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Beyond

PM Modi pushes BRICS to shape new global order

Prime Minister Narendra Modi has called for a new and ambitious agenda for BRICS for the next 20 years, saying the grouping must strengthen its own functioning while also pushing for reforms in global institutions. His remarks came as leaders of the expanded bloc gathered in New Delhi for the 18th BRICS Summit amid growing trade tensions, geopolitical conflicts and disruptions to global supply chains.

Opening the summit on Saturday, Modi said BRICS had reached a “coming of age” moment after two decades. He said the next phase should begin by improving the way the grouping functions and should run alongside a clear roadmap for reforming global institutions.

The economic weight behind that message is significant. PM Modi has said BRICS countries now account for around 50% of the world’s population, about 40% of global GDP and roughly 25% of international trade. The bloc has expanded well beyond its original members and now includes Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Indonesia, Iran and the UAE.

India wants that economic scale to translate into stronger business opportunities. At the BRICS Business Forum, PM Modi proposed a three-part agenda: identifying and removing the bloc’s top 10 trade barriers, helping 100 startups expand into other BRICS markets every year and creating 1,000 new business partnerships annually. He also called for regular reviews to track progress.

The proposals come at a time when global companies are dealing with tariffs, geopolitical tensions and increasingly fragile supply chains. PM Modi has argued that BRICS can use its combined market size to create more predictable conditions for trade and investment.

Trade facilitation has therefore emerged as one of India’s key priorities. Commerce and Industry Minister Piyush Goyal has urged BRICS members and partner countries to open markets, simplify regulations and strengthen cooperation in sectors ranging from agriculture and pharmaceuticals to engineering, electronics, automobiles, services, startups and emerging technologies.

Payment connectivity is another important part of the economic agenda. India is pushing for BRICS countries to link payment systems and promote greater use of national currencies in bilateral trade. The objective is to make cross-border transactions faster and cheaper while reducing some of the costs associated with currency conversion.

India’s Unified Payments Interface, or UPI, has been highlighted as one possible model for digital payment cooperation. PM Modi has also pointed to India’s progress in semiconductors, biotechnology and quantum technology as areas where BRICS members could build stronger partnerships.

The bloc is also moving towards greater cooperation on startups and logistics. The proposed BRICS Incubator Network would connect startups and innovation agencies across member countries, while the Startup Innovation Fund would support early-stage businesses. A separate logistics and supply-chain cooperation framework is aimed at improving connectivity and resilience.

Supply-chain security has gained greater importance as conflicts have disrupted shipping routes and energy flows. PM Modi has called for freedom of navigation and safer sea lanes, warning that the security of international waters and seafarers is directly linked to global trade. India is also seeking greater cooperation in strategic sectors such as shipbuilding, semiconductors and biotechnology.

The geopolitical side of the summit is equally important for the business agenda. Chinese President Xi Jinping arrived in New Delhi on Saturday for his first visit to India in seven years and is scheduled to meet Modi. The two countries are attempting to stabilise relations after tensions following their 2020 border clash. Better ties could have implications for trade, investment and supply-chain links between the world’s two most populous countries.

PM Modi has also held discussions with Russian President Vladimir Putin on the sidelines of the summit. The two leaders reviewed cooperation in trade, energy, defence, space, critical minerals, fertilisers and skill mobility. India and Russia are also looking to increase bilateral trade from nearly $70 billion to $100 billion by 2030.

The discussions come against a difficult global economic backdrop. The Russia-Ukraine war, the conflict involving Iran, disruptions in the Red Sea and Strait of Hormuz and broader US-China tensions have affected energy markets, shipping costs and international supply chains.

These pressures have strengthened the case within BRICS for greater economic resilience and reduced dependence on a single market or financial system. Russia, China and Iran have pushed for greater financial independence, while India has focused more heavily on practical trade cooperation and payment connectivity.

PM Modi has also used the summit to push for a larger role for the Global South in global decision-making. He said reforms to international institutions, including the United Nations Security Council, can no longer be delayed. India wants developing countries to have a greater voice in institutions that shape global economic and political rules.

