India&#39;s pharmaceutical industry is expected to grow by 8-10% this financial year, driven by strong exports to regulated markets like the US and Europe, a recovery in semi-regulated regions, and solid domestic demand, according to CRISIL Ratings. The sector is expected to benefit from steady cash flows, financial leverage, and good credit profiles of the pharmaceutical companies. The revenue of the sector is split equally between domestic sales and exports.

Indian pharmaceutical sector to grow by 8-10% in FY25

At the 52nd Gastech Exhibition &amp; Conference in Houston, Union Minister Hardeep Singh Puri emphasized India&#39;s significant role in global energy, forecasting that India will drive 35% of global energy demand growth in the next two decades. He highlighted India&#39;s challenge in balancing energy availability, affordability, and the green transition. The event also focused on energy stability and decarbonization, with insights from global energy leaders.

India to contribute to global increase in energy demand by 35%

The Ministry of Corporate Affairs (MCA) has amended the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016, to simplify mergers between foreign holding companies and their Indian subsidiaries. Effective from September 17, 2024, the amendment introduces a fast-track route for mergers of foreign holding companies and their wholly-owned Indian subsidiaries. Prior approval from the Reserve Bank of India is mandatory, bypassing National Company Law Tribunal (NCLT) approval. This change streamlines reverse-flip mergers, making India more appealing for business expansions.

MCA eases reverse-flip mergers with new amendment

As per media reports, Larsen &amp; Toubro (L&amp;T) Ltd. Is planning to invest over USD 300 million in establishing a fabless semiconductor company, aiming to design and sell chips while outsourcing production. The venture targets sectors such as automotive and industrial energy. L&amp;T&#39;s investment aligns with India&#39;s push for local semiconductor capacity and government subsidies. The company plans to release 15 chip designs by year-end, with sales starting in 2027. India has also been collaborating with other nations to further its semiconductor manufacturing capabilities. It has existing agreements with United States, UK, Japan, Singapore etc. As on date, the government has approved projects worth INR 1.5 lakh crore.

L&T to invest USD 300 million in chip design venture

India is expected to house 2,100-2,200 Global Capability Centres (GCCs) by 2030, creating up to 2.8 million jobs, according to a Zinnov-Nasscom report. Currently, India hosts 1,700 GCCs employing 1.9 million professionals. The market is projected to grow to by USD 99-105 billion by 2030, with GCCs transforming into innovation hubs, driving local growth, and supporting global digital transformation initiatives across various sectors. India&#39;s GCCs&rsquo; revenue has surged to USD 64.6 billion in FY24 in export revenue&mdash;up over 40% from USD 46 billion in FY23.

India set to host 2,200 global capability centres by 2030

Investments into the hospitality sector have reached USD 93 million between January to June 2024, as per a report by JLL Hotel Investment Trends &ndash; India H1 2024. Listed companies contributed 44% of the transaction volume. Report has projected that the full year investment volumes for the year will reach USD 413 billion which is a 22% rise from 2023. The first half of 2024 saw six hotel deals being completed in the sector including leisure markets and land leases for greenfield development. The upscale segment led with 44% of the total transactions, while Tier-I markets like Mumbai and Hyderabad accounted for 78% of the expected transaction volumes.

India’s hospitality sector receives USD 93 million investments in H1 2024

India&rsquo;s services sector has been witnessing steady demand as per report by HSBC India Services Purchasing Managers Index (PMI). India&rsquo;s purchasing managers index (PMI) has risen to 60.9 in August up from July 60.3, marking the strongest expansion in five months. This marks the 37th consecutive month of expansion for the sector, reflecting sustained economic momentum.

India’s service sector achieves a five-month high in August

The Indian Government has given its consent from a foreign direct investment (FDI) to the merger between two aviation carriers Air India and Vistara by approving an investment of USD 276 million by Singapore Airlines Ltd. Th This move will finalize the operational merger by year-end, with Singapore Airlines holding a 25.1% stake in the combined carrier. The merger gives Singapore Airlines greater access to India&#39;s booming travel market, expanding its reach beyond its home base amidst global industry consolidation.

Indian Government approves investment of USD 276 million by Singapore Airlines in Air India – Vistara merger

Amid the concerns over increased artificial intelligence infrastructure costs and rising recession risks, market values of major tech firms declined in August. Out of the major firms, Alphabet Inc&#39;s has lost 4.7% of its market value because of a slowdown in YouTube&#39;s advertising sales, and Amazon.com Inc&#39;s market value declined 4.5% due to a decrease in online sales. Tesla&#39;s capitalisation fell 7.7% and Nvidia&#39;s market value declined by 7.7% to USD 2.92 trillion. Meanwhile, Meta rose 10% with strong digital ad revenue growth.

Market values of US tech firms decline in August

India&rsquo;s semiconductor chip sector is set to rise to USD 100 billion by 2030 and 60% of country&rsquo;s demand by 2032 will emanate from chips which are smaller than 10 nanometers, according to a study by Indian Electronics and Semiconductor Association. This report specifies that the demand for cutting edge technology in India is set to grow and contribute to India&rsquo;s emergence as a semiconductor powerhouse. Recently, the Indian cabinet approved a proposal for setting up a semiconductor unit in Sanand with an investment of INR 3,307 crore (USD 394.15 million). This semiconductor unit will constitute as the fifth one to be set up in India.

India’s semiconductor chip demand to reach USD 100 billion by 2030

Fitch Ratings reaffirmed the U.S. sovereign credit rating at &lsquo;AA+&rsquo; with a stable outlook, citing strengths like high per capita income and the U.S. dollar&#39;s financial flexibility. However, the agency flagged concerns over escalating debt and political polarization, noting governance issues and fiscal deficits. Fitch anticipates slower economic growth, projecting a 2.1% growth rate in 2024 and a debt-to-GDP ratio of 124.4% by 2026.

