 billion.

“Of course, trade is not developing evenly with every country present here, but the general trends are positive. As for individual reserves within the framework of bilateral relations in the trade and economic sphere, we will elaborate on them during today’s meetings,” Lavrov said.

Representing UAE, Minister of State Khalifa Shaheen Al Marar, participated in the meeting.

“It is necessary to pay special attention to economic and trade ties between our countries which have been declining due to the pandemic and other problems,” Lavrov said.

“I am confident that the intergovernmental commission will reach a consensus. These meetings were not convened during the coronavirus restrictions. The parties are currently working on the next meeting. We should support them in every way.”

Both sides stressed the importance of supporting the global economy and preserving the stability of the global oil market, the joint statement said.

The Gulf countries and Russia also praised the successful efforts of the OPEC+ countries in this regard, and said there needed to be continued cooperation of all participating countries to adhere to the OPEC+ agreement in a way that served the interests of the global economy, the Arab News reported.

The GCC secretary-general said that cooperation with Russia within the OPEC+ group has had a positive impact on the oil market.

The position of the GCC on the Russia-Ukraine war is aligned with established UN conventions and principles, Al-Budaiwi said.

He added that Gulf Arab states back the UN principle of non-interference in the internal affairs of states, as well as any and all mediation efforts to bring an end to the conflict, the Arab News reported.

Russian Foreign Minister Sergey Lavrov expressed his country’s welcoming of the rapprochement between Gulf states and Iran, and the reintroduction of Syria to the Arab League.

“We have a unified position with the Gulf states towards Syria’s unity and sovereignty over its lands, and Syria’s return to the Arab League has positively affected the region,” he said, it was reported.

Meanwhile, the Minister of Foreign Affairs, Prince Faisal bin Farhan bin Abdullah, met with the Russian Foreign Minister, Sergey Lavrov, on the sidelines of the joint ministerial meeting between the Gulf Cooperation Council (GCC) and the Russian Federation in Moscow.

 During the meeting, they reviewed the historical relations for friendship and strategic cooperation between the two friendly countries and peoples. They also discussed ways to enhance and develop these relations in all fields, along with consolidating bilateral and multilateral efforts on numerous files of common interest.

The meeting was attended by Saudi Ambassador to Russia Abdulrahman Al-Ahmad and Abdulrahman Al-Dawood, director-general of the foreign minister’s office, the Arab News reported.

ALSO READ: UAE set to remain Russian tourists’ preferred GCC destination

Categories
-Top News Arab News UAE News

GCC nations hail COP28 leadership

The GCC countries supported the team’s call for joint action for the success of COP28, inviting all countries and international organisations to actively participate in the conference…reports Asian Lite News

Gulf Cooperation Council (GCC) nations re-affirmed their full support for the UAE’s hosting of COP28 this year and empathised the importance of the climate conference in tackling climate change, following an extraordinary ministerial meeting attended virtually recently.

The meeting, called at the request of the UAE, was chaired by Salim bin Nasser Al Aufi, Minister of Energy and Minerals and Chairman of the National Committee for Climate Change in Oman, and with the participation of Dr. Sultan bin Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and COP28 President-Designate.

Also present at the meeting were Suhail bin Mohammed Al Mazrouei, representing the UAE, Minister of Energy and Infrastructure, Shamma Al Mazrui, UAE Minster of Community Development and the first-ever COP28 Youth Climate Champion, Dr. Mohamed bin Mubarak Bin Daina, Minister of Oil and Environment, Special Envoy for Climate Affairs, Kingdom of Bahrain, H.R.H. Prince Abdulaziz bin Salman Al Saud, Minister of Energy for Saudi Arabia, Ahmed Mohammed Al Sada, Assistant Undersecretary in the Ministry of Environment and Climate Change for Qatar, Samirah Mohammad Abdullah Al Kandari, Acting Director General of Environmental Public Authority, Kuwait, and Jasem Mohamed AlBudaiwi, Secretary General of the GCC.

They hailed the appointment of the leadership team for COP28, with Dr. Al Jaber being COP28 President-Designate, Shamma Al Mazrui, the COP28 Youth Climate Champion, and Razan Al Mubarak, the UN Climate Change High-Level Champion.