That demand extends to global financial institutions. BRICS has been seeking reforms in bodies such as the International Monetary Fund, World Bank and World Trade Organization, arguing that their structures should better reflect the economic weight of emerging economies.

Yet the expanded BRICS bloc also faces a major challenge: maintaining consensus among countries with different political systems, economic priorities and foreign-policy positions. Iran and the UAE, for instance, have sharply different positions on the current Gulf conflict. Negotiators nevertheless reached agreement on a joint declaration ahead of the summit, with the document expected to condemn unilateral warfare without naming individual countries.

The agreement is important because BRICS foreign ministers failed to issue a joint statement during their May meeting because of differences between Iran and the UAE. Reaching consensus this time gives the bloc an opportunity to demonstrate that its expansion has not made collective decision-making impossible.

India’s larger objective is to make BRICS more practical and business-focused. The proposed 20-year agenda is not limited to political coordination. It includes trade barriers, digital payments, startups, investment, logistics, supply chains, technology and energy security.

 

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Beyond

UAE oil exports rebound despite Gulf tensions

Oil exports from the Gulf staged a strong comeback in June, offering relief to global energy markets after weeks of concern over possible supply disruptions caused by tensions in the Middle East.

The biggest boost came from the United Arab Emirates, whose crude exports climbed back to pre-conflict levels. The sharp recovery helped lift overall Gulf oil shipments and reassured buyers that supplies from one of the world’s most important energy-producing regions remain steady despite the uncertain security situation.

Much of the increase was driven by the UAE’s ability to route crude through the Abu Dhabi Crude Oil Pipeline to the Fujairah terminal on the Gulf of Oman. Unlike traditional shipping routes, this pipeline allows oil to bypass the Strait of Hormuz, reducing the risk of delays in one of the world’s busiest and most strategically sensitive waterways.

The return to normal export levels comes after fears that regional tensions could disrupt tanker movements and tighten global oil supplies. Instead, producers found ways to keep crude flowing, helping prevent the kind of supply shock many traders had feared.

The rise in exports has brought some comfort to countries that depend heavily on Gulf oil imports. It has also eased pressure on international oil markets, where prices often react sharply to geopolitical developments in the region.

However, analysts caution that the situation remains fragile. Any fresh escalation in the Middle East could once again affect shipping routes, increase transportation costs and create uncertainty over future supplies. The Strait of Hormuz continues to handle a large share of the world’s seaborne crude exports, making it a critical gateway for global energy trade.

For now, the latest figures highlight the resilience of Gulf producers and the growing importance of alternative export routes. The UAE’s ability to maintain record shipments despite regional uncertainty has strengthened confidence in its energy infrastructure and its role as a dependable supplier.

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Beyond

India seals oil and defence deals in UAE

India and the United Arab Emirates signed multiple agreements on fuel supply, defence cooperation and investment during Prime Minister Narendra Modi’s visit to Abu Dhabi.

A key agreement was signed on supplies of Liquified Petroleum Gas (LPG) to support India’s growing fuel demand. The two countries also signed an MoU on Strategic Petroleum Reserves to improve India’s emergency crude oil storage capacity and energy security.

India and the UAE further signed an Agreement on Framework for the Strategic Defence Partnership, aimed at strengthening bilateral strategic and security cooperation. The agreement includes collaboration in maritime security, military coordination and defence partnerships.

Another important MoU was signed for setting up a Ship Repair Cluster at Vadinar in Gujarat. Officials said the project would help improve maritime infrastructure and support shipping and logistics activities.

The UAE also announced investments worth around $5 billion in Indian infrastructure projects as well as investments in RBL Bank and Samman Capital. The investments are expected to boost infrastructure development and financial sector growth in India.

Officials said the agreements were signed at a time when global energy markets remain volatile due to tensions in West Asia. Analysts believe the deals could help India secure long-term fuel supplies and strengthen strategic ties with one of its key Gulf partners.

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Beyond

UAE quits OPEC, shaking global oil alliance

The United Arab Emirates (UAE) has announced its decision to leave the Organization of the Petroleum Exporting Countries (OPEC) and the broader OPEC+ alliance, marking a major shift in global energy politics. The exit will take effect from May 1, 2026.