Fitch Ratings reaffirms U.S. credit rating at AA+

As per a white paper released by China&#39;s State Council Information Office, China has become the world&#39;s largest investor in energy transition, as the country&#39;s investment in energy transition reached USD 676 billion in 2023. The paper highlighted China&#39;s innovations in new energy technology, reducing wind and solar power costs globally. China&rsquo;s green energy exports helped cut 810 million tons of CO2 last year, positioning the nation as a key driver in the global shift to renewable energy.

China’s investment in energy transition reaches record USD 676 billion in 2023

The Japanese Government has upgraded its economic outlook for the first time in 15 months, citing signs of improved consumption. As per the monthly economic report of the Cabinet Office for August, helped by easing supply chain disruptions and increased household income, the Japanese economy is recovering at a moderate pace and expanding by a much faster-than-expected 3.1% annualised rate in the second quarter.

Japan upgrades its economic assessment for first time in 15 months

According to a joint report issued by industry consultants J.D. Power and GlobalData, partly boosted by the Labor Day weekend, new vehicle sales in the US are estimated to rise by 4% in comparison to August 2023, which is inclusive of both, retail and non-retail transactions. Sales are projected to reach 1.44 million units. Average transaction prices have decreased to USD 44,039, while dealer profits per unit have fallen 33% from the previous year.

U.S. new vehicle sales set to rise over 4% in August, driven by holiday boost

Indian startups have witnessed remarkable 42% increase in venture capital (VC) funding from January to July 2024, raising USD 6.3 billion across 672 deals, as per the data published by analytics firm GlobalData . The massive growth, despite a modest rise in deal volume, was driven majorly by investments like Zepto&rsquo;s USD 665 million funding. The surge highlights India&rsquo;s resilience and growing importance in the global startup ecosystem despite cautious investor sentiment.

Startup funding grows by 42% between January to July 2024

As reported by the National Bureau of Statistics, total profits of China&rsquo;s industrial firms have reached USD 575.1 billion in the first seven months of 2024, with revenues of USD 2.81 million. There is an increase of 3.6% year-on-year in profits during the first seven months of the year with slight improvement in the growth rate. In July alone, the profits rose by 4.1% as compared to the same period in 2023.

China’s industrial companies' profits increases by 3.6% y-o-y in first 7 months of 2024

Indian delegation from the Ministry of External Affairs visited the Maldives in order to further their intention to cooperate on development projects. The Indian government has decided to collaborate on various projects including 6 high impact projects for capacity building, security, digital cooperation and development partnership.

India and Maldives enter into an arrangement for development of projects

India and Singapore have entered into various MoUs in order to enhance cooperation between the two countries in the field of digital development, health, electronics, and skill development, during Indian Prime Minister&rsquo;s visit to Singapore. . The agreements focus on collaboration in cutting-edge technologies, healthcare innovation, semiconductor manufacturing, and vocational training Singapore has also been a major source of foreign direct investment (FDI) into India. The cumulative inflow of FDI into India between the period from April 2000 to March 2024 is USD 159.94 billion.

India and Singapore enter MoUs in healthcare, education, digital and semiconductor sectors

As per the notice jointly issued by the National Development and Reform Commission and the National Energy Administration, China has issued guidelines for medium- and long-term green power trading, which is a market-based approach to promote green electricity consumption, which will be helpful in shifting away from a reliance on subsidies. The guidelines lay out a price mechanism under which green power prices will be determined by the electricity price plus the price of green certificates, according to the notice.

China issues guidelines for green power trading

Electronics manufacturing giant Foxconn is plans to invest INR 1200 crore (USD 144 million) into its manufacturing plant situated in Dodda Ballapur in India. This move will create 40,000 jobs and this will be the second largest Foxconn plant after the one situated at China. Foxconn Singapore has already infused 13,800 crore in its Karnataka unit for its upcoming mobile manufacturing unit.

Foxconn to invest INR 1200 crore in its manufacturing plant in India

Engineering and construction giant Larsen and Toubro have secured an order under the Navi Mumbai Airport Influence Notified Area (NAINA) Project. The project awarded by City and Industrial Development Corporation Limited (CIDCO) in Maharashtra is an integrated infrastructure development project in town planning schemes. The project also involves utility works and allied electrical works.

Transportation infrastructure vertical of Larsen and Turbo secures infrastructure development order in Maharashtra

India and Malaysia have upgraded their relationship to a Comprehensive Strategic Partnership during talks between Prime Minister Narendra Modi and Malaysian Prime Minister Anwar Ibrahim. They inked eight agreements, including a pact on recruitment and protection of Indian workers in Malaysia. Discussions covered trade, investment, defence, and technological cooperation, with a focus on sectors like AI, fintech, and digital payments. Both sides emphasized ASEAN collaboration and peaceful resolution of disputes.

India and Malaysia enter a comprehensive strategic partnership

As per media reports, France based sports retailer, Decathlon, has expressed its intention to invest 100 million Euros (USD 111 million) in India over the next five years to expand its store count and boost local manufacturing. The company is expecting to expand its network of 110 stores to 190 and aiming to have 85% of its products locally made by 2026. The Indian market is projected to become one of its top five globally, driven by growing fitness and lifestyle trends.

Sports retailer Decathlon to invest 100 million euros in India’s retail sector

S Somnath, Chairman of the Indian Space Research Organisation (ISRO) expects an increase in the share of space research and development in India&rsquo;s economy from USD 9 billion to 45 billion in the next ten years. This will increase India&rsquo;s global space economy share from 2% to 10% This is a part of a 25-year vision of the ISRO which aligns with India&rsquo;s mission to land on the moon and includes setting up human space stations.