The GCC countries thanked the UAE for requesting this meeting and emphasised that they support the efforts of the COP28 UAE Presidency team, as their appointment confirms the UAE’s commitment to transformative development and moving global climate action from negotiations to finding and implementing logical and practical solutions, benefiting from this leadership team’s expertise in sustainable development and climate action.

The GCC countries supported the team’s call for coordination, cooperation and joint action for the success of COP28, inviting all countries and relevant international organizations to actively participate in the conference.

The GCC countries also acknowledged the outcomes of COP27 and congratulated the Arab Republic of Egypt on its successful organisation of the conference.

As developing countries with unique regional conditions economically, socially and environmentally, the Member States affirmed the importance of observing the provisions and underlying principles of the United Nations Framework Convention on Climate Change and the Paris Agreement, especially the principles of equity and common but differentiated responsibilities. The nations stressed that implementation of the agreements should take into account the negative social and economic impacts resulting from response measures to climate change, especially those impacting developing countries, which are most vulnerable to such effects.

The GCC nations stressed that COP28 will need to achieve ambitious and balanced negotiated results that focus on implementing the Nationally Determined Contributions (NDCs) and look forward to conducting the first Global Stocktake at COP28.

During the meeting, the efforts of the GCC countries in combating climate change were highlighted, including measures, plans, and programs to ensure environmental, economic, and social sustainability in the region through the circular carbon economy approach, which is a closed loop system involving 4Rs: reduce, reuse, recycle, and remove.

The GCC countries emphasised the need for COP28 UAE to achieve tangible progress on the Global Goal on Adaptation in the context of the Paris Agreement temperature goal, and the Mitigation Work Programme (MWP), provided that it includes all means to address greenhouse gas emissions, regardless of their sources or sectors, by using all technologies and sectors, including renewable energy sources and clean hydrocarbons, as well as activating means to support implementation in accordance with the principles and provisions of the Paris Agreement.

COP28

This includes operationalising the Loss and Damage fund and its funding arrangements, the fulfillment of the pledge to provide $100 billion annually by developed countries to support developing countries, starting from 2020, and advancing towards establishing the new collective quantified goal on climate finance.

The GCC countries affirm that achieving a logical, practical, gradual, and just transition in the energy sector is based on three pillars of equal importance: ensuring energy security, economic prosperity for all countries, and reducing greenhouse gas emissions.

The countries support universal access to affordable, reliable, up-to-date, and sustainable energy within a path to achieve sustainable development on a larger scale, through investment in all relevant technologies, including renewable energy, energy efficiency, the use of hydrogen as a fuel, carbon capture, storage and reuse, direct air carbon capture, and nature-based decarbonisation solutions.

They also support other key areas to enhance adaptability to the effects of climate change, such as combating desertification, reducing sand and dust storms, enhancing food security, afforestation, improving land use and water management, and protecting biodiversity, ecosystems, and health.

The GCC nations also welcome the Saudi Green Initiative and the Green Middle East Initiative and consider them effective models for confronting climate change. The GCC nations agreed to hold the next committee meeting to follow up on developments and preparations for COP28 on October 8, 2023, on the sidelines of the MENA Climate Week to be held in Riyadh from 9 to 12 October.

ALSO READ: US debt deal energises GCC bourses

Categories
-Top News UK News

UK Trade Secy visits Gulf to boost trade ties

The trip comes as the total trade between the UK and GCC reached a record high of £61.3 billion in 2022…reports Asian Lite News

UK Business and Trade Secretary Kemi Badenoch will hold talks to encourage the Gulf Cooperation Council (GCC) Ministers to advance the UK’s ambitions for a modern, comprehensive trade deal as she visits Qatar, Saudi Arabia and the United Arab Emirates this week, according to a press release issued by the UK Embassy in the UAE.

Meeting her ministerial counterparts in each nation and new Secretary General of the GCC Jasem Al-Budaiwi, Badenoch will also speak with senior business leaders and investors to build on inward investment to the UK – currently worth more than £15.7 billion – delivering on the UK government priority to grow the economy.

