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UAE’s largest sovereign wealth fund starts operations in India

UAE’s largest sovereign wealth fund starts operations in India
Above, people visit the Gujarat International Finance Tec-City pavilion at the Vibrant Gujarat Trade Show in Gandhinagar on Jan. 11, 2024. (AFP)
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UAE’s largest sovereign wealth fund starts operations in India

UAE’s largest sovereign wealth fund starts operations in India
  • Abu Dhabi Investment Authority is one of the world’s largest sovereign wealth funds
  • Indian government expects its Gujarat International Finance Tec-City operations to drive more UAE investment
Updated 24 sec ago
Sanjay Kumar
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NEW DELHI: The UAE’s largest sovereign wealth fund has started its operations in India, in a move expected to increase investment activity in the region.

Established in 1976, Abu Dhabi Investment Authority is one of the largest sovereign wealth funds in the world that invests funds on behalf of the government of Abu Dhabi.

The start of its operations at the GIFT City (Gujarat International Finance Tec-City) was announced at a meeting of the India-UAE High Level Joint Task Force on Investments in Mumbai on Monday, which was co-chaired by Indian Commerce Minister Piyush Goyal and Sheikh Hamed bin Zayed Al-Nahyan, managing director of ADIA.

“The office is expected to drive further intensification of ADIA’s investment activities in India,” the Ministry of Commerce and Industry said in a statement.

“ADIA’s presence in the GIFT City underlines the strong interest from UAE’s institutional investors in India’s growing and dynamic economy. It also buttresses GIFT City’s reputation as a world-class financial services center, operating under a robust regulatory and legal framework.”

A flagship project in Prime Minister Narendra Modi’s home state, the GIFT City has been promoted by the Indian government as a “robust gateway for global capital and financial services” for the Indian economy.

Companies operating in GIFT City enjoy a complete tax exemption on business profits for any 10 consecutive years within a 15-year period, and no taxes on the transfer of funds from overseas jurisdictions.

“India is one of the world’s fastest-growing economies and has been a key focus for ADIA’s investment activities for a number of years. We have built an extensive portfolio that spans asset classes, and we remain confident in India’s long-term growth prospects,” Sheikh Hamed said, as quoted by the Emirati state news agency WAM.

“Establishing ADIA’s subsidiary at GIFT City underlines our belief in the opportunities presented by India’s continued growth. GIFT City is creating a dynamic, world-class financial services ecosystem, operating under a strong regulator and a robust legal framework.”

The establishment of ADIA’s presence in the Gujarat hub was announced during Modi’s state visit to Abu Dhabi in July 2023.

The UAE is the largest Middle Eastern investor in India, with investments amounting to around $3 billion in the financial year 2023-24, according to Indian government data.

Topics: sovereign wealth fund UAE India Abu Dhabi Investment Authority

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Record $73m bribe lands former investigator in Russian jail

Updated 25 sec ago
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Record $73m bribe lands former investigator in Russian jail

Record $73m bribe lands former investigator in Russian jail
Updated 25 sec ago
Marat Tambiyev was found guilty of accepting the bribes, mainly in bitcoin, from members of an organized crime group

MOSCOW: A former Russian state investigator was jailed for 16 years on Tuesday for taking bribes equivalent to around $73 million, the largest in the history of modern Russia, state news agency TASS said.
Marat Tambiyev was found guilty of accepting the bribes, mainly in bitcoin, from members of an organized crime group. He had protested his innocence.
Kristina Lyakhovenko, a lower-ranked colleague of Tambiyev, was jailed for nine years. Lawyers for both of them said they would appeal.
Russia is currently pursuing a spate of high-profile bribery investigations, many involving senior figures in the military.

Europe court condemns Cyprus over return of Syrian refugees to Lebanon

Europe court condemns Cyprus over return of Syrian refugees to Lebanon
Updated 4 min ago
AFP
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Europe court condemns Cyprus over return of Syrian refugees to Lebanon