India targets 10% share in the global space economy in 10 years

The major regulatory developments, corporate litigation updates, major business developments in the region and other global developments.

LKS Test Video 4 for Newsletter

LKS Test Video 3 for Newsletter

The European Union and China have begun discussions to facilitate cross-border data flows under a new system designed to simplify international transfers of non-personal data for European businesses. This mechanism aims to ensure compliance with Chinese data laws, which is crucial for sectors like finance, pharmaceuticals, and ICT. The initiative follows EU concerns over China&#39;s complex and unclear data regulations.

EU and China initiate discussion to facilitate cross-border data flow

As per media reports, South Korea&#39;s factory activity accelerated in August due to speedy expansion in its output in spite of a slowdown in overseas demand. The purchasing managers index (PMI) for manufacturers compiled by S&amp;P Global, reached 51.9 in August on a seasonally adjusted basis, as compared to 51.4 in July. This marks the fourth consecutive month of expansion, driven by the fastest output growth in over three years.

South Korea's factory output expands at fastest pace in August

As per news reports, the downturn in the manufacturing sector in Germany accelerates in August as its HCOB final Purchasing Managers&#39; Index (PMI) has declined to 42.4 in August from 43.2 in July. Reduction in new orders in August was the main reason behind the steeper drop. Cyrus de la Rubia, chief economist at Hamburg Commercial Bank, has stated that August saw an even steeper drop which has weakened optimism among producers as hopes for a swift recovery dimmed.

Slump in German manufacturing sector continues in August

In its draft budget proposal, Brazil&#39;s Government has forecasted economic growth of 2.6% and inflation of 3.3% for the year 2025. It is also expected that the central government, comprising the Treasury, central bank, and social security, will have a zero primary deficit in 2025.

Brazil's Government forecasts 2.6% growth in GDP in 2025

As per the official factory survey, China&#39;s manufacturing sector dropped to a six-month low in August, with the official Purchasing Managers&#39; Index (PMI) slipping to 49.1. This marks its fourth consecutive decline, raising expectations for new stimulus targeting households. In contrast, the non-manufacturing PMI edged up to 50.3. Despite easing COVID-19 restrictions, China&#39;s economic recovery remains slow, with property sector struggles and weak consumer spending continuing to dampen growth.. However, the non-manufacturing PMI slightly improved to 50.3 from 50.2.

China's August manufacturing declines to a six-month low at 49.1 PMI

Issue 35 (Sep 01, 2024 - Sep 15, 2024)

As per the Ministerial Decision No. 435/2024 issued by the Ministry of Commerce, Industry, and Investment Promotion, Oman has banned foreign investment in 28 new activities, totaling 123, limiting the same for Omani investors only. Newly restricted sectors include traditional handicrafts and various service industries.. This decision aligns with Article 14 of the Foreign Capital Investment Law and aims to bolster local entrepreneurship and job creation.

Oman prohibits foreign investment in 28 new activities

Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE, and Ruler of Dubai, has announced the adoption of a new national strategy for combating money laundering, terrorism financing and arms proliferation in Dubai. The strategy aims to enhance oversight of financial institutions and virtual asset providers, reinforcing governance and transparency. The Cabinet also reviewed 2023 financial statistics, approved the restructuring of trade negotiations and set the agenda for the UAE&#39;s annual meetings in November 2024, focusing on family, national identity and AI.

UAE adopts new national strategy to combat money laundering, terrorism financing

Saudi Arabia&#39;s e-commerce sector is experiencing significant growth as venture capital funding in e-commerce start-ups has reached USD 426.7 million in 2023, as per the official data provided in the report issued by the Small and Medium Enterprises General Authority. E-commerce platform users are expected to reach 34.5 million by next year, reflecting a 42% increase in 6 years. The sector is expected to contribute 12% to Saudi Arabia&rsquo;s GDP by 2025. Initiatives under Vision 2030, such as the establishment of the E-Commerce Council, are propelling advancements in financial technology and logistics, positioning the Kingdom as a regional e-commerce hub.

Saudi e-commerce sector investment passes USD 426 million last year, experiencing remarkable growth

As per the 2024 report released by the National Cybersecurity Authority, Saudi&#39;s cybersecurity market has shown remarkable growth by reaching USD 3.5 billion in 2024, with the private sector contributing 69% and government spending accounting for 31%. The sector added 0.39% to the Kingdom&#39;s GDP and 0.81% to its non-oil GDP. According to the National Cybersecurity Authority, the market comprises 353 registered providers, including 11 large firms and 273 small businesses, showcasing the sector&#39;s pivotal role in the nation&#39;s economic growth.

Saudi Arabia's cybersecurity market reaches USD 3.5 billion in 2023

As per news reports, the UAE non-oil foreign trade has grown over 11.2% year-on-year and reached a record high of USD 381.17 billion (AED 1.4 trillion) in the first half of 2024. He stated that Dubai&rsquo;s foreign trade is nearing AED 1.4 trillion in the last six months, with a 25% growth in non-oil exports and it is targeted to achieve AED 3 trillion in non-oil foreign trade by the end of 2024.

UAE non-oil trade reaches AED 1.4 trillion in H1 2024

As per the market report, the Dubai real estate market is experiencing remarkable growth in short-term rentals, which is transforming the real sector of the region. The short-term rental bookings have increased by 30%, resulting in an increase of investor returns by 20%, which is much more than the returns from conventional long-term leases and offer an average annual yield of 7%. As per the report, Business Bay, Arjan, Jumeirah Village Circle, Downtown Dubai, Palm Jumeirah, and DAMAC Hills are the popular choices of short-term rentals.

