HSBC successfully executes steel industry’s first blockchain trade finance deal between UAE and India

HSBC has successfully executed a blockchain-enabled, live trade finance transaction between the UAE’s Universal Tubes & Plastic Industries Ltd. and India’s Tata Steel Ltd. – a global first for the steel industry. The Contour blockchain platform enabled end-to-end digitisation of the documentation required for Universal Tubes to import its order of flat carbon steel to […]

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UAE toughens fight against financial crime

The United Arab Emirates, one of the world’s largest gold hubs, is strengthening its defences against financial crime, including new restrictions on the movement of cash and precious metals, the Gulf state said. The steps follow a 2018 tightening of financial regulations that sought to dispel a view among some foreign investors that the country […]

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India’s oil import from north America in January 2021 hits a record

The United States and Canada accounted for 11 per cent of India’s crude oil imports in January—a record-high share of North American crude for the world’s third-largest oil importer, Reuters reported, citing data obtained from trade sources. India’s total crude oil imports last month averaged around 4.8 million barrels per day (bpd), down from a three-year […]

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UAE’s Adnoc, Saudi Aramco both interested in India’s strategic petroleum reserves venture

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UAE’s Abu Dhabi National Oil Company (Adnoc) and Saudi Arabia’s Aramco have shown interest in participating in the country’s strategic petroleum reserves programme. The government of India had recently announced its intention to rope in prospective partners like financial investors, foreign oil companies, and large construction firms to build the proposed oil reserves. There is […]

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Jammu & Kashmir launches GI-tagged Kashmiri saffron in the UAE market

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With an aim to promote Kashmiri saffron, which recently received the geographical indication (GI) tag, the Jammu and Kashmir government for the first time launched India’s famous saffron spice in the UAE market. A geographical indication (GI) is a sign used on products that have a specific geographical origin and possess qualities or a reputation […]

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London Bullion Market Association threatens to blacklist UAE and other centres

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The world’s most influential gold market authority is threatening to stop bullion from countries including the United Arab Emirates entering the mainstream market if they fail to meet regulatory standards, according to a letter seen and reported by Reuters. In the letter dated Nov. 6 addressed to countries with large gold markets, the London Bullion […]

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