Davis has vast experience in accounting, auditing, management, and IT Consultancy, and his company is one of the top 10 audit firms in the Sultanate of Oman. A Fellow of the ICAI, he was co-opted to the International Affairs Committee of the ICAI Council, New Delhi (2007–08). He also served as the Founding Chairman of the Muscat Chapter of the Institute from 2008 to 2009 and is a certified member of the Institute of Certified Fraud Examiners.

A regular columnist for The Times of Oman on tax-related affairs, Davis has co-authored a book on taxation of NRIs and has represented his firm at several global conferences. In recognition of his outstanding global contributions, he was bestowed with the Pinnacle Award — the highest recognition from Crowe Horwath, one of the top ten accounting networks in the world.

Among the top 10 chartered accountants in Kerala, the late CA P A Nair’s name appears in the first position, and it was he who signed the membership certificate of Davis in 1986. The other names include the late T Velu Pillai, K Raghavan Nair, Varma & Varma. Venugopal C Govind, Sreejith Kuniyil, P D Vijayrajan, M V Korah, and S Prabhakaran.

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The event was virtually graced by HE GV Srinivas, Ambassador of India to the Sultanate of Oman, and HE Mahboob Issa Alraisi, Consul General of the Sultanate of Oman in Mumbai. The dignitaries underscored the historic Indo-Omani bilateral relationship and sought to explore strategic trade and investment opportunities under the CEPA framework.

Board Member of the Oman Chamber of Commerce and Industry (OCCI) and Chairman of the Foreign Investment Committee, Abdul Latheef Uppala, emphasised the Sultanate’s investor-friendly regulatory environment and expanding opportunities across logistics, manufacturing, healthcare, and infrastructure sectors.

Davis Kallukaran, Deputy Chairman, Foreign Investment Committee, OCCI, moderated the panel discussion on ‘India–Oman Trade and Investment Opportunities under CEPA. The distinguished panelists included Dr P Mohamed Ali, Founder, Galfar Group; Dr MI Sahadulla, Group Chairman & Managing Director, KIMS Health; Dr Siddeek Ahmed, Chairman & Managing Director, Eram Group; Abdul Latheef Uppala; Sheraz Anwar, Director, Abad Group; and Anirudh Sankar, Senior Official, DGFT Kochi.

The panel deliberated on sector-specific collaboration in infrastructure development, healthcare services, industrial partnerships, export facilitation, and regulatory alignment. It also highlighted practical pathways for strengthening private-sector engagement between both countries.

There were presentations by Dr Yousuf Hamad Al-Balushi, Economic Advisor & Research Analyst, Oman, and  Yarub Nasser Al Siyabi, Specialist at OPAZ. They highlighted priority sectors under Vision 2040 and significant investment potential within Duqm and other strategic economic zones. Technical presentations by experts Dr James Nedumpara, Professor and Head CTIL; Ridhish Rajvanshi, Senior Research Fellow; and Tathagata Choudhury from the Centre for Trade and Investment Law (CTIL) of the Ministry of Commerce and Industry, Government of India; provided clarity on tariff concessions, market access for services, digital trade provisions, and export promotion mechanisms that come under the pact.

Dr P Mohamed Ali, Chancellor of the National University of Science and Technology, Oman, in his message, emphasised the need for continuous engagement on CEPA to understand the terminologies to ensure a quantum jump in bilateral trade, services, and investments.

The seminar concluded with an interactive question-and-answer session followed by a business networking engagement.

The programme was jointly organised by the Federation of Indian Chamber of Commerce & Industry (FICCI), Kerala State Council, the Indo Gulf and Middle East Chamber of Commerce (INMECC), The foreign investment committee of Oman Chamber of Commerce and Industry and the Centre for Trade and Investment law (CTIL) of the Ministry of Commerce and Industry, Government of India.

The Oman delegation was headed by Abdul Latheef Uppala, and it included Ahmed Ali Al Akkak, CEO SEZD; Yaqub Nasser Khamis Al Siyabi from OPAZ; Dr Yousuf Hamad Al Balushi; Al Yaqadhan Al Shukaili from Smart Investment Gateway, Davis Kallukaran; and Jim Joseph, Partner, Audit and Corporate Finance from Crowe Oman.

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OCCI board member and head of the Omani delegation Abdul Latheef Uppala said, “The seminar will highlight trade and investment opportunities under the agreement. It will also enable stakeholders to explore partnerships and expand their global footprint.” Indian Ambassador to Oman HE G V Srinivas, senior Union and State Government officials, office bearers of the Centre for trade and Investment Law under the Central Ministry of Commerce, eminent industrialists and key personalities from the Indian and Omani business fraternity will address the gathering.

“The India–Oman Comprehensive Economic Partnership Agreement (CEPA), signed on December 18, 2025, marks a significant milestone in strengthening bilateral economic ties between India and Oman,” said Dr Davis Kallukaran, Managing Partner of Crowe Oman Auditors and Business Advisors. “The agreement is expected to substantially enhance trade flows, promote investments, and create new avenues of collaboration across key sectors.”

“The CEPA provides significant tariff reductions and improved market access, while reinforcing Oman’s strategic role as a gateway to the GCC region, Central Asia, and East Africa. The agreement opens up promising opportunities in sectors such as IT, Healthcare, Education, Oil & Natural Gas, Food Processing, Logistics, Tourism, and more. It is also expected to catalyse two-way investments and foster stronger economic cooperation between the two nations, Dr Davis added.