Dubai real estate sector sees boom with short term rental; demand rises by 30%

GCC investors are increasingly investing in the U.K. due to lower interest rates and reduced property prices. According to BLME, 87% of GCC investors were influenced by falling rates in 2024. Saudi interest is particularly strong in branded residences. Out of total Saudi investors, 75% are considering investing in Birmingham or Manchester. The U.K.&rsquo;s visa waiver for GCC nationals further facilitates investments, contributing to a projected USD 3.19 billion influx in 2024.

GCC investors target U.K. real estate amid favourable market conditions

Global sales of fully electric vehicles (EVs) and plug-in hybrid vehicles (PHEVs) have increased by 21% year-on-year in July, as per the data collected by market research firm Rho Motion. Global sales of EVs reached USD 1.35 million in July, of which USD 0.88 million were in China, where they were up by 31% year-on-year. PHEVs sales in China in the first seven months of 2024 were up by 70%. However, in Europe, monthly sales were down by 7.8% in July year-on-year and dropped by 12% in Germany in the last seven months of 2024. In the United States and Canada, sales were up by 7.1% in July.

Global sales of EVs increases globally by 21% annually in July

As per media reports, South Korea and Malaysia have restarted negotiations for a bilateral Free Trade Agreement (FTA) after a four-year pause since 2019. The fourth round of discussions, taking place in Kuala Lumpur, aims to boost trade and investment in services, digital, and green industries. This agreement is expected to deepen South Korea&#39;s economic relations with Malaysia, supplementing its existing FTA with ASEAN.

Korea and Malaysia resume FTA talks after four-year hiatus

Global corporate funding in the energy storage sector has grown by USD 15.4 billion in the first half of 2024 which is a 117% increase from the USD 7.1 billion in H1 2023, according to US based clear energy consulting firm Mercom Capital. The investments into the sector include venture capital funding, debt financing and public market financing. The rise, driven by robust Q1 investments, includes USD 2.4 billion in VC funding and USD 13 billion in debt and public market financing. Lithium-ion batteries led VC investments, while M&amp;A transactions grew to 14 from 8 last year.

Global corporate funding for energy storage sector double to USD 15.4 billion in H1 2024

As per the Commerce Department&#39;s Census Bureau, business inventories in the United States have increased marginally by 0.3% in June after increasing by 0.5% in May. On a year-on-year basis, inventories increased by 2.1% in June, wherein private inventory investment contributed 0.82 percentage points to the economy&#39;s 2.8% annual growth in Q2 of 2024. Retail inventories surged by 0.9% in June and wholesale inventories increased by 0.2%. However, business sales fell 0.1%.

United States business inventories rise 0.3% in June

China&#39;s industrial output has grown by 5.1% in July 2024, marking a slowdown for the third consecutive month as the economy loses momentum. The output stood at 5.3% in June 2024. &nbsp;Meanwhile, retail sales have risen by 2.7%, boosted by consumer-focused stimulus measures. Despite this, challenges persist, particularly in the real estate sector. Analysts urge policymakers to intensify support for consumers to stabilize the world&#39;s second-largest economy.

China's industrial output declines; retail sales shows upward trends

Japan&#39;s economy has rebounded from slump at a much faster-than-expected annualized rate of 3.1% in the Q2 of 2024. As per the government data, the increase in gross domestic product (GDP) compared with a median market forecast for a 2.1% gain and followed an upwardly revised 2.3% contraction in the first quarter, leading to a quarterly rise of 0.8%, which is more than the forecasted 0.5%.&nbsp;

Japan's economy expands by 3.1% in Q2 2024

Singapore&#39;s overall exports have shown upward trends as July&rsquo;s non-oil domestic exports (NODX) increased by 15.7% year-on-year, which is far more than Bloomberg&rsquo;s median forecast of 1.2%. The electronics NODX expanded 16.5% year-on-year in July, while the non-electronics NODX escalated by 15.5% year-on-year. The top contributors to non-electronic NODX exports are non-monetary gold, petrochemicals and specialized machinery, which have grown 260.3%, 28.1% and 8.0%, respectively.

Singapore's exports surpasses Bloomberg's median forecast

The United States (US) utilities are signing a number of supply deals with data-center operators amid a boom in artificial intelligence (AI). As per the Goldman Sachs report, by 2023, data centers are expected to account for 8% of the total power generated in the US, compared to 3% in 2022.&nbsp;

US utilities signal increase in demand from data centers amid boom in AI

Economic sentiment in Germany weakened amid slump in the global economy. The ZEW Indicator of Economic Sentiment, which tracks economic expectations for the next six months, fell to 19.2 in August, dropping by 22.6 points in a month, which is much less than the forecasted 29.0.

German economic expectations slowdown in August due to global economic deterioration

As per the data shared by the economists, retail sales in the United States (US) increased by 1% in July, leading to a core gain of 0.3%. Also, as per the Labour Department, initial claims for state unemployment benefits dropped from 7,000 to a seasonally adjusted 227,000 in the first 10 days of August.

US retail sales jump up in July; unemployment claims lower last week

India and the United States (US) have entered into a &quot;landmark&quot; agreement aiming to provide a framework to explore cooperation in the micro, small and medium enterprises (MSME) sector by both countries and foster trade between the MSMEs.

India and US sign MoU to boost MSME sector

As per the S&amp;P Global M&amp;A and Equity Offerings Report for second quarter 2024, there has been a significant increase in the total transaction value of global mergers and acquisitions during the first half of 2024, which has risen by 11.7 percent to USD 1.221 trillion as compared to the same period in 2023. However, the number of deals decreased by 12.9 percent, with 19,415 transactions.