Ahead of her visit, Kemi Badenoch said, “We already have a strong trade and investment relationship with the Gulf nations, but I am determined to strengthen this even further. The GCC represents an enormous opportunity for UK firms, whether it’s selling brilliant British food and drink products into new markets or offering new consumers for our flourishing digital trade and renewable energy sectors.”

She added, “I know my counterparts are as ambitious for this deal as I am, and I’m ready to match their ambition.”

The trip comes as the total trade between the UK and GCC reached a record high of £61.3 billion in 2022.

The UK began negotiations with the six-country bloc in 2022 and has completed three rounds of talks so far. Collectively, the GCC is equivalent to the UK’s seventh largest export market. Their demand for goods and services is expected to grow rapidly to almost £1 trillion by 2035 – an increase of over 75 percent.

This will open huge new opportunities for UK businesses, from food and drinks to cars and clothes – removing these types of tariffs as part of a trade deal will help to increase choice for GCC consumers, giving them access a greater range of UK products. This will help to create jobs across the UK, support businesses to expand and grow the economy.

A deal with the GCC will also play to the UK’s strengths as a global services superpower. Of the total, UK exports to GCC amounted to £36 billion, with more than half being services.

Pioneering green technology firms based across the UK are already taking advantage of the Gulf region’s pivot away from fossil fuels.

ALSO READ: Leaders of UAE, Australia cement ties

Categories
-Top News Africa News Arab News

SUDAN CRISIS: GCC Urges Calm

GCC chief His Excellency Jassem Mohamed Albudaiwi meets with Ambassador Dafalla Al Haj Ali, Special Envoy of the President of the Transitional Sovereign Council in Sudan to neighbouring countries and the African Union. (Photo@GCCSG)

The Sudanese Army and the paramilitary Rapid Support Forces (RSF) have announced their commitments to a new 72-hour humanitarian truce effective as of midnight Sunday, reports Asian Lite News

The Secretary General of the Gulf Cooperation Council (GCC) has urged for calm, giving priority to the national interest, and stopping all forms of military escalation in Sudan.

People wait to be evacuated near an airport in Omdurman, Sudan. (Xinhua)

His Excellency Jassem Mohamed Albudaiwi has met with Ambassador Dafalla Al Haj Ali, Undersecretary of the Ministry of Foreign Affairs of the Republic of Sudan and the Special Envoy of the President of the Transitional Sovereign Council in Sudan to neighbouring countries and the African Union, at the headquarters of the General Secretariat in Riyadh.

His Excellency Albudaiwi stressed the GCC’s keenness to preserve Sudan’s security, safety and stability and protect the cohesion of the state and its institutions as well as support the country in facing all challenges to accomplish the aspirations of its brotherly people.

Furthermore, he praised the humanitarian role played by the Kingdom of Saudi Arabia and all GCC countries in the current crisis in Sudan, praising the efforts of the Arab League, the Quartet Group, and all international and regional efforts aimed at reaching a consensus among the political forces in the country, putting an end to the crisis and achieving security and stability in Sudan.

Smoke rising in Khartoum, capital of Sudan. (Photo by Mohamed Khidir/Xinhua)

The meeting was attended by His Excellency Dr Abdulaziz Hamad Aluwaisheg, Assistant Secretary General for Political and Negotiation Affairs at the General Secretariat of the GCC.

Truce extended

The Sudanese Army and the paramilitary Rapid Support Forces (RSF) have announced their commitments to a new 72-hour humanitarian truce, effective as of midnight Sunday.

“Based on the endeavours and request of the Saudi-American mediation, the Armed Forces agreed to extend the truce for extra 72 hours, to begin at the end of the current one,” the Army said on Sunday in a statement.

The Army expressed hope that the other party would abide by the truce, Xinhua news agency reported.

For its part, the RSF said in a statement on Sunday that “in response to international, regional and local calls, we declare an extension of the humanitarian truce for an additional 72 hours, starting today midnight”.

The RSF said that it agreed to the truce extension to open humanitarian passages, facilitate the movement of the citizens and enable them to get their needs and reach safe areas.