Business leaders from both India and the Sultanate of Oman are slated to attend the event.

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India Union Budget was sector diversified and considering the increasing global economic challenges, the India Government has attracted industries, private sector business class and investors to join hands including Public Private Partnerships (PPP) and focusing to reach the target of “Vikasit Bharat” in the year of 2047. The Budget touched from the Micro Industry level (MSME) to the Infrastructure Development level and that will support to make self-sustainable growth of India.

The budget is also supportive for India-Gulf and India-Europe newly signed Agreements in 2026. Accordingly, the budget is emphasizing more on Innovations, MSME and Startups Businesses in villages and cities across India. The budget is targeting to empower young entrepreneurs and create more jobs in different industries and sectors by integrating AI and Engineering Technologies.

Indian Expats are getting benefits from Tax exemptions, decriminalizing the non-declaration of foreign Assets and filing extensions, buying properties and investments in India more easily. The Budget aims to support NRIs to bring their foreign savings to India and this will be helpful for long term growth of India.

NRIs will get more investment opportunities to Indian Stock Markets through RBI regulated Portfolio Investment Scheme (PIS) Account. The Budget has increased the NRI investment limit of each company from 5% to 10% in the Stock Market.. The limit of various investments to India from PROI category Indians has increased to more than doubled. Now Indian expats can invest to India and repatriate easily through the Budget announcement. Indian expats can also own land and houses easily.

India expats will get opportunity to start MSME and STARTUP business in India and Internationally based on the India – Gulf and India – Europe agreements..

Budget is also taken measures to reduce unwanted speculations in the Stock Markets by increasing Securities Transaction Tax (STT) for Futures & Options Traansactions. It was not supportive for Investors and the Indian Stock Markets went down after the Budget Session.

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With the overall GDP valued at USD 4. 18 trillion, India has surpassed Japan to become the world’s fourth-largest economy and is poised to displace Germany from the third rank in the next three years with a projected GDP of USD 7.30 trillion by 2030. The growth momentum is a healthy indicator with the GDP expanding to a six-quarter high in the second quarter of 2025-26, reflecting India’s resilience in the midst of persistent global trade uncertainties. Domestic drivers-led by robust private consumption-played a pivotal role in supporting this growth.

Doing a deep dive of the growth indices its quite obvious that 2025 was India’s “Goldilocks Moment” which is a period characterized by high growth and low inflation. As per the ministry of statistics and program implementation, in the second quarter of the Financial year 2025-26, India’s real GDP grew by 8.2%, up from 7.8% in the first quarter and 7.4% in the last quarter of 2024-25. The Reserve Bank of India has revised the growth forecast for 2026-27 to 7.3%, from its earlier estimate of 6.8%.  The key drivers that would fuel the GDP growth are robust domestic demand, rationalization of GST and Income tax, softer crude oil prices and ongoing economic reforms. The other factors that would influence the economic growth are as follows.

Easing Consumer Price Index Inflation:

Consumer price index (CPI) is the change in the price of a basket of goods and services that are typically purchased by specific groups of households. CPI inflation softened to 0.71% in November 2025 from 4.26% in January 2025. In 2025, India experienced an overall benign inflation environment, wherein the general increase in prices is moderate and slow, with an average of 2.5%. Controlling the CPI inflation and maintaining it within the range of 1% and 3% would boost the confidence of corporates to take long term decisions with respect to investment. This would also enable consumers to rationalize heir spending.

Falling Unemployment Rates

According to the ministry of labour and employment the unemployment rate reduced to 4.7% in November 2025 from 5.2% in October 2025, making it the lowest since April 2025. The key challenge for the government in the ensuing financial year would be to maintain the unemployment rate between 3.0 to 4.5%, facilitating the job seekers to find employment without causing inflation in wages.

Trade Performance:

As per the ministry of Trade and Commerce, in January 2025, Indias foreign trade commenced on a solid footing with total exports (merchandise and services combined) valued at $:74.97 billion, registering a growth of 9.2% over January 2025. The cumulative exports in the first quarter of the financial year 2025-26 reached $: 210.31 billion (up by 5.94%) versus same period last year. These early and mid-year trends were clear indicators of steady export expansion and diversified external demand across various sectors.

These early and mid-year trends demonstrated steady export expansion and diversified external demand   However the share of merchandise exports and its growth to the total exports needs to show significant improvement in the next financial year, in order to fuel the overall economic growth. Merchandise exports expanded to US$ 38.13 billion in November, 2025 compared to US$ 36.43 billion in January 2025, with a growth of 4.7%, whereas the service sector exports registered a growth of 8.65%. More focus on broadening the scope of the merchandise exports with impetus on electronic and engineering goods would be the key in this direction. India had broadened its global footprint by strengthening the trade partnerships with countries like United Kingdom, New Zealand, Oman and Jordan recently. Merchandise exports to these markets would play a pivotal role in boosting the nation’s overall foreign trade.

Rationalize Imports:

Concrete and positive policy measures are warranted to rationalize the imports in order to reduce the Current Account Deficit of the nation. Gold which is ideally a non-essential commodity accounts for 13% of the total imports of the country, which is second to Petroleum, which accounts for 31%. While petroleum is a highly essential commodity that meets the nation’s energy needs, gold hardly adds value to the economy. Curbs on the import of gold is highly warranted as it’s a drain on the foreign exchange reserves, resulting in higher current account deficit and weakening of Indian rupee.