Global M&A value rises despite decline in deal volumes in H1 2024: S&P Global

As per the media reports, many large and mid-sized Information Technology (IT) companies, including Tata Consultancy Services (TCS), HCL Tech, Infosys and Wipro are experiencing a slump in revenue from Europe during the second quarter of 2024 due to volatile market conditions, short-notice decision-making by customers, and a slowdown in large deals, especially in the manufacturing sector. As per the analysis, TCS, Infosys and Wipro each reported a 20-basis point (bps) decline. However, HCL Tech experienced a 100 bps fall in European revenue.

IT companies experiences drop in revenue from Europe in Q2 2024

The Emirate of Fujairah has signed a pact with the Egyptian government in the petroleum sector in the form of a Memorandum of Understanding (MoU) with the aim of taking leverage from the integrated system in the Fujairah Oil Industry Zone and replicating it at Egypt&rsquo;s Al Hamra Petroleum Port on the Mediterranean coast.

Fujairah and Egypt sign MOU in petroleum sector

The Competition and Markets Authority (CMA) has started a probe into Amazon&#39;s (AMZN.O) Artificial Intelligence (AI) partnership with Anthropic to evaluate whether the collaboration raised any competition concerns. The Phase 1 decision to either refer the AI focused partnership for a deeper probe or clear it of competition concerns will be completed by 4 Oct 2024.

CMA starts investigation into Amazon-Anthropic partnership

Foreign investment in Asian equities saw a sharp slowdown in July, with inflows dropping to just USD 459 million from USD 7.16 billion in June, according to LSEG data. Market volatility, weak economic data, and heavy selling in technology stocks, particularly in Taiwan and South Korea, dampened risk sentiment.&nbsp;

Foreign investment into Asian equities slowdown in July 2024

During his visit to the Maldives, External Affairs Minister S. Jaishankar signed Memorandums of understanding (MOUs)regarding the introduction of UPI in the Maldives and the capacity building of an extra 1,000 Maldivian civil officials in India were exchanged during his visit to Male. The combined inauguration of six High Impact Community Development Projects (HICDPs) with financial help from India was also carried out.

Several MOUs signed between India and Maldives

The Japanese manufacturer of kitchen appliances and personal care products, Kai Group, said that it would invest 300 million yen (approximately INR 17.17 crore) to increase the manufacturing facility&#39;s capacity in Indian state Rajasthan. The company estimates that India&rsquo;s production capacity would significantly expand due to this initiative. The manufacturing facility would be functional by the end of December 2024.

Kai Group to invest INR 17 crore to expand manufacturing facility in India

The domestic food market of India is projected to rise by more than 47% to reach USD 1,274 billion by the year 2027, according to a report backed by Danfoss India and the Confederation of Indian Industry. The report provides insights on developing trends, technology, and export opportunities helping firms to make educated decisions and capitalise on the potential of the sector. Indian state Tamil Nadu leads in the export of processed fruits, juices, and nuts in India.

India’s domestic food market likely to grow by over 47% by 2027

To support rural income, the Uttar Pradesh government is planning to introduce INR 4,000 crore farm business and entrepreneurship project, supported by the World Bank. The government also intends to build a digital platform for the agriculture industry, support farmers in using the carbon credit market to supplement their income and invest in high-yielding seed varieties and farm infrastructure.

Indian state Uttar Pradesh set to launch INR 4,000 crore agriculture business project

Inflows of foreign direct investment into the industrial sector in India increased by 69% to reach 165.1 billion between 2014 and 2024, up from USD 97.7 billion in the prior decade. Minister of State for Commerce and Industry Jitin Prasada emphasized India&rsquo;s growing appeal for foreign investors. Additionally, mobile phone imports have drastically dropped, while exports soared to INR 1,28,982 crore in 2023-24, driven by government initiatives to boost domestic manufacturing.

Indian FDI in manufacturing rises by 69% during 2014-24

The Chief Minister of the state of Madhya Pradesh states that the contribution of Madhya Pradesh to India&rsquo;s GDP shall rise to 5% from the present 4%. Madhya Pradesh is set to launch missions for empowerment of women, farmers, the poor and the youth. The state has offered greater employment opportunities and has set up more than 60 industrial units with investment of INR 10,000 crore.

Indian State Madhya Pradesh to contribute to India’s GDP

Delhi &ndash; NCR&rsquo;s real estate market has witnessed a significant rise in private equity investment, driven by high demand for prime office space and luxury housing as per a report by international property consultants Cushman and Wakefield. The national capital has attracted USD 633.3 million inflows of investment in the first six months of the calendar year 2024. &nbsp;Office assets garnered USD483.6 million, while the residential sector received USD149.6 million. Total real estate investment across six major cities stood at USD 3.9 billion, including Bengaluru and Hyderabad,, reflecting robust investor confidence in India&rsquo;s growing real estate market.

Indian state, Delhi receives inflow of USD 633.3 million in real estate investment in Jan-Jun 2024

The Road and Highways Minister Nitin Gadkari has highlighted that India&rsquo;s automotive industry has surged to INR 2 trillion in 3-4 months and has surpassed Japan to become third largest automobile industry globally. The sector has created an aggregate of 45 million jobs and is on the verge of becoming a global leader.

India surges to third in auto industry globally

As per the Indian Prime Minister Narendra Modi, India&rsquo;s space sector is key to bringing in private players into India and has also resulted in a startup boom. As per media reports, the policies of the Indian Government are targeting the sectors growth from USD 8.4 billion to USD 44 billion 2033. The Government is expecting an additional investment of USD 22 billion in the space sector. As ISRO prepares for various key missions, PM noted the long-term impact of government policies in driving innovation and development in space technology, positioning India as a key player globally.

India’s space sector key driver for India’s growth: Indian PM

The telecom sector of India has witnessed an 8.24% growth in adjusted gross revenue to reach INR 2.7 trillion as per data released by Telecom Regulatory Authority of India. The gross revenue of telecom service providers has also increased by 0.71% to reach INR 3.36 trillion in FY24.

