Minister H. D. Kumaraswamy champions India-UAE steel collaboration at Dubai symposium
This exclusive platform brought together business leaders, policymakers, and industry veterans from India and the UAE to discuss strategic cooperation, market expansion, and infrastructural alignment in the steel and alloy sector.
The symposium was graced by Shri H. D. Kumaraswamy, Hon'ble Union Minister for Steel and Heavy Industries, Government of India, as the Chief Guest, and H.E. Satish Sivan, Consul General of India to Dubai, as the Guest of Honour. Chairman of IBPC Siddharth Balachandran was also in attendance and hosted the high profile delegation that also included public sector representation from MECON Limited, SAIL (Steel Authority of India), both PSU's having recently opened branches in the UAE, with the ministry endorsing the open conversation between all parties.
India, already the second-largest producer of steel globally, is on track to expand its steel trade volume from 150 million tonnes to 300 million tonnes, backed by robust domestic infrastructure development and export ambitions.
"India's commitment to become a $5 trillion economy is firmly supported by a ₹11.1 lakh crore infrastructure budget, which not only strengthens domestic consumption but also positions us as a trusted global supplier," said Shri H. D. Kumaraswamy, while addressing the gathering. "Collaborating with strategic partners like the UAE is central to our global growth blueprint. Steel is not just an industry, it's the spine of a modern economy."
The Minister emphasized the need to improve export incentives and streamline supply chain processes to unlock India's full export potential to the Gulf.
The UAE, as the largest steel importer in the GCC with over 10 million tonnes in 2024, presents a dynamic market for Indian producers. With massive demand driven by smart city projects, energy infrastructure, and real estate, the region offers mutual growth opportunities.
"Steel trade is not merely transactional, it is transformational," stated H.E. Satish Sivan, Consul General of India. "With initiatives like the Virtual Trade Corridor, which integrates JNPT (India) and Jebel Ali (UAE), and seamless customs processes, we are actively reengineering the logistics ecosystem for faster and more transparent trade."
He noted that DP World is playing a pivotal role in enabling this vision through digitized, integrated platforms and smarter logistics pathways.
Industry leaders from Tata Steel and other major players highlighted current challenges in cross-border trade, including long lead times, payment flexibility, and export incentive gaps.
"Nearly 90% of Tata Steel's portfolio is in long products, aligning well with construction-heavy projects in the Gulf. Yet, without proper export incentives, Indian companies find limited commercial sense in prioritizing exports," observed a Tata Steel spokesperson.
The open Q&A session saw members advocating for a dedicated procurement and contract platform to reduce risk, improve payment terms, and ensure operational agility for UAE-based buyers sourcing from India.
India is targeting a two-fold increase in steel trade, with the GCC region, particularly the UAE, emerging as a strategic hub. The UAE's infrastructure boom offers a key opportunity for Indian exporters to scale operations and tap into high-growth markets.
The upcoming Virtual Trade Corridor promises faster, more transparent customs processes, while the industry continues to call for improved export incentives, streamlined logistics, and a centralized digital trading platform.
IBPC Dubai is preparing a whitepaper outlining crucial regulatory and commercial recommendations to bolster this momentum.
Dr. Sahitya Chaturvedi, Secretary General of IBPC Dubai, stated, 'Steel is not just a product, it's the backbone of modern economies. Our mission is to transform trade friction into flow, and intent into industrial impact.'