Author is a member of the Loka Kerala Sabha

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According to official data, non-oil exports reached RO 5.659 billion, accounting for 28.6 percent of the Sultanate’s total exports. These exports include a wide range of products such as industrial goods, metals, plastics, machinery, electrical equipment, and chemicals, showcasing the strength of Oman’s manufacturing and industrial base.

The growth comes amid a national push to reduce reliance on oil revenues, support private sector participation, and localise key industrial projects. Authorities have introduced various incentives and streamlined procedures to attract both local and international investors.

The United Arab Emirates was the top destination for Omani non-oil exports, receiving goods worth RO 292 million, or 18 percent of total non-oil exports. Saudi Arabia followed with RO 259 million, while India received RO 172 million worth of goods. South Korea and the United States ranked fourth and fifth with RO 154 million and RO 88 million respectively.

Despite the growth in non-oil trade, Oman’s oil exports declined in the first quarter, falling to RO 3.690 billion compared to RO 4.391 billion in the same period last year. The drop was attributed to a decrease in global oil prices, with the average price of Omani crude standing at $75.3 per barrel, down from $79.7 per barrel in Q1 of the previous year.

Re-exports also witnessed a downturn, dropping to RO 351 million from RO 434 million in Q1 last year. The UAE remained the top destination for re-exported goods from Oman, receiving RO 126 million worth, followed by Iran (RO 63 million), Kuwait (RO 24 million), Saudi Arabia (RO 22 million), and Germany (RO 10 million).

On the import side, Oman saw a 10.9 percent increase in commodity imports, which rose to RO 4.312 billion compared to RO 3.889 billion during the same period last year. The UAE led the list of exporters to Oman with RO 995 million, accounting for 23 percent of total imports. Kuwait, China, India, and Saudi Arabia followed in the top five.

This overall trade performance underscores Oman’s steady progress toward a more diversified and resilient economy, with strategic emphasis on non-oil sectors and enhanced trade relations with key global partners.

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The new stablecoin aims to revolutionise the ease of making payments and doing business, both locally and globally. It will position the UAE at the forefront of global blockchain innovation as a leading fintech hub while strengthening the nation’s digital infrastructure.

The Dirham-backed stablecoin is designed to enable secure, verifiable payments in a world where identity, governance, and value flow freely.
Wide applications for various users
This stablecoin will serve as a reliable digital currency across various everyday scenarios, benefiting citizens, consumers, businesses, and institutions alike. Additionally, it will support emerging digital use cases such as machine-to-machine communication and AI applications.

ADI blockchain: A foundation for innovation

The new stablecoin will operate on the ADI blockchain, a cutting-edge technology developed in the UAE by the ADI Foundation. This blockchain will provide a compliant distribution network for blockchain payments. The ADI Foundation bridges established financial systems with next-generation blockchain technology, empowering citizens in emerging countries to compete and operate on a global scale.

The ADI Foundation has already forged strategic partnerships with governments in over 20 countries.

Key industry leaders weigh in

Mohamed Hassan Alsuwaidi, Managing Director and Group CEO of ADQ, commented: “The launch of the stablecoin marks a pivotal step in our commitment to strengthening the UAE’s digital infrastructure ecosystem. As we move towards a more connected economy, the stablecoin will offer a secure, efficient, and scalable solution while creating opportunities for growth.”

Syed Basar Shueb, CEO of IHC, added: “This stablecoin represents a major breakthrough in the development of digital currencies, and we’re proud to have played a key role. With IHC’s expertise in blockchain and fintech, we look forward to exploring its vast potential and driving innovation in the UAE.”
Hana Al Rostamani, Group CEO of FAB, stated: “As a founding partner, FAB is proud to be at the forefront of global innovation. This stablecoin will revolutionize how consumers and businesses engage with blockchain payments in the UAE.”

Guillaume de La Tour, CEO of ADI Foundation, said: “This stablecoin is a milestone in the UAE’s journey towards a more inclusive, digitally empowered economy. By leveraging ADI blockchain, we’re enabling secure, transparent, and efficient transactions built on technology developed in the UAE.”

Landmark for the UAE’s fintech future

The launch of this stablecoin is expected to have a significant impact on industries such as finance, commerce, and trade. It represents a critical step towards realizing the UAE’s vision of becoming a global hub for innovation and financial technology.

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During the meeting, which took place at Qasr Al Shati in Abu Dhabi, Sheikh Mohamed and Secretary Wright discussed the strategic relations between the UAE and US, with a focus on energy cooperation, joint investments in advanced technology and artificial intelligence, and sustainable economic growth. The talks also explored opportunities to foster investment in the energy sector.

Sheikh Mohamed reaffirmed the UAE’s commitment to deepening its longstanding and constructive partnership with the US, built on effective collaboration to advance shared progress and development.

Sheikh Mohamed also underscored the UAE’s commitment to contributing to global energy security in support of the world economy and for the benefit of all.

The meeting was attended by Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi; Sheikh Hamdan bin Zayed Al Nahyan, Ruler’s Representative in the Al Dhafra Region; Lieutenant General Sheikh Saif bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Interior; Sheikh Hamed bin Zayed Al Nahyan; Sheikh Khalid bin Zayed Al Nahyan, Chairman of the Board of Directors of the Zayed Higher Organisation for People of Determination (ZHO); Suhail bin Mohammed Faraj Faris Al Mazrouei, Minister of Energy and Infrastructure; Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology; Yousef Al Otaiba, UAE Ambassador to the United States of America; and a number of officials.