People fleeing from Sudan arrive at a bus station in Aswan, Egypt, on April 25, 2023. Many people crossed into Egypt through the border crossing between Egypt and Sudan, as conflict in the latter country continues. (Photo by Radwan Abu Elmagd/Xinhua)

The statement stressed the RSF’s commitment to the terms of the humanitarian truce and complete ceasefire.

On Sunday, Sudan’s Civil Aviation Authority said the closure of the country’s airspace will be extended to May 13.

Flights for humanitarian aid and evacuation are excluded after obtaining a permit from related authorities and the approval of the Sudanese Armed Forces.

Sudan has been witnessing a large-scale evacuation of foreign nationals and diplomats by air, land and sea since the eruption of the deadly clashes between the Army and the RSF in Khartoum and other areas on April 15.

So far, the clashes have left more than 500 people dead and more than 4,000 others wounded, according to the Sudanese Health Ministry.

ALSO READ: Elite capture behind the chaos in Sudan

Categories
-Top News UAE News

Iran welcomes GCC backing for Saudi detente

Am 22.06.2021 emfping Außenminister Alexander Schallenberg den Außenminister Saudi-Arabiens Prinz Faisal bin Farhan Al-Saud zu einem Arbeitsbesuch in Wien.

Iran said the regional states’ support for the deal is an indication of their determination to promote diplomatic approaches in the region…reports Asian Lite News

The Iranian Foreign Ministry spokesman Nasser Kanaani has welcomed the support voiced in a statement by the Gulf Cooperation Council (GCC) for the detente between Tehran and Riyadh.

Kanaani made the remarks on Thursday in a statement published on the Iranian Foreign Ministry’s website, reacting to a statement issued at the end of the 155th session of the GCC Ministerial Council on Wednesday in Riyadh, in which the council hailed the recent China-brokered agreement signed between Iran and Saudi Arabia on the normalisation of relations after seven years of severed ties.

He expressed hope that the agreement between Iran and Saudi Arabia would play an effective role in ensuring regional stability, peace and development and promoting dialogue-based approaches in the region, Xinhua news agency reported.

Kanaani once again hailed China’s hosting of the latest round of the rapprochement talks between Iran and Saudi Arabia and the country’s contribution to the signing of the agreement, appreciating effective efforts by Baghdad and Muscat toward the detente between Tehran and Riyadh.

He said the regional states’ support for the agreement is an indication of their determination to promote diplomatic approaches in the region.

In its statement, the GCC Ministerial Council said the agreement between Saudi Arabia and Iran is a step toward establishing relations between countries based on understanding, mutual respect, good neighbourliness, respect for sovereignty, and non-interference in internal affairs.

It also highlighted that the agreement aligns with the charters of the United Nations, the Organisation of Islamic Cooperation (OIC) and international laws and norms.

China, Saudi Arabia and Iran announced on March 10 that the latter two had reached a deal which includes the agreement to resume diplomatic relations and reopen embassies and missions within two months.

FMs to meet soon

Iranian Foreign Minister Hossein Amir-Abdollahian and his Saudi counterpart Prince Faisal bin Farhan Al Saud have agreed to meet at the earliest opportunity to prepare the ground for the reopening of embassies and consulate generals between the two countries, the Foreign Ministry in Tehran announced on Thursday.

The two Ministers discussed the issues in a phone call to congratulate each other on the starting of the Muslim fasting month of Ramadan, Xinhua news agency quoted the Ministry as saying.

The Saudi Foreign Minister pointed to the positive achievements of the Beijing meeting, in which the two countries signed an agreement on the normalisation of ties after seven years, and highlighted the necessity of meeting his Iranian counterpart in the near future and the reopening of the embassies.

Meanwhile, Amir-Abdollahian expressed satisfaction with the detente between Tehran and Riyadh, expressing Iran’s readiness to develop and strengthen bilateral relations.

China, Saudi Arabia and Iran on March 10 announced that Riyadh and Tehran had reached a deal that included the agreement to resume diplomatic relations and reopen embassies and missions within two months.

On Sunday, Saudi Arabia’s King Salman bin Abdulaziz Al Saud invited Iranian President Ebrahim Raisi to visit Riyadh.