India’s telecom sector witnesses increase in adjusted gross revenue by 8.24% in FY24

The developers and non-developers (such as private equity players and non-banking financial companies) in the Indian real estate sector have displayed a moderately optimistic sentiment in the previous quarter, as per a report released by Knight Frank. The report provides that the expectations towards the sector remain strong due to fiscal policies, geopolitical events and macroeconomic developments that could have a bearing on market confidence.

Indian developer and investor sentiments in the realty sector remain moderated in April – June 2024

Indian state Uttar Pradesh has been targeting to become a global economy worth USD 1 trillion by 2027. The state will showcase its capacity specifically in the education, health, tourism,IT/ITes and others. The state is already renowned for its traditional industries.

Indian state Uttar Pradesh pitches itself as a ‘global sourcing hub’ at the international trade summit

As per media reports, Technology group, Foxconn has reportedly announced its intention to extend its operations in the electric vehicles and battery infrastructure segment in the states of Tamil Nadu and Karnataka in India. The company is also intending to expand to development of industrial parks and housing projects in Tamil Nadu.

Foxconn to expand its smartphones segment in southern states of India

The Union Cabinet of India has approved 5 infrastructure projects in India in order to bolster connectivity within cities such as Karnataka and improve air connectivity in Bihar and north west Bengal. In furtherance of its objective, the Indian Government has already approved INR 2 trillion worth infrastructure projects in order to provide connectivity to the residential and industrial areas of various Indian cities.

India’s Union Cabinet approves infrastructure projects worth INR 2 trillion

India&rsquo;s holding of US Government securities has reached USD 241.9 billion in June 2024, marking a third consecutive monthly increase. This positions India at 12th place globally, surpassing May&rsquo;s USD 237.8 billion. Japan leads with USD 1.11 trillion, followed by China at USD 780.2 billion. Other countries among the top 10 holders were Canada, Cayman Islands, Belgium, Ireland, France and Switzerland.

India’s holdings of US Government securities reach all time high

Issue 34 (Aug 16, 2024 - Aug 30, 2024)

Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, has announced that Dubai-based companies have invested USD 1.4 billion in China from 2015 to 2023. As of mid-2024, Dubai Chamber has about 5,400 Chinese firms registered, with a 12% rise in new businesses. Lootah emphasised the expanding cooperation in sectors like AI, green technologies, and infrastructure, enhancing economic ties between the UAE and China.

Dubai companies invest USD 1.4 Billion in China between 2015-23

As per a report by Goldman Sachs, Saudi Arabia will invest around USD 1 trillion by 2030 in strategic sectors of its economy, with 73% allocated to non-oil sectors, up from earlier forecasts of 66%. Key areas include clean energy, which will receive USD 235 billion, and expanding mining, aviation and logistics. Oil sector investments will decline by USD 40 billion, while natural gas remains vital. Saudi Arabia faces funding challenges, necessitating alternative financing strategies.

Saudi Arabia to shift USD 1 trillion investment focus to non-oil sector

Dubai Chambers has signed an MoU with the Industrial and Commercial Bank of China (DIFC Branch) to enhance cooperation and support businesses in Dubai and China. The agreement, marking 40 years of UAE-China diplomatic relations, aims to facilitate business setup in Dubai and strengthen bilateral trade and investment. This initiative precedes the Dubai Business Forum &ndash; China, scheduled for August 21 in Beijing.

Dubai Chambers signs MoU with Industrial and Commercial Bank of China

Dubai Chambers and China Construction Bank, DIFC Branch have signed a Memorandum of Understanding (MoU) with the aim of enhancing investment cooperation and supporting Chinese companies to expand in the Dubai market by exchanging knowledge and expertise between both countries. The agreement will expand bilateral cooperation between the countries and open new horizons for growth in diverse sectors.

Dubai Chambers and China Construction Bank inks MoU to boost trade and investment

According to media reports, the Dubai Court of First Instance, in a landmark ruling, has recognized crypto payments for salaries under employment contracts. The ruling reflects a growing acceptance of crypto and can be marked as a shift in the UAE judicial approach, as it is in contrast with a previous judgement passed by the in 2023, where a similar claim involving crypto was denied. The decision emphasizes the importance of clear contractual terms and marks a significant step in integrating digital currencies into employment agreements.

Dubai court recognises crypto payments for salaries

As per the data available with the Real Estate Registration Department at the Ministry of Justice, the volume of real estate trading in sales contracts has reached QR 111,956,851 from July 28 to August 1 and the total sales contracts for residential units reach QR 19,102,371 during the same period. The major transactions have taken place in the municipalities of Doha, Al Rayyan, Al Daayen, Al Wakrah, Umm Salal, Al Shamal, Al Khor and Al Dakhira, and the areas of The Pearl Island, Lusail 69, Al Kharaej, and Al Dafna 60.

Volume of real estate trading in Qatar reaches QR 247 million in week

Amazon has signed a Memorandum of Understanding (MoU) with Sharjah Publishing City Free Zone (SPC Free Zone) to enhance e-commerce in UAE with a target to achieve 100,000 businesses on its platform by 2026. The collaboration aims to support SPC Free Zone members including publishers, entrepreneurs, and SMEs in expanding their businesses by providing online retail channels and extensive resources including tools, services, programs, and expertise, which allow them to navigate the digital economy and reach large number of customers on Amazon.

Amazon signs MOU with SPC Free Zone to enhance e-commerce in region

As per the EY MENA IPO Eye Q2 2024 report, the Middle East and North Africa (MENA) region saw 14 initial public offerings (IPOs) in Q2 of 2024, raising USD 2.64 billion up from 13 listings in the same period last year. Saudi Arabia led the region&rsquo;s IPO activity with 11 listings, including Dr Soliman Abdul Kader Fakeeh Hospital&#39;s USD 764 million raise. Kuwait saw its first IPO since 2019, with Beyout Investment Group (BIG) Holding raising USD 147 million on the Kuwait Stock Exchange. Despite global challenges, the MENA IPO market showed resilience.