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“It’s taken longer than we would have liked to get our AI technology into the hands of people in Europe as we continue to navigate its complex regulatory system – but we’re glad we’re finally here,” the company said in a statement.

“Starting this week, Meta AI will begin rolling out across 41 European countries.”

Meta AI was first unveiled for the US in September 2023, then rolled out across all the group’s applications in April 2024.

Although image generation is available in the US, in the EU the generative AI tool will craft text-only responses to users’ questions. Meta AI can also draw on web search for its answers.
The company said the bot’s inclusion in conversations could help “deep dive on topics of interest, or get help with a ‘how-to’ or a problem that needs solving” such as planning a trip.

Developing “large language models” (LLMs) like Meta AI requires vast reserves of data, which is heavily regulated in the European Union where it relates to individual users.

Meta’s bot available in the EU was not trained on data from EU users.

Until now, the company had held off on introducing its AI in the bloc, saying it was unclear how authorities might interpret overlapping rules on data protection, AI and digital markets.

Europe suffers from a “fragmented regulatory structure riddled with inconsistent implementation,” chief executive Mark Zuckerburg said in an August op-ed piece for the Economist newspaper co-written with Spotify chief Daniel Ek.

700 million users
Meta now appears to have overcome those hurdles for the 41 European countries and six languages it operates in.

AI is an overriding priority for Meta as for other Silicon Valley giants.

The group plans to invest $60-65 billion this year, with much of the cash going into data centres, servers and network infrastructure necessary to develop AI models.

“This is a massive effort, and over the coming years it will drive our core products and business, unlock historic innovation, and extend American technology leadership,” Zuckerberg said in January as he announced Meta’s 2024 financial results.

For now, Meta claims around 700 million monthly active users for its AI assistant — still somewhat shy of the one billion Zuckerberg said was needed to secure “a durable long-term advantage”.

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Muscat : Oman Air has entered an exciting new partnership with TUI,
one of the world’s leading tourism groups, operating worldwide, to offer customers a
seamless way to book holiday packages alongside their flights. The collaboration
introduces a new digital platform integrated directly with the airline’s booking engine,
empowering travellers with access to a diverse array of holiday experiences across
Oman Air’s network in just a few clicks. The partnership was unveiled during ITB Berlin,
one of the world’s leading travel trade shows.

Launching for the summer holiday season, guests will be able to conveniently book
holiday packages to over 22 destinations spanning Oman, Europe, the Far East, GCC,
Africa and more, via the newly developed digital booking platform. The seamless online
journey will combine flights, hotels, car hire, ground transport, tours, experiences, and
more, combined into dynamic packages or as standalone bookings.

“We are thrilled to partner with TUI to offer our guests an entirely new way to plan and
experience their travels. Designed for those who seek the reassurance of a complete
package holiday, our platform will offer unparalleled convenience, quality and
affordability, along with the security and bonding requirements specific to each
destination,” said Michael Rutter, Chief Commercial Officer at Oman Air. “Not only will
we offer all-new travel experiences for our guests from Oman, but we will also simplify
inbound tourism into Oman, encouraging more international travellers to visit. The

partnership also marks a major milestone in our ongoing efforts to enhance
digitalisation and deliver seamless, end-to-end travel experiences for our guests.”

David Schelp, CEO TUI Markets + Airline, added, “We are excited to work with Oman Air
as a new partner for our platform. This collaboration will offer a unique possibility for
travellers to experience the wonderful country of Oman as well as other destinations
around the world, backed by the exceptional service of Oman Air.
Corporate Communications & Media
Oman Air
About Oman Air
Oman Air (WY) began operations in 1993. Initially founded to serve important domestic routes, it
has since undergone rapid growth and is today recognised as a major international carrier
connecting cities around the world to Oman’s stunning nature, rich heritage and welcoming
culture.
The award-winning airline has been instrumental in transforming Muscat into one of the Middle
East’s most desirable travel destinations, while supporting adjacent commercial, industrial and
tourism activities. With a young and modern fleet including, among others, fuel-efficient Boeing
737 and 787 Dreamliner aircraft, which feature luxuriously appointed interiors, Oman Air is
renowned for its exceptional products and services, both in the air and on the ground, and for
the signature Omani hospitality it offers to every guest throughout their journey.
About TUI Group
The TUI Group is one of the world’s leading tourism groups and operates worldwide. The Group
is headquartered in Germany. TUI shares are listed in the MDAX index of the Frankfurt Stock
Exchange and in the regulated market of the Lower Saxony Stock Exchange in Hanover. TUI
Group offers its over 20 million customers integrated services from a single source and forms
the entire tourism value chain under one roof. The Group owns over 400 hotels and resorts with
premium brands such as RIU, TUI Blue and Robinson and 17 cruise ships, ranging from the MS
Europa and MS Europa 2 in the luxury class and expedition ships in the HANSEATIC class to
the Mein Schiff fleet of TUI Cruises and cruise ships operated by Marella Cruises in the UK. The
Group also includes Europe’s leading tour operator brands and online marketing platforms, for
example for hotel-only or flight-only offers, five airlines with more than 130 modern medium- and
long-haul aircraft and around 1,200 travel agencies. In addition to expanding its core business
with hotels and cruises via successful joint ventures and activities in vacation destinations, TUI
is increasingly focusing on the expansion of digital platforms. The Group is transforming itself
into a global tourism platform company.