Following the agreement to restore diplomatic relations, the two nations also announced they will reopen embassies within two months and re-establish trade and security relations.

Saudi Arabia cut ties in January 2016 after demonstrators stormed its embassy in Tehran after Riyadh had executed the prominent Shia Muslim cleric Sheikh Nimr al-Nimr, who was convicted of terror-related offences.

Since then, tensions between the Sunni- and Shia-led neighbours have often been high, with each regarding the other as a threatening power seeking regional dominance.

They have been on opposing sides of several regional conflicts, including the civil wars in Syria and Yemen.

ALSO READ-Iran welcomes GCC take on Tehran-Riyadh detente

Categories
-Top News India News

First India-GCC Senior Officers Meeting held in Riyadh

Tawfiq Al-Rabiah and had discussions on various issues pertaining Indian Hajj and Umrah Pilgirms.”…reports Asian Lite News

The first round of the India-Gulf Cooperation Council (GCC) Senior Officers Meeting (SOM) was held in Riyadh. Ausaf Sayeed, secretary(CPV&OIA), Ministry of External Affairs held a meeting with Saudi Vice Minister for Foreign Affairs, Eng. Waleed bin Abdul Kareem El-Khereiji on the Political-Security-Social-Cultural pillar of India-Saudi Arabia Strategic Partnership Council (SPC), the Ministry of External Affairs said in a press release.

During the India-GCC meeting on March 20, the two sides conveyed happiness over the progress made in trade and investment between India-GCC countries. The Indian delegation was led by Ausaf Sayeed, while the GCC delegation was led by Abdul Aziz Bin Hamad Al-Owaishaq, Assistant Secretary-General for Political Affairs and Negotiations, GCC. Both sides agreed for an early finalisation of the India-GCC Free Trade Agreement (FTA), the Ministry of External Affairs (MEA) said in the press release. Sayeed called for more collaboration between India and GCC countries in renewable energy, food security, health, IT sector and counter-terrorism. The two sides proposed the formation of Joint Working Groups to cater to particular areas of cooperation between India and GCC countries.

“Secretary(CPV&OIA) invited for more collaboration between India and GCC countries in renewable energy, food security, health, IT sector and counter-terrorism,” the Ministry of External Affairs stated in the press release.

Ausaf Sayeed on Wednesday held a meeting with Saudi Arabia’s Minister for Hajj and Umrah Tawfiq Al-Rabiah. Sayeed expressed gratitude to Tawfiq Al-Rabiah for the allocation of a Haj quota of 1,75,025 for India for 2023, the MEA said in the press release.

Sayeed said an invitation was extended to him to visit India at his earliest convenience. Indian Embassy in Saudi Arabia tweeted, “Secretary (CPV&OIA), Dr Ausaf Sayeed @drausaf met with Minister of Hajj and Umrah of Saudi Arabia H.E. Tawfiq Al-Rabiah and had discussions on various issues pertaining Indian Hajj and Umrah Pilgirms.”

On March 20, Sayeed met Saudi Arabia’s Vice Minister of Foreign Affairs Eng. Waleed bin Abdul Kareem El-Khereiji on the Political-Security-Social-Cultural pillar of India-Saudi Arabia Strategic Partnership Council (SPC). Both sides assessed the continued high-level contact between India and Saudi Arabia.

Sayeed discussed the progress made under the Committee on Economy and Investment of the SPC with Saudi Centre for International Strategic Partnerships (SCISP) President and CEO Dr Faisal Al-Sugair.

The two sides agreed to make further progress on priority opportunities identified under the Committee in various sectors, including renewable energy, grid connectivity, pharmaceuticals, food security, IT, fintech and water resources, the release stated.

On March 19, Sayeed met the Deputy Minister for International Partnerships in the Saudi Ministry of Investment Mohammad Al Hassnah and discussed opportunities for bilateral investment exchanges. The two sides discussed setting up an investment bridge for accelerating the pending investment projects and facilitating investors. (ANI)

ALSO READ-India, GCC agree for early finalisation of FTA

Categories
-Top News India News

India, GCC agree for early finalisation of FTA

The two sides appreciated the progress in relations between India-GCC countries built on historical ties, coupled with growing trade and investment, and the presence of approximately 8.5 million Indian diaspora in the region…reports Asian Lite News

The first round of the India-Gulf Cooperation Council (GCC) Senior Officers Meeting (SOM) was held today in Riyadh. The two sides conveyed happiness over the progress in trade and investment between India-GCC countries.