As bilateral ties deepen, initiatives like this reflect the shared ambition of India and the UAE to shape a resilient and future-forward industrial alliance.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Khaleej Times
11 minutes ago
- Khaleej Times
Dubai: 9 paid parking subscriptions now offered by Parkin
Do you commute for work daily, and is parking an everyday hassle which you account for in time spent on the road? Worried of missing the parking deadline? Dubai's Parkin has several subscriptions which start at 1 month, and extend till 1 year. Located conveniently near educational institutions, in residential areas, and across prime locations, they allow you to park for hours on end without having to search for a meter or send multiple messages. Vehicle owners can apply on the Parkin website, and select the relevant subscription according to location. Roadside and plots parking Light vehicle owners can park across multiple regions in the zones A, B, C, and D, both on the roads and certain designated areas, Subscription fees 1 month: Dh500 3 months: Dh1,400 6 months: Dh2,500 12 months: Dh4,500 This parking is valid for roads in A and C zones, and plots in B and D. Vehicles can be parked for maximum of 4 consecutive hours in roadside parking and 24 consecutive hours in plots parking. It is essential to note that an existing subscription from the roadside and plots parking category cannot be downgraded to the plots-only parking category. Plots-only parking This parking is valid only for zones B and D, and allows owners of light vehicles to park for as long as 24 consecutive hours. Subscription fees 1 month: Dh250 3 months: Dh700 6 months: Dh1,300 12 months: Dh2,400 Silicon Oasis (Zone H) With Dubai Silicon Oasis (DSO) being home to a large community, several of whom commute daily to work or leisure, the residential community offers flexible parking for its residents and guests. Subscription fees 3 months: Dh1,400 6 months: Dh2,500 12 months: Dh4,500 While purchasing a subscription, the vehicle owner must also pay 5 per cent Vat. In Zone H of DSO, only one vehicle can be linked to a subscription. It is also essential to note that the subscription does not allow motorists to park in reserved spaces. Parking in unauthorised areas will lead to fines. Silicon Oasis Limited Area Looking for a more affordable parking solution in Silicon Oasis? If you frequently commute to DSO, but do not require parking in Zone H, then the limited area package will help you find a spot in designated areas of DSO. Subscription fees 3 months: Dh1,000 6 months: Dh1,500 12 months: Dh2,500 Dubai Hills The emirate boasts several residential communities that enable individuals to live, work, and commute to spots that are all nearby. And to provide further ease of access, Parkin offers a specific Dubai Hills subscription for those who are living in or visiting the area. Subscription fees 1 month: Dh500 3 months: Dh1,400 6 months: Dh2,500 12 months: Dh4,500 Only 1 vehicle can be linked to the subscription. These parking packages apply in Dubai Hills public parking, which is marked by signage indicating zone 631G. Wasl Real Estate Those using Wasl public parking can avail this subscription, which starts at as low as Dh300. With spaces available on a first-come, first-served basis, the subscription applies to zones W and WP. Subscription fees 1 month: Dh300 3 months: Dh800 6 months: Dh1,600 12 months: Dh2,800 As with other residential communities, only one vehicle can be linked to a subscription in Wasl Real Estate. Staff of private educational establishments For teachers and administrators commuting everyday to work, Parkin offers affordable roadside and plot parking within 500m of the educational establishment. It is required to show proof of employment in the institution. Subscription fees 1 month: Dh100 3 months: Dh300 6 months: Dh600 12 months: Dh1,200 Only one vehicle is allowed for each subscription. Fees are non-refundable, and if not paid within 14 days, the application will be cancelled automatically. Students With a student card, vehicle owners can get as much as 80 per cent discount on parking, and use convenient spaces around campus. Subscription fees 1 month: Dh100 3 months: Dh300 6 months: Dh600 12 months: Dh1,200 This applies to students who are currently studying in higher educational institutions of Dubai, and are required to show an enrolment verification letter from the educational establishment. Multistorey parking Individuals can avail flexible packages for parking in multistorey spaces across several locations in Dubai. The vehicle owner is required to submit a title deed or tenancy contract. Subscription fees 1 month: Dh735 3 months: Dh2,100 6 months: Dh4,200 12 months: Dh8,400 Multistorey parking in Bani Yas and Naif is available exclusively to individuals who live or work in the surrounding area. The subscription requires a 5 per cent Vat to be paid. While 5 vehicles can be covered under the same Traffic File, but only 1 vehicle can be parked at a time. Standard tariff prices apply for any additional vehicles parked simultaneously. The multistorey parking can be used for a maximum of 30 consecutive days. If you exceed this duration, you receive a fine of Dh500. Those who park the wrong way may receive a fine of Dh200. If you park in reserved parking spaces, you receive a fine of Dh1,000. Important points to note Heavy vehicles, such as trucks, buses, and pickups, cannot be added in parking subscriptions. If you wish to modify the information of any vehicle, a fee of Dh100 is required. Parking subscriptions do not allow use of reserved parking spaces. Vehicle owners cannot transfer, assign, or subcontract the subscription to any third party without Parkin prior written approval. Public parking spaces and equipment must be preserved from harm or damage. Parkin reserves the right to cancel or change your subscription at any time for misuse or repeated violations, with no refund Subscription fees are non-refundable. However, for certain subscription types, users will get a refund if you cancel the subscription within 48 hours from the issuance date. For parking used by students, educational staff, and multistorey parking, the application will be automatically cancelled if the fees are not paid in 14 days. For roadside and plots parking, up to 3 vehicles can be added under the same traffic file from Dubai. However, only one vehicle can be active at one time. In addition, only one vehicle can be added if the traffic file is from outside Dubai, other countries, or vehicles registered under a company file. For flexibility, users can switch between vehicles every 30 minutes.