Global responsibility for sustainable economic, environmental and social action is at the heart of
our corporate culture. With projects in 25 countries, the TUI Care Foundation initiated by TUI
focuses on the positive effects of tourism, on education and training and on strengthening
environmental and social standards. In this way, it supports the development of vacation destinations. The globally active TUI Care Foundation initiates projects that create new opportunities for the next generation.

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Lulu Group, led by prominent industrialist M.A. Yusuffali, has announced more investment plans in Kerala. It will invest Rs 5,000 crore in 4-5 years. It will set up a food processing center in the Kalamassery Food Processing Zone.This is an initiative to process agricultural resources, including from Kerala, and export them to Lulu’s global hypermarkets. Lulu Group Executive Director M.A. Ashraf Ali told the media at the Invest Kerala Investors’ Meet in Kochi that the project will provide employment to 15,000 people when it is ready. 

A food processing zone will be set up in Kalamassery on 20 acres. In addition to Kerala, fruits and vegetables from Tamil Nadu will be brought here, processed and exported as value-added products. 
Lulu Group will also invest in IT and Fintech sectors in the Global City envisioned by the state government in Kochi. Details will be announced soon. The twin IT towers being built by Lulu Group in Kochi Smart City will be inaugurated within three months. This will provide employment opportunities to 25,000 people.
Lulu’s current IT projects at Infopark will also see further investment. Major expansion plans are also being planned in the retail sector in Kerala. In addition to Tirur and Perinthalmanna, Lulu’s mini malls will also come up in Kasaragod, Kannur and Thrissur. 

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Kochi: Leading integrated healthcare provider Aster DM Healthcare has announced its plan to invest around ₹850 cr in Kerala in the next 3 years towards scaling up its infrastructure, medical services, and employment generation. The commitment builds on the ₹500 cr Aster has already invested in Kerala during the last 3 years.
The additional investment plan aligns with the state’s efforts to attract and facilitate high-impact investments under the ‘Invest Kerala Global Summit’ initiative being held in Kochi. Dr Azad Moopen, Founder and Chairman, and Anoop Moopen, Director at Aster DM Healthcare, met Kerala Chief Minister Pinarayi Vijayan and P Rajeev, Minister of Law, Industries, and Coir, to discuss the current healthcare landscape and explore opportunities for growth and innovation.

Aster, in a statement, said it has an aggressive investment plan in Kerala that will result in a significant increase in bed capacity, bringing the total number of hospital beds in the state to 3,453 by FY27. Aster currently operates seven hospitals in Kerala, with a total capacity of 2,635 beds, contributing to 53% of the company’s India revenue (9M FY25).
Aster DM Healthcare’s expansion in the state will be driven by two greenfield projects that are coming up, namely Aster Capital Trivandrum with a 454-bed facility and Aster MIMS Kasaragod with 264 beds. The flagship hospital, Aster Medcity, will expand to 962 beds by FY27 as well. In Q3FY25, 100 beds were added to Aster Medcity’s existing capacity, further cementing Aster’s leadership in Kerala’s healthcare sector.
Participating in the Invest Kerala Global Summit 2025, Dr Azad Moopen said, “The ‘Invest Kerala Global Summit’ is a pivotal initiative that underscores the state’s potential as a hub for high-impact investments, and we are proud to be a part of this transformative journey. We plan to invest an additional ₹850cr in the next 3 years to further strengthen Kerala’s healthcare landscape. Our expansion plans reflect our unwavering belief in Kerala’s potential as a leader in healthcare innovation and accessibility.”

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Kochi: Kerala is set to transform into a major investment hub, Chief Minister Pinarayi Vijayan said at the Global Investors Summit 2025 in Kochi.

Addressing global investors, policymakers, and industry experts, he highlighted Kerala’s evolving investment landscape and the state’s efforts to build an investor-friendly environment.

He said, “Kerala is a state renowned for its natural beauty and has been an attraction for tourists from within the country and abroad. Kerala’s investment scenario is on the cusp of history. We are witnessing progress and change for the better in our investment arena.”

He added, “It is at this juncture that this Summit is taking place, bringing together global investors, visionaries in the field, experts and policymakers aiming to explore the investment potential of Kerala and witness our initiatives towards building an investor-friendly architecture in the state. The changes we have brought about now are not incremental but substantial.”

He emphasized the government’s role in creating a favourable investment climate, stating that Kerala’s policies are designed not just for short-term gains but for long-term economic transformation.
“Kerala has become a noteworthy example of achieving a high score in human development indicators, is now taking a leap towards achieving the status of an investment hub. The government here considers that it has a great role to play as a facilitator and a catalyst. We have taken a holistic view and are paying equal attention to all matters from policy formulation to the last mile implementation,” he added.

Union Minister Jayant Chaudhary, who also spoke at the event, stressed the importance of stability and long-term policy vision for investors.
He praised Kerala for its focus on education and skill development, which he described as critical factors in attracting global investments.

“People want the rule of law. People want rule-abiding citizenry, respect for the law, and respect for rules, and they want long-term visibility. Our Prime Minister is perhaps the best in goal setting. It is not just about the size and scale of announcements getting made,” Chaudhary said.