They also agreed for an early finalisation of the India-GCC Free Trade Agreement (FTA), the Ministry of External Affairs (MEA) said in the press release. The Indian delegation was led by Ausaf Sayeed, Secretary(CPV&OIA) while the GCC delegation was led by Abdul Aziz Bin Hamad Al-Owaishaq, Assistant Secretary-General for Political Affairs and Negotiations, GCC.

Ausaf Sayeed called for more collaboration between India and GCC countries in renewable energy, food security, health, IT sector and counter-terrorism. The two sides proposed the formation of Joint Working Groups to cater to particular areas of cooperation between India and GCC countries.

“Secretary(CPV&OIA) invited for more collaboration between India and GCC countries in renewable energy, food security, health, IT sector and counter-terrorism,” the Ministry of External Affairs said in the press release.

It further said, “Both sides proposed formation of Joint Working Groups to cater to particular areas of cooperation between India and GCC countries. These joint working groups would be headed by experts and would ensure regular and continuous progress across priority sectors.”

The two sides looked forward for an early convention of the India-GCC TROIKA meeting at Foreign Minister level. All six member countries of the GCC attended the meeting. The India-GCC SOM meeting was held pursuant to the MOU signed on the India-GCC Mechanism of Consultation during External Affairs Minister S Jaishankar’s visit to Riyadh in September 2022.

According to the press release, the two sides appreciated the progress in relations between India-GCC countries built on historical ties, coupled with growing trade and investment, and the presence of approximately 8.5 million Indian diaspora in the region.

The MEA in the press release said, “GCC as a trade bloc is the largest trade partner to India with a total trade of USD 154 Billion in FY 2021-22 They agreed that people-to-people ties need to be further enhanced. The discussion also focused upon regional issues of importance.”

Ausaf Sayeed, Secretary(CPV&OIA) also held a meeting with Gulf Cooperation Council Secretary General. GCC in a tweet wrote, “During his meeting with the Undersecretary of the Ministry of Foreign Affairs of the Republic of India. The Secretary General of the Gulf Cooperation Council stresses the importance of strengthening the Gulf-Indian strategic relations to serve common interests.” (ANI)

ALSO READ-All GCC expats can apply for Saudi tourist visa

Categories
-Top News Arab News Saudi Arabia

All GCC expats can apply for Saudi tourist visa

Gulf residents can visit the eVisa page to apply for a tourist visa, at a cost of $80 in addition to health insurance…reports Asian Lite News

Saudi Arabia’s Tourism Ministry allowed all residents in Gulf Cooperation Council (GCC) member states to apply for a tourist visa online to visit the kingdom, regardless of their profession.

The eVisa will allow the Gulf residents to explore the various Saudi regions and perform Umrah rituals if they are Muslims, Xinhua news agency reported.

The move came as part of the Saudi efforts to provide an opportunity for the Gulf residents to visit Saudi tourist destinations, enjoy entertainment events, and explore the heritage and historical sites in the kingdom, it said.

“Saudi Arabia’s visa application is now simpler, more convenient and straightforward for residents of GCC states, regardless of their profession,” said Tourism Minister Ahmed al-Khateeb on Twitter.

Gulf residents can visit the eVisa page to apply for a tourist visa, at a cost of $80 in addition to health insurance.

Once the application is submitted, the applicant will get the eVisa by email, according to media reports.

Previously, only those GCC residents with occupations listed on an approved list were allowed to apply for an eVisa to visit the kingdom.

The transit visa for stop-over allows those in transit to enter the kingdom to perform Umrah, visit the Prophet’s Mosque, and attend tourism events. The visa is free of charge and will be issued immediately with the traveller’s plane tickets.

It allows for a four-day stay in the kingdom and has a three-month validity period, Xinhua news agency reported.