Europe court condemns Cyprus over return of Syrian refugees to Lebanon
Updated 4 min ago
AFP
STRASBOURG: The European Court of Human Rights (ECHR) on Tuesday condemned Cyprus for returning to Lebanon two Syrian refugees who had arrived on a small boat, without examining their asylum claim.
In a damning verdict, the ECHR said that Cyprus had committed four violations of the European Convention on Human Rights, which the Strasbourg-based court enforces, by returning the two refugees to Lebanon.
The pair fled the Syrian city of Idlib and the civil war in their home country in 2016, staying in refugee camps in Lebanon. In 2020 they paid a smuggler to take them across the Mediterranean to Cyprus along with over two dozen other migrants, the ECHR said.
The boat was intercepted by the Cypriot maritime authorities who said they had entered Cypriot territorial waters without permission and swiftly returned then to Lebanon where they still remain.
Cypriot authorities had essentially returned the pair to Lebanon “without processing their asylum claims and without all the steps required under the refugee law,” said the verdict.
Cyprus failed to conduct “any assessment of the risk of lack of access to an effective asylum process in Lebanon or the living conditions of asylum-seekers there,” it added.
Nicosia had also not assessed the risk of “refoulement” — the forcible return of refugees to a country such as Syria where they might be subjected to persecution, it added.
The Court said the two plaintiffs, named as M.A. and Z.R. said they had been “tricked” into thinking that they would be led ashore on arrival in Cyprus and were instead forced to board another boat that took them back to Lebanon.
The Court ordered Cyprus to pay 22,000 euros in damages to each applicant and 4,700 euros jointly for costs and expenses.
The ECHR is part of the 46-member Council of Europe, the continent’s top rights body and an entirely separate entity from the European Union.

Water gushes through palm trees and sand dunes after rare rain in the Sahara Desert

Water gushes through palm trees and sand dunes after rare rain in the Sahara Desert
Updated 08 October 2024
AP
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Water gushes through palm trees and sand dunes after rare rain in the Sahara Desert

Water gushes through palm trees and sand dunes after rare rain in the Sahara Desert
  • Southeastern Morocco’s desert is among the most arid places in the world and rarely experiences rain in late summer
Updated 08 October 2024
AP
RABAT: A rare deluge of rainfall left blue lagoons of water amid the palm trees and sand dunes of the Sahara desert, nourishing some of its most drought-stricken regions with more water than many had seen in decades.
Southeastern Morocco’s desert is among the most arid places in the world and rarely experiences rain in late summer.
The Moroccan government said two days of rainfall in September had exceeded yearly averages in several areas that get an average of less than 250 millimeters (10 inches) annually, including Tata, one of the areas hit hardest. In Tagounite, a village about 450 km (280 miles) south of the capital Rabat, more than 100 mm (3.9 inches) was recorded in a 24-hour period.
The storms provided more rainfall than had been seen in decades, leaving striking images of bountiful water gushing through the Saharan sands amid castles and desert flora.
In desert communities frequented by the many tourists who visit the Sahara, 4x4s motored through the puddles and residents surveyed the scene in awe.
“It’s been 30 to 50 years since we’ve had this much rain in such a short space of time,” said Houssine Youabeb of Morocco’s General Directorate of Meteorology.
Such rains, which meteorologists are calling an extratropical storm, may indeed change the course of the region’s weather in months and years to come as the air retains more moisture, causing more evaporation and drawing more storms, Youabeb said.
Six consecutive years of drought have posed challenges for much of Morocco, forcing farmers to leave fields fallow and cities and villages to ration water consumption.
The bounty of rainfall will likely help refill the large groundwater aquifers that lie beneath the desert and are relied upon to supply water in desert communities. The region’s dammed reservoirs reported refilling at record rates throughout September. However, it’s unclear how far September’s rains will go toward alleviating drought.
Yet water gushing through the sands and oases left more than 20 dead in Morocco and Algeria and damaged the farmers’ harvests, forcing the government to allocate emergency relief funds, including in some areas affected by last year’s earthquake.
NASA satellites showed water rushing in to fill Lake Iriqui, a famous lakebed between Zagora and Tata that had been dry for 50 years.

Monster hurricane Milton threatens an already battered Florida

Monster hurricane Milton threatens an already battered Florida
Updated 08 October 2024
Reuters
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Monster hurricane Milton threatens an already battered Florida

Monster hurricane Milton threatens an already battered Florida
  • The densely populated west coast of Florida braces for landfall on Wednesday
  • Milton became the third-fastest intensifying storm on record in the Atlantic Ocean
Updated 08 October 2024
Reuters