He urged investors to take note of Kerala’s commitment to nurturing a skilled workforce, which is crucial for industries such as technology, manufacturing, and services.
“No longer can India be considered a back office. India is where the heart of innovation is beating and thriving, and that’s where I invite you to pay attention to how Kerala has always been investing in educating and skilling its younger people. There’s a recent report that says that the highest spending on higher education is happening in Kerala across all the states,” Chaudhary said.

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During this meeting, several tax policies aimed to foster economic integration and supporting development paths in the GCC countries were reviewed. The meeting also included a presentation of successful experiences in the tax field implemented by some GCC countries.

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The shares will be divested through a so-called offer-for-sale window of the stock exchanges at a floor price of INR 275 rupees apiece, the company said in a stock exchange filing Thursday.

Adani Commodities LLP, one of the founders of the company, will sell 175.45 million shares or a 13.5 per cent stake, with a greenshoe option to offer another 84.5 million shares or 6.5 per cent, the filing said.

The issue was fully subscribed on Friday — the first day of the share sale reserved for institutional investors and wealthy individuals – getting 111 per cent bids at 4.15 pm in Mumbai, according to exchange data. It continues on January 13 for retail buyers.
Adani Wilmar shares slumped 10 per cent — the most since November — to close at 291.10 rupees, pushing the past year’s decline to 21 per cent.

This is the first phase of the port-to-power conglomerate’s exit from the joint venture in which it holds 44 per cent. In the second phase, Singapore’s Wilmar International Ltd. has agreed to acquire the residual stake at a price not exceeding 305 rupees.

After the transactions, the Gautam Adani-led conglomerate will fully exit the firm and use the proceeds to bolster its core infrastructure ventures that include airports and renewable energy.

The stake sale is happening amid legal challenges faced by Adani in the US, where federal prosecutors have alleged that the Indian billionaire was part of a bribery scheme to win solar energy contracts in India. Rating agencies cited that as a potential risk to fund raising for the group, and placed multiple Adani firms on negative watch.
Adani Wilmar was slated to start a share sale last year to comply with a local securities law that requires at least 25 per cent of the holding to be with public shareholders within three years of listing.

The company listed in 2022 and has until February to meet the rule. Bloomberg reported in August 2023 that Adani Enterprises was exploring selling a stake sale in its consumer-staple joint venture for freeing up capital for core business.

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Relatively constrained volatility across assets provided a foundation for the gains, so much so that the question now is whether bigger swings are all but inevitable in 2025. For the year just gone, MSCI Inc.’s global stock gauge fell 2% or more on only three days, on the way to an annual climb of almost 16%.

The US drove the equity rally, notably a surge of 67% in an index tracking the Magnificent Seven megacap tech firms of Alphabet Inc., Amazon.com Inc., Apple Inc., Meta Platforms Inc., Microsoft Corp., Nvidia Corp. and Tesla Inc.

That reflects “an extraordinary phase of outperformance” for the US as inflation cooled, the Federal Reserve lowered interest rates and the global economy avoided recession, according to Nick Ferres, the chief investment officer at Vantage Point Asset Management.

Other big performers included controversial cryptocurrency Bitcoin, which rose just over 120% and punched through $100,000 for the first time on President-elect Donald Trump’s support for digital assets. Gold, the more established store of value, posted a 27% jump “- the largest in 14 years “- as central banks and others sought a hedge for the panoply of geopolitical and economic threats.

Trump’s Crypto Pivot
Speculators flocked to crypto anticipating a boom from Trump’s promise to make the US the global linchpin of the sector. Meme-crowd favorite Dogecoin’s 253% advance would have turned a $10,000 wager into $35,345. A similar bet on market-leader Bitcoin would have ended up at $22,046. Along the way, Bitcoin scaled a record high of $108,316 before pulling back.

US Megacap Tech
While enthusiasm about the transformative potential of artificial intelligence lifted the US megacap tech sector as a whole, chipmaker Nvidia was the clear winner among major names, turning $10,000 into $27,117. By contrast, Microsoft lagged behind, adding $1,209 to such a notional investment.
Milei’s Shock Therapy
Argentina’s S&P Merval Index was by far the best performer in a group of 92 primary equity indexes globally, according to data compiled by Bloomberg. That reflects investor optimism about President Javier Milei’s efforts to quell inflation and reverse years of endemic budget deficits. A sum of $10,000 plowed into the gauge would have become $21,377, adjusting for currency moves.

Gold, Silver
Gold received a boost from purchases by central banks “- especially the People’s Bank of China and others in emerging markets “- as well as Federal Reserve monetary easing and haven demand during periods of global tension. A $10,000 investment in the precious metal would have increased to $12,722. Silver got a tow from the gold rally and would have lifted $10,000 to $12,146.

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The world’s top economy, the US, on Wednesday, cut interest rates for the third straight month, with central banks like the UAE also following suit. However, US officials lowered their forecast to just two interest rate cuts next year from four cuts seen in September, jolting investors and markets worldwide.

With the US policymakers now more inclined to pencil in just two rate cuts next year, down from the three cuts recorded this year, how would this affect you and your plans to take on loans this year? You may have to now postpone your plans, experts flag.

How higher interest rates affected borrowing demand
“Higher interest rates in recent years have clearly affected spending on a global level because the cost of borrowing money went up,” said Brody Dunn, an investment manager at a UAE-based asset advisory. “So, if you have any type of credit card or loan, you end up paying more for the money you borrowed.