Khaleej Times
41 minutes ago
- Khaleej Times
Dubai: New areas driving strong demand as July property sales near Dh50 billion
Dubai's property market continues to hold strong in July, as demand shifts from traditional to new areas that are offering long-term value for end-users, according to the latest data. Released by Springfield Properties, data showed that the emirate's real estate market recorded Dh49.67 billion in transactions in July 2025, a 12.09 per cent increase from June 2025 and a 24.8 per cent rise year-on-year. A total of 18,191 deals were registered, up 16.5 per cent month-on-month and 21.5 per cent annually, underscoring the market's momentum heading into the second-half. Off-plan transactions accounted for 74.26 per cent of activity, supported by a broader end-user base, enhanced affordability measures, and rising investor appetite in emerging corridors. "Transaction volumes are holding steady at a high base, supported by the scale and pace of new project launches," said Farooq Syed, CEO of Springfield Properties. "We're seeing particular strength in the off-plan segment where developers are responding to buyer expectations with flexible payment plans, and integrated masterplans designed for long-term community living," he said. Syed added that buyers are better informed these days and more focused on tangible value - from quality of product to delivery timelines. According to Springfield Properties, as Dubai's infrastructure expands and masterplanned communities evolve, demand is shifting beyond traditional prime areas toward developments offering long-term value and livability. The current cycle is shaped by informed buyers, diversified capital allocation, and sustained confidence in the emirate's real estate fundamentals — underpinned by consistent transaction growth, flexible financing, and a deepening commitment to quality delivery across segments. July data showed that the average price per square foot for off-plan apartments was Dh2,090, with ready apartments averaging Dh1,495. For villas and townhouses, off-plan prices averaged Dh1,353 per sqft, while secondary market prices averaged Dh1,666 per sqft. Compared to June, price movements across most segments remained within a tight range, with performance tied more closely to product design and location than macro shifts. The secondary market also remained active in July, with ready apartments in established locations seeing demand from first-time buyers taking advantage of new mortgage schemes. Villas continued to register interest selectively, with premium end-user buyers prioritising layout efficiency and long-term value.
Khaleej Times
41 minutes ago
- Khaleej Times
India to maintain Russian oil imports despite Trump threats, government sources say
India will keep purchasing oil from Russia despite U.S. President Donald Trump's threats of penalties, two Indian government sources told Reuters on Saturday, not wishing to be identified due to the sensitivity of the matter. On top of a new 25% tariff on India's exports to the U.S., Trump indicated in a Truth Social post last month that India would face additional penalties for purchases of Russian arms and oil. On Friday, Trump told reporters he had heard that India would no longer be buying oil from Russia. But the sources said there would be no immediate changes. "These are long-term oil contracts," one of the sources said. "It is not so simple to just stop buying overnight." Justifying India's oil purchases from Russia, a second source said India's imports of Russian grades had helped avoid a global surge in oil prices, which have remained subdued despite Western curbs on the Russian oil sector. Unlike Iranian and Venezuelan oil, Russian crude is not subject to direct sanctions, and India is buying it below the current price cap fixed by the European Union, the source said. The New York Times also quoted two unnamed senior Indian officials on Saturday as saying there had been no change in Indian government policy. Indian government authorities did not respond to Reuters' request for official comment on its oil purchasing intentions. However, during a regular press briefing on Friday, foreign ministry spokesperson Randhir Jaiswal said India has a "steady and time-tested partnership" with Russia. "On our energy sourcing requirements ... we look at what is there available in the markets, what is there on offer, and also what is the prevailing global situation or circumstances," he said. The White House did not immediately respond to requests for comment. India's top supplier Trump, who has made ending Russia's war in Ukraine a priority of his administration since returning to office this year, has expressed growing impatience with Russian President Vladimir Putin in recent weeks. He has threatened 100% tariffs on U.S. imports from countries that buy Russian oil unless Moscow reaches a major peace deal with Ukraine. Russia is the leading supplier to India, the world's third-largest oil importer and consumer, accounting for about 35% of its overall supplies. India imported about 1.75 million barrels per day of Russian oil from January to June this year, up 1% from a year ago, according to data provided to Reuters by sources. But while the Indian government may not be deterred by Trump's threats, sources told Reuters this week that Indian state refiners stopped buying Russian oil after July discounts narrowed to their lowest since 2022 - when sanctions were first imposed on Moscow - due to lower Russian exports and steady demand. Indian Oil Corp, Hindustan Petroleum Corp , Bharat Petroleum Corp and Mangalore Refinery Petrochemical Ltd have not sought Russian crude in the past week or so, four sources told Reuters. Nayara Energy - a refinery majority-owned by Russian entities, including oil major Rosneft, and major buyer of Russian oil - was recently sanctioned by the EU. Nayara's chief executive resigned following the sanctions, and three vessels laden with oil products from Nayara Energy have yet to discharge their cargoes, hindered by the new EU sanctions, Reuters reported last week.