MENA IPO activity soars in Q2 2024

As per the Organisation of the Petroleum Exporting Countries (OPEC), the UAE&#39;s economy has demonstrated robust growth due to its strong and international economic activities. The growth is primarily contributed by its non-oil sectors, such as real estate, tourism, and manufacturing, with a slight uptick in housing, water, electricity, gas, and other fuel costs, which make up over 40 percent of the Consumer Price Index (CPI).

UAE shows robust economic growth in its non-oil sectors

The National ICV Program introduced by the Ministry of Industry and Advanced Technology has witnessed a remarkable growth of 40 percent in the number of Emiratis working in companies that obtained the program certificate in the first half of 2024, which is around 19,000. However, the number of companies that obtained national ICV certificates increased to 6,500 during the said period. The Ministry has expanded the program&rsquo;s scope to include 31 federal and local government entities and several major national companies in the UAE.

National ICV Program of UAE redirects over AED 48 billion in economy during first half

DMCC, Dubai&#39;s flagship free zone, has reported significant growth in H1 2024, adding 1,023 new member companies, reaching nearly 25,000 in total. Now accounting for 15% of Dubai&rsquo;s FDI, up from 11% last year, DMCC continues to bolster the emirate&rsquo;s GDP. Out of total newly registered companies, 226 are from the technology sector including 14 gaming and 9 artificial intelligence companies. DMCC Crypto Centre also onboarded 64 new companies, including seven virtual asset service providers and 159 energy companies. In addition, 140 companies from the financial sector were also registered.

DMCC records 1,023 new member companies, accounts for 15% of total FDI in Dubai

Saudi Arabia has revised its investment law with the aim of improving transparency and ease of business operations for investors by integrating existing investor rights and freedoms into a unified framework. The reforms eliminate foreign investor licenses in favor of a streamlined registration process and dedicated service centers. The law also aims to provide investors with access to advanced dispute resolution mechanisms through the Saudi Arbitration Center and other affiliated entities. The updated investment law, effective early 2025, also guarantees the rule of law and fair treatment, reflecting the Kingdom&rsquo;s commitment to attracting over USD 100 billion in annual foreign direct investment by 2030 as part of its economic diversification efforts.

Saudi Arabia revises its investment law to attract foreign investors

The UAE and Colombia are targeting to increase the trade volumes between both nations to USD 1 billion through ratifying agreements. The countries witnessed an approximate increase of 40 percent in non-oil bilateral trade between the countries in 2023 as compared to 2022.

UAE and Colombia targets growth in trade volume to USD 1 billion over next 5 years

Dubai&rsquo;s off-plan property sector surged in July 2024, accounting for 60% of all property transactions, up from 49% in July 2023. This increase aligns with Dubai&#39;s booming tourism, which saw 9 million visitors in the first half of 2024. Leading developers like Emaar and Sobha Group drove this growth, with average off-plan prices at AED 1,849,251 million for apartments, AED 3,003,618 million for townhouses, and AED 6,547,782 million for villas.

Dubai’s off-plan property market surges, making 60% of all property transactions in the city

Qatar&#39;s hospitality market is on an upswing, with the hotel sector projected to hit USD 0.53 billion (QR1.94 billion) in 2024, according to Statista report. The market is expected to see a compound annual growth rate (CAGR) of 2.85%, reaching USD 0.61 billion in the upcoming 5 years. Analysts anticipate robust occupancy rates and a user base of 1.2 million by 2029, with 87% of revenue driven by online sales.

Qatar's hotel sector set to reach USD 0.53 billion in 2024

As per the recent data from the Arab Investment and Export Credit Guarantee Corp., also known as Dhaman, Arab countries have attracted USD 406 billion in investments in the oil and gas sector from 356 foreign and regional companies in the last 22 years. The United States led in project numbers with 85 projects representing approximately 14% of the total. So far as investment value is concerned, Russia contributed the most with USD 61.5 billion, 15.2% of the total investment. In total, 610 projects were executed during the period from January 2003 to May 2024.

Investment in oil and gas sector in Arab countries attracts USD 406 billion in over two decades

The U.K. private sector &nbsp;saw&nbsp; a solid growth in July, with the S&amp;P Global Flash UK PMI Composite Output Index rising from 52.3 to 52.7. New business surged, driving the fastest job growth in 13 months. Manufacturing output rebounded, marking the strongest rise since February 2022. The service sector also experienced faster growth. Business confidence strengthened, and inflation slowed to its weakest since February 2021.

U.K. private sector growth accelerates in July 2024

The Eurozone&#39;s GDP has risen by 0.3% in Q2 2024, exceeding the 0.2% growth forecasted by economists, according to EU&#39;s statistical agency. This marks a continuation from the 0.3% growth in Q1. Despite Germany&#39;s unexpected 0.1% contraction, the region shows cautious recovery signs. Ireland led with 1.2% growth, while France saw a 0.3% increase. Upcoming inflation data and ECB policy decisions will shape future economic trajectories.

Eurozone GDP rises by 0.3%, surpasses growth expectations

The People Bank of China, as an initiative to strengthen its slowing economy, has slashed its one-year medium-term loan rate at 20 basis points to 2.3% and doubled the subsidies on electric vehicles (EVs) purchased to replace older cars. Meanwhile, major state-run banks cut deposit rates, to relieve pressure on their finances, reducing the rate paid on one-year fixed deposits by 10 basis points to 1.35%, the official Xinhua News Agency reported, citing official rates released by the country&#39;s &quot;Big Four&quot; banks, i.e., Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China and China Construction Bank.