The Ministry said that the new service is available as of Monday on the electronic platforms of Saudia Airlines and Flynas and passengers can apply on the platforms and receive the digital visas in their email.

ALSO READ-Lockheed Martin partners with GCC companies

Categories
Business

India emerges as preferred real estate hub for GCC

Turkish Real Estates Resurrect

The Indian real estate market is expected to grow at a healthy pace in the future. As the population grows and incomes rise, demand for real estate is expected to increase…reports Asian Lite News

India is fast becoming the preferred real estate investment destination for GCC-based NRIs. This is largely due to the country’s booming economy, growing population, and relaxed foreign investment policies. Additionally, the Indian government has implemented various initiatives to make it easier for NRIs to purchase property in India. These include providing tax breaks and offering special financing options for real estate purchases. Furthermore, the Indian real estate market offers attractive returns and potential for capital appreciation, making it a lucrative investment opportunity for GCC-based NRIs. With the Indian real estate sector showing immense potential, GCC-based NRIs are increasingly looking to India for their real estate investments.

WHAT IS DRIVING GCC-BASED NRIS TO INVEST IN INDIAN REAL ESTATE?

The Indian real estate market has seen tremendous growth in the last few years, due in part to strong economic growth, rising disposable income levels, and a growing population. Also, the real estate market in India is highly attractive, with high returns and a long-term investment perspective. Moreover, the Indian real estate sector is experiencing a healthy level of foreign interest, which creates a great deal of interest among GCC-based NRIs. Though the demand for real estate in the country is relatively high, the supply of real estate is also increasing at a healthy pace, pushing up prices. This is expected to further increase the appeal of real estate as an investment option for GCC-based NRIs.

What are the benefits of investing in Indian real estate for GCC-based NRIs?

Real estate investments in India are highly lucrative. Various studies have found that, over a period of 10 years, an average real estate investment in India could generate a return of 15% per annum. Moreover, the investment can yield a positive profit even after 15 years, making it a great long-term investment option. Real estate investments in India can also offer significant tax benefits.

Sharing insights Aakash Ohri, Group Executive Director and Chief Business Officer, DLF Ltd, one India’s largest listed real estate developer said shared “In the past two years, we’ve witnessed a rise in the number of NRIs looking to own a home back in India and the pent-up demand has begun to come to the fore. With the appreciation in the property prices, they have historically received and will continue to expect a handsome return on their investment. Due to a strong emotional bond, many Indians living in GCC countries are investing in their homeland as an option to come back and settle down in the future, but most of them are also buying homes purely as an investment option. Factors like a simplified taxation regime and indexation benefit for properties held in India encourage NRI buyers to park their surplus money in India.”

The Indian government’s initiatives to make it easier for NRIs to purchase property in India

The Indian government has implemented various initiatives to make it easier for NRIs to purchase property in India. For instance, the government has made it easier for NRIs to get a real estate investment license, introduce a negative equity facility for real estate purchases, and provide interest-free loans for self-financing real estate transactions. These initiatives have increased the ease of doing business in the real estate sector and made it more attractive for NRIs. Moreover, there are a number of real estate companies that provide services such as property financing, tax consultancy, etc., for NRIs and expatriates, making it easier for you to invest in Indian real estate.

The potential of the Indian real estate market

The Indian real estate market is expected to grow at a healthy pace in the future. As the population grows and incomes rise, demand for real estate is expected to increase. This will further increase the demand and raise the prices of real estate. Moreover, the Indian government is increasingly turning its focus to improving urban infrastructure, realising the importance of housing for urban development. This, coupled with favourable tax laws, is expected to positively influence the real estate market in India in the future.

The growing interest in real estate among GCC-based NRIs is attracting significant attention from the Indian real estate sector. With rising incomes, growing population, and favourable policies, the Indian real estate market is expected to grow rapidly in the future. This growth will make the real estate sector even more attractive for investors, resulting in sustained appreciation in prices. Real estate investments in India can be highly profitable and provide significant tax benefits for NRIs looking to invest abroad.

ALSO READ-Ajmal Perfumes names Abdulla Ajmal as new CEO