According to official statements reported by multiple international outlets, the UAE described the move as part of a long-term strategic and economic realignment of its energy policy. The country said it intends to focus on national interests, expand domestic production capacity, and respond more flexibly to global energy demand.

The UAE, one of the largest oil producers within OPEC and a key Gulf member, has been part of the organization for decades. Its departure is being viewed as a significant blow to the group’s cohesion and its ability to influence global oil supply and pricing.

Reports indicate that the decision comes at a time of heightened global energy instability. The ongoing conflict involving Iran and disruptions in the Strait of Hormuz, a critical passage for global oil shipments, have already tightened supply routes and increased volatility in crude markets. The UAE’s exit adds further uncertainty to an already fragile situation.

Analysts suggest the move could allow the UAE greater freedom to adjust production levels outside OPEC quotas, potentially increasing output in response to market conditions. However, it also weakens coordinated supply management within the oil-exporting bloc traditionally led by Saudi Arabia.

The decision has also been linked in reports to growing policy differences between Gulf producers over production targets and long-term energy strategy. While some members favour tighter coordination to stabilize prices, others, including the UAE, appear to be prioritising production flexibility and investment expansion.

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1 Minute-Read

UAE seeks US financial lifeline

The United Arab Emirates has reportedly approached the United States for financial support as the Iran war continues with no clear end. Officials are said to have discussed emergency options, including access to US dollar funding through a possible currency swap arrangement.

The move reflects concern over the growing economic impact of the conflict, including market volatility, rising oil prices and pressure on regional trade.

While the UAE has not faced major damage so far, authorities appear to be preparing for a prolonged crisis as uncertainty grows and diplomatic efforts to end the war remain stalled.

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1 Minute-Read

UAE fuel prices surge sharply, diesel jumps over 70%

Fuel prices in the UAE have gone up sharply in April as tensions in the Middle East push global oil prices higher. Petrol prices have increased by around 30%, while diesel has risen by more than 70%, making transport more expensive.

This has created concern about possible price increases in daily goods. However, supermarket retailers say they will not raise prices immediately. They are working to manage the extra cost through better planning, efficient deliveries, and improved supply systems.

Experts say if fuel prices stay high for a long time, businesses may have no choice but to pass on the added costs to customers.

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Beyond

UAE allows return for residents with expired visas

The United Arab Emirates has introduced a temporary measure allowing foreign residents whose visas expired while they were abroad to return to the country without paying overstay fines or applying for a new entry permit. The special provision will remain in effect until March 31.

The initiative was announced by the Federal Authority for Identity, Citizenship, Customs and Port Security (ICP), which said the move is intended to help expatriates who were unable to return to the UAE before their residency visas expired due to travel disruptions and regional instability.

Under the new rule, residents whose visas expired while they were outside the country can re-enter the UAE directly using their existing residency documents. Authorities have also waived any penalties normally imposed for overstaying in such situations during the grace period.

Officials said the temporary policy was introduced after many residents were stranded overseas because of flight disruptions and airspace restrictions in parts of the Middle East. Ongoing tensions involving Iran, the United States and Israel have affected travel routes and led to cancellations or delays for several international flights.

As a result, numerous expatriates working in the UAE were unable to return to the country before their visas expired. The government’s latest measure aims to ease their return and help them regularise their residency status once they arrive.

According to authorities, returning residents will be allowed to complete the necessary procedures to renew or update their residency permits after re-entering the country. Immigration service centres and airport authorities have also been instructed to facilitate the process and assist travellers during the temporary relief period.

The UAE hosts millions of expatriate workers from around the world, including a large number from South Asia. Flexible immigration measures such as this are often introduced during emergencies to support residents and minimise administrative complications caused by unexpected travel restrictions.

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Corporate

AWS cloud outage hits UAE and Bahrain after Iranian strikes

Cloud services across parts of the Gulf faced major disruption after facilities operated by Amazon Web Services (AWS) were damaged amid escalating regional tensions.

The company confirmed that two data centres in the United Arab Emirates and one in Bahrain were affected by power and connectivity issues. At one UAE site, objects struck infrastructure linked to power systems, triggering a fire. Emergency teams cut electricity, including backup generators, to contain the blaze, leading to an outage in the affected availability zone.