China cuts key policy rate and doubles subsidies for EV

European Union (EU) and Singapore have concluded negotiations on the European Union (EU)-Singapore Digital Trade Agreement (EUSDTA) to boost EU-Singapore trade relations, as reported in the European Commission&rsquo;s press release dated 25 July 2024. This deal is the&nbsp;first EU agreement of its kind, reflecting the EU&#39;s aspiration to be a global standard-setter for digital trade rules and cross-border data flows. The EUSDTA will boost trade relations between both parties by facilitating digitally enabled trade in goods and services, ensuring cross-border data flows free of unjustified barriers, enhancing trust in digital trade, including through strong rules on spam.

EU and Singapore conclude negotiations for Digital Trade Agreement

According to an initial estimate from the Commerce Department, the US economy has grown at a rate higher than the expected rate of 2.1% in the second quarter of 2024, with its real gross domestic product (GDP) increasing at a 2.8% annualised pace. The main reason for this boost is strong consumer spending, which has increased at a rate of 2.3% of the quarter and the government spending, which rose d at a &nbsp;pace of 3.9% at the federal level, including a 5.2% surge in defence outlays and inventory build, adding 0.82 percentage points to the total gain. On the downside, the personal savings rate continues to decelerate, at 3.5% for the quarter, compared with 3.8% in Q1.

US GDP increases 2.8% in the Q2 2024, more than forecasted pace

Spain&#39;s antitrust regulator, CNMC, has opened an investigation into possible anti-competitive behavior by Apple&#39;s&nbsp;App Store. The CNMC said that Apple may have imposed unequal commercial conditions on developers of mobile applications sold at its app marketplace. As per the statement released by the regulator, the alleged practices could be considered a very serious violation of competition law and could carry a fine worth as much as 10% of the company&#39;s global revenues.

Spain's antitrust watchdog opens probe into Apple's app store

According to private-sector survey, China&#39;s services activity has expanded in July as the Caixin/S&amp;P Global services purchasing managers&#39; index (PMI) rose &nbsp;to &nbsp;to 52.1 in July as compared to 51.2 in June. However, the momentum of overseas demand has decreased, with a decline in retail sales, capital market services and real estate service industries.

China's services activity accelerates, but external demand shrinks

China Evergrande&#39;s electric vehicle group announced that two subsidiaries have been ordered by a Chinese court to enter bankruptcy and reorganization. This decision, following filings by creditors, caused the EV group&#39;s shares to plummet by 7.9%. The ruling impacts ongoing negotiations between Evergrande&#39;s liquidators and potential buyers. A creditor meeting is scheduled for October 22 at the Guangzhou Intermediate People&#39;s Court to discuss the reorganisation.

China Evergrande's EV units ordered to enter bankruptcy

The Finance Minister of Indonesia has indicated that the country&#39;s economic growth may be slow slightly to 5% in the second quarter of 202,down from the 5.11% annual expansion in the first quarter. She also&nbsp; stated that the expected economic growth of the country for the year 2024 is to be in the range of 5% to 5.2%.

Indonesia economic growth slows down to 5% in Quarter 2 of 2024

As per the poll conducted by Reuters, Japan&#39;s economy is expected to recover &nbsp;in the second quarter of 2024 with real gross domestic product (GDP) likely to grow by 2.1% in April-June, rebounding from a 2.9% contraction in the first quarter.

Reuters Poll: Japan's economy expected to revive in second quarter of 2024

In Q2 2024, seasonally adjusted GDP has increased by 0.3% in both the euro area and the EU, mirroring Q1 2024 growth, according to Eurostat. Year-on-year, GDP rose by 0.6% in the euro area and 0.7% in the EU. Ireland led with a 1.2% quarterly increase, while Latvia saw the largest decline at -1.1%. Eight countries experienced positive year-on-year growth rates, and three saw declines.

Euro Area and EU GDP grow by 0.3% in Q2 2024

In July, South Korea&#39;s exports rose for the tenth consecutive month in a row, driven by strong semiconductor demand. The Ministry of Trade, Industry, and Energy reported &nbsp;a 13.9% year-over-year increase, reaching $USD 57.4 billion. Imports climbed 10.5% to USD 53.8 billion, yielding a USD 3.62 billion trade surplus, the 14th consecutive month in the black. Semiconductor exports soared 50.4%, with shipments to China reaching a 21-month peak.

South Korea’s export growth extends for tenth month

As per news reports, the US Commerce Department is planning to ban Chinese software in autonomous and connected vehicles, particularly &nbsp;those with Level 3 automation and above. The proposed rule will also bar vehicles with Chinese-developed wireless communication modules from operating on US roads. Automakers will be required &nbsp;to verify their software is not &nbsp;developed by foreign entities of concern, including those from China, to address national security risks associated with connected technologies. Once operationalized, this will follow the existing restrictions on certain Chinese technologies due to national security concerns.

US to propose ban on Chinese software in self-driving cars

As per news reports, Germany has recorded 30,762 electric vehicles (EV) registrations in July 2024, a 37% decrease from July 2023. The EV market share fell to around 12.9%, down from 20% a year ago, following subsidy cuts. This decline has raised concerns among automakers and suppliers about their investments in electrification. Other countries, including Sweden and Switzerland, also experienced reduced EV sales, reflecting broader market challenges.

Germany's EV registrations drop 37% amid subsidy cuts

According to the survey, the growth in euro zone business activity stalled in July due to a downturn in the manufacturing sector. HCOB&#39;s composite Purchasing Managers&#39; Index (PMI) for the currency union, compiled by S&amp;P Global, has shown that overall economic health fell to 50.2 in July, down from 50.9 in June.