Hurricane Milton weakened slightly to a still powerful Category 4 storm on Tuesday as it threatened Mexico’s Yucatan Peninsula on its way to Florida, where more than a million people were ordered to evacuate from its path.
The densely populated west coast of Florida, still reeling from the devastating Hurricane Helene less than two weeks ago, braced for landfall on Wednesday.
The US National Hurricane Center projected the storm was likely to hit near the Tampa Bay metropolitan area, home to more than 3 million people and where some evacuees rushed to dispose of mounds of debris left behind by Helene on their way out of town.
With maximum sustained winds of 270kph, Milton eased overnight from the strongest level storm on the five-step Saffir-Simpson scale.
Wind speeds could decrease further to 233kph by the time it approaches Florida, according to the hurricane center, but still capable of causing catastrophic damage, including power outages expected to last days.
Fed by warm waters in the Gulf of Mexico, Milton became the third-fastest intensifying storm on record in the Atlantic Ocean, the Hurricane Center said, as it surged from a tropical storm to a Category 5 hurricane in less than 24 hours.
Its path from west to east was also unusual, as Gulf hurricanes typically form in the Caribbean Sea and make landfall after traveling west and turning north.
“It is exceedingly rare for a hurricane to form in the western Gulf, track eastward, and make landfall on the western coast of Florida,” said Jonathan Lin, an atmospheric scientist at Cornell University. “This has big implications since the track of the storm plays a role in determining where the storm surge will be the largest.”
The Hurricane Center forecast storm surges of 3 to 4.5 meters along a stretch of coastline north and south of Tampa Bay.
Jamie Rhome, deputy director of the National Hurricane Center, said Milton was expected to grow in size before making landfall on Wednesday, putting hundreds of miles of coastline within the storm surge danger zone.
Milton was likely to remain a hurricane for its entire journey across the Florida peninsula, Rhome told a Monday news briefing.
YUCATAN DRENCHED
As of 1 a.m. CDT on Tuesday (0600 GMT), the eye of the storm was 105km north-northeast of Progreso, a Mexican port near the Yucatan state capital of Merida, and 840km southwest of Tampa, moving east at 15kph.
While the eye of the storm appeared to have passed to the north of the Yucatan Peninsula, dangerous conditions were still expected to lash the region the early hours of Tuesday.
“We ask you to be pay attention to the information issued by civil protection officials from the government of Mexico and Yucatan’s government as well and if you live in lowlands it is better to go to the shelters that have been already installed,” Mexican President Claudia Sheinbaum said earlier.
The area is home to the picturesque colonial-era city of Merida, population 1.2 million, several Maya ruins popular with tourists and the port of Progreso.
In Florida, counties along the western coast ordered people in low-lying areas to take shelter on higher ground.
Pinellas County, which includes St. Petersburg, said it ordered the evacuation of more than 500,000 people. Lee County said 416,000 people lived in its mandatory evacuation zones. At least six other coastal counties ordered evacuations including Hillsborough County, which includes the city of Tampa.
With one final day for people to evacuate on Tuesday, local officials raised concerns of traffic jams and long lines at gas stations.
Relief efforts remain ongoing throughout much of the US Southeast in the wake of Helene, a Category-4 hurricane that made landfall in Florida on Sept. 26, killed more than 200 people and caused billions of dollars in damage across six states.

Topics: environment weather Florida Hurricane

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Russian attack on Ukrainian city of Kharkiv injures 11, governor says

Russian attack on Ukrainian city of Kharkiv injures 11, governor says
Updated 08 October 2024
Reuters
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Russian attack on Ukrainian city of Kharkiv injures 11, governor says

Russian attack on Ukrainian city of Kharkiv injures 11, governor says
  • Kharkiv has been a frequent target of Russian attacks since the start of Moscow’s full-scale invasion in February 2022
Updated 08 October 2024
Reuters

KYIV: A Russian attack on the city of Kharkiv in northeastern Ukraine injured at least 11 people on Tuesday, including a child, regional officials said.
Governor Oleh Syniehubov said via the Telegram messaging app that the attack had damaged infrastructure and the authorities were working to verify the type of weapon used.
He and Kharkiv mayor Ihor Terekhov said it was likely that a civilian production facility had been hit. Terekhov said a fire had broken out.
Located 30km from the border with Russia, Kharkiv has been a frequent target of Russian attacks since the start of Moscow’s full-scale invasion in February 2022.
Last week, a Russian guided bomb attack on the city struck a five-story apartment block, inuring 10 people, local officials said.

Topics: Russia-Ukraine Conflict Russia Ukraine Kharkiv

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