Following the incident, customers in the region reported error messages, delays and difficulty accessing key AWS services. Core functions such as virtual servers, storage systems and networking tools were impacted, particularly in the Middle East cloud region cluster. Some users experienced problems launching new computing instances, while others saw increased latency and incomplete processing.

AWS said recovery efforts were underway but warned that full restoration could take several hours or longer. The company advised customers to shift workloads to other AWS regions or activate backup systems to reduce disruption.

The incident comes amid heightened tensions involving Iran and its regional rivals, with drone and missile activity reported across parts of the Gulf. While AWS did not directly attribute the damage to a specific military strike, it acknowledged that regional instability could continue to affect operations.

The disruption highlights how geopolitical conflicts are increasingly impacting critical digital infrastructure. Data centres power banking systems, government platforms, retail services and communication networks. Any prolonged outage can have ripple effects across businesses and public services.

As restoration continues, companies relying on cloud infrastructure in the region are closely monitoring the situation, with contingency planning now a key focus amid ongoing uncertainty.

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Leaders

PM Modi urges peace, flags economic risks in Gulf

Prime Minister Narendra Modi held a telephone call with Benjamin Netanyahu on Monday, urging an “early cessation of hostilities” and emphasising that the safety of civilians must be a priority as tensions soar in West Asia following US–Israel strikes on Iran.

In his message on social media platform X, Modi said he had conveyed India’s concerns over the ongoing violence and called for de‑escalation to protect non‑combatants caught in the crossfire. He reiterated that India wants hostilities to end quickly and urged all sides to prioritise peace and civilian security.

The call comes amid growing concerns over trade and energy flows. India imports a significant portion of its crude oil and LPG from West Asia, and instability in the region, especially near strategic chokepoints like the Strait of Hormuz, could affect fuel costs, shipping schedules, and supply chains.

PM Modi also spoke with Sheikh Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates, condemning recent attacks on the UAE and expressing India’s solidarity, while thanking UAE leadership for looking after the large Indian expatriate community.

Although direct trade with Iran has declined due to sanctions, India continues to export agricultural products, machinery, and pharmaceuticals, while importing dry fruits, chemicals, and glassware. Analysts warn that escalating conflict could disrupt these trade flows, affecting businesses and exporters dependent on Gulf markets.

India’s government is closely monitoring the economic fallout, including potential delays at ports, shipping disruptions, and volatility in energy prices. The PM’s outreach reflects India’s dual focus: advocating for peace to protect civilians and ensuring continuity of critical trade and energy interests.

PM Modi’s calls to regional leaders signal proactive diplomacy, combining humanitarian concerns with strategic economic foresight as businesses watch the Gulf situation for its impact on energy, logistics, and trade stability.

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Corporate

UAE signs $2.5bn LNG deal with HPCL

UAE and India have signed a landmark liquefied natural gas (LNG) supply agreement that will deepen energy cooperation between the two nations. The deal, inked between ADNOC Gas, the gas marketing division of Abu Dhabi National Oil Company, and Hindustan Petroleum Corporation Limited (HPCL), is valued at $2.5 billion and spans ten years.

Under the agreement, ADNOC Gas will supply about 500,000 tonnes of LNG annually to HPCL. The gas will be sourced from ADNOC’s Das Island facility, one of the world’s established LNG plants, known for its consistent production and export capacity.

This long-term supply is expected to enhance India’s energy security and support its growing demand for cleaner fuels. HPCL plans to use the imported LNG to fuel its refining operations, as well as expand city gas distribution networks for industrial, residential, and commercial use.

The contract formalizes prior commercial arrangements and converts a heads-of-agreement into a binding sale and purchase pact. Officials from both sides emphasized that this deal positions India as a key LNG customer for the UAE, with Indian companies projected to take a significant portion of ADNOC Gas’ exports in the coming years.

The signing coincided with the official visit of UAE President Sheikh Mohamed bin Zayed Al Nahyan to New Delhi. During the visit, both countries highlighted the broader significance of energy cooperation and reiterated commitments to strengthen trade, technology, and strategic partnerships.

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