“This is why potential borrowers become more hesitant to borrow money because of the higher cost. Also, with interest rates not seeing huge dips this year, it didn’t get a whole lot easier to borrow money even as there was a definite marked improvement in rates.
“The only saving grace for borrowers would be: the more the number of rate cuts, the more borrowing costs will drop. With lesser interest rate cuts planned for next year, the trickledown effect leading to cheaper loans diminishes, meaning loans will stay costly for longer.”

How soaring inflation resulted in multiple rate hikes
For economies worldwide, there has been a prevalent threat of inflation re-accelerating and requiring even more of such drastic rate hikes in the future, if central banks don’t keep reining in a surge in prices by making it more expensive for businesses and people to borrow money.

“Making debt more expensive is an intended consequence of tightening monetary policy to contain inflation,” explained Abbud Sharif, a banking industry analyst based in Dubai. “The good news now is inflation has slowed – suggesting the world economy is playing out the way central banks had hoped.
“The risk, however, is borrowers might be in precarious positions financially. Higher interest rates could amplify these fragilities, leading to a surge of defaults, and with the cost of repayments rising for you, lenders want to ensure that they are lending to those who can handle higher rates.”

Borrowing rates still high, wait till 2026 to benefit
Higher interest rates mean it’s more expensive to borrow money, which slows or delays big purchases, lower rates encourage borrowing and tend to increase money supply in the market. For example, the lower the interest rate the lower the mortgage payments on a newly purchased house.

“As interest rates are peaking now and start to drop later this year, if you’ve been considering a large financial decision now, such as buying a house or purchasing a car, consider postponing plans until you get favorable loan terms towards the start of 2026,” Sharif added.
“Also, credit cards with variable rates tend to drop when the rates start to slow. So, if you’re trying to catch up on credit card debt, this can be of some help. If you already have a loan, lower interest rates might mean it is a good time to evaluate your current terms and consider refinancing it.”

How to benefit from three interest rate cuts in 2024?
“Only a few investments stand to benefit when interest rates start to go down, compared to when they are paused or continue at existing levels,” added Dunn. “For instance, your bond investments give good returns in a high-rate environment.

“When it comes your investments in stocks, high interest rates tend to make stocks more attractive to investors, as they can generate higher returns than fixed-income investments. This can lead to a rise in stock prices, which can result in higher returns for those who have invested in stocks.”
Dunn reiterated that lower rates also incentivise borrowing, so as businesses make more investments in their business, their stock prices tend to rise again. “So depending on where you invest, lower or higher interest rates could affect you positively or negatively,” he added.

Bottom line
While increasing rates made borrowing more costly and reigns in spending in favor of saving, looming lower interest rates will make borrowing cheaper – allowing people to borrow more freely. As rate hikes are expected drop further by the end of next year, borrowing and spending will rise in tandem.

“While borrowing may provide better terms when interest rates are low, it’s still wise to be cautious. In contrast, some areas that could offer lower rates of return when interest rates go down include savings accounts, deposits, bonds, and money market accounts,” added Sharif.

“When choosing to borrow now or early 2025, choose your interest rates based on the loan’s term. If it’s a smaller amount, factor in no immediate rate cuts, so a fixed rate might be better. If you’re comfortable with risk and expect more reductions than currently forecasted, a variable rate could save you money.”

However, realistically, financial planners often reiterate that for most people, if you have an established savings plan and financial goals, a lower interest rate will most likely not be a significant reason to materially change your saving strategy.

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Bitcoin (BTC) hit an all-time high or $106,488.25 at 12:40am UTC, after rising straight for 25 minutes, before pulling back to $104,063.03 as of 7.13am UTC on Monday.
“This announcement has sparked significant excitement in the cryptocurrency market, reinforcing Bitcoin’s perception as a strategic asset and opening new discussions about its role in the global economy,” remarked Antonio Di Giacomo, Senior Market Analyst at XS.com.

Favourable climate
While the market buzz is palpable, Di Giacomo cautioned that this historic price surge benefits from a politically favourable climate for cryptocurrencies.
Since Trump’s election, Bitcoin has risen more than 50 per cent, propelled by his own pro-crypto narrative and the election of numerous blockchain-friendly candidates advocating for innovation and leadership in blockchain technologies.
“In this context, Trump’s proposal for a strategic Bitcoin reserve is seen as a step toward institutionalising cryptocurrencies,” Di Giacomo added.

In September, when Bitcoin was hovering around $60,000, BlackRock’s CEO Larry Fink (whose company manages $13 trillion in assets), admitted he was “wrong” about Bitcoin.

“As you know, I was a skeptic. I was a proud skeptic (of cryptos in general),” he told CNBC. Now Fink has changed his tune: “I studied it, and learned about it. And then said: ‘OK, my opinion five years ago was wrong’. Here’s my opinion today: believe Bitcoin is a legitimate financial asset.”

Factors behind Bitcoin’s spike
Bitcoin’s rally has been driven by multiple factors. Among the most notable is its growing institutional adoption.

For example, the inclusion of MicroStrategy, the largest corporate holder of Bitcoin, in the Nasdaq-100 index underscores its increasing legitimacy.
This development positions Bitcoin as a strong competitor to traditional assets, elevating its reputation as a credible investment choice.

Global response
Globally, responses to Bitcoin’s rise are varied.

Vladimir Putin has endorsed cryptocurrencies as viable alternatives to the US dollar, while Federal Reserve Chairman Jerome Powell remains skeptical, questioning Bitcoin’s value as a reliable store of value due to its notorious volatility.

Bitcoin reserve
Trump’s strategic Bitcoin reserve proposal is also being viewed as part of a broader geopolitical strategy, signaling US intent to challenge nations like China, which has advanced significantly with its state-backed digital yuan.
In this emerging “digital supremacy” race, Bitcoin could become a pivotal asset in the US’s economic and technological strategy.
Challenges, opportunities
Despite its record-breaking price, Bitcoin’s future faces hurdles. Issues like regulatory frameworks, scalability, and market stability will play a decisive role in determining whether Bitcoin sustains its upward trajectory.

Yet, the new high of $106,000 demonstrates the cryptocurrency’s growing importance in global finance and affirms its evolution from a speculative asset to a strategic financial tool.

Shift in perception
Bitcoin’s recent milestone signals more than market enthusiasm; it marks a shift in global perceptions of digital assets, said Di Giacomo.
Trump’s proposal, coupled with growing institutional support, highlights the expanding strategic role of cryptocurrencies.

However, the path ahead is fraught with challenges, particularly concerning volatility and regulation.

Still, the narrative of Bitcoin as a geopolitical and economic instrument is gaining momentum, heralding a new era for the global financial system.

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Instead, this time, jewelers are emphasizing one message over and over again – that the making charges for gold and jewellery in the UAE is the lowest anywhere in the world.
The reason why retailers are doing so is straight-forward, gold prices remain at extremely high levels for a majority of shoppers despite the recent drop by $70. Bullion is currently trading at $2,653 an ounce, while the UAE gold rate for a gram of 22K is Dh297. (The highest in the last 10 days has been Dh303 a gram.)

“Shoppers need reassurance because the price of gold has seen a more than $300 an ounce increase in just the last 6 months based on today’s price,” said Shamlal Ahmed, Managing Director – International Operations at Malabar Gold & Diamonds. “So, UAE jewelers need to speak louder about the cost benefits they can pass on to shoppers. And that’s making charges.

“Even on imported jewellery from, say, India, the UAE retail price would still be lower than where those pieces are actually made, whether that’s Kolkata or Rajkot. In most other countries, import duties on jewellery are high, and even at 21% in a market like India.

“The duty for the same in the UAE? Just 5%.” (Recently, there had been some campaigns, especially in India, that gold prices are actually lower in that market compared to what is the case in the UAE, Qatar or Oman. These were patently wrong, but UAE retailers say it did manage to confuse many Indian tourists at the time.)
All eyes on DSF gold raffles
The DSF 2024 has started, and the gold related sales promotions have been given an extra layer of significance given that this is the 30th year of the annual event. And the daily gold raffle draws have been a major contributor to raising the profile of the shopping event.

Shoppers spending Dh1,500 or more on jewellery at participating outlets get a chance to win their share in the Dh1.5 million jackpot. Each week, 1 kilogram of gold will be given away in raffle draws, with 20 winners receiving a quarter kilogram each. (Weekly draws are scheduled on December 13, 20, 27, and January 3 and 12, 2025.)
“Dubai has always had the best gold prices because of how the making charges are set,” said Tawhod Abdullah, who heads the Dubai Jewellery Group and CEO of Jawhara Jewellery.

“The making charges are now between Dh3 a gram to Dh30 a gram, and it’s for the shopper to decide what suits him best. What Dubai’s gold trade can offer is the most competitive labour charges anywhere in the world.

“It’s no different from a price of a cup of tea – here, you can spend Dh1.5 or, if that’s what you fancy, even Dh300.”
Are shoppers getting the message?
Based on retailers’ feedback, it’s been a relatively slow start to the DSF promotions when it comes to gold sales. But they expect a significant pick up to happen over the next 2 weeks and even up to January 15, if gold prices remain soft. Or better still, drop even further.

“The heavy tourist spending should kick in from December 20 or so,” said Ahmed. “The flights from India will be running full and that’s always a good sign for UAE jewelers.

“What’s interesting is that the UAE market is starting to see more American tourists spending on gold, specifically going for 50 gram, 100 gram and even 1 ounce bars. And on these purchases, they benefit from 0% VAT. We can expect more Western visitor demand closer to January 1.
“If the UAE gold markets widens its appeal to more shoppers, everyone benefits.”

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The launch event was attended by esteemed guests, including business leaders, automotive enthusiasts, and representatives from the OTE Group and Nexen Tire. The new showroom, strategically located in Ghala, offers a comprehensive range of Nexen tires, tailored to meet the diverse needs of customers across Oman.
The ceremony included a ribbon-cutting event, a detailed showcase of Nexen’s innovative tire range, and an opportunity for guests to engage with tire experts on-site. Guests praised the modern facility and its commitment to providing world-class tire solutions, coupled with exceptional service.
“This new showroom is a testament to our dedication to offering the best in automotive solutions to our valued customers,” said the spokesperson, Nexen Tire . “We are proud to represent Nexen Tire in Oman and look forward to serving the community with the highest standards of quality and service.”

The Nexen Exclusive Showroom in Ghala is now open to the public, promising a seamless and personalized experience for all tire-related needs.

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