India receives Iranian oil cargoes after seven-year gap
India, the world’s third-biggest oil importer and consumer, has not received a cargo from Iran since May 2019 after coming under US pressure not to buy the country’s crude
Two very large crude carriers loaded with Iranian oil have reached Indian ports, ship tracking data from LSEG shows, as local refiners utilise a temporary waiver granted by the United States last month to resume purchases from Tehran for the first time in seven years.
The current waiver is due to expire on April 19.
The Iran-flagged Felicity has reached Sikka Port in western India, while the Curacao-flagged Jaya is at the eastern port of Odisha, the data shows.
A VLCC carries 2 million barrels of oil.
India, the world’s third-biggest oil importer and consumer, has not received a cargo from Iran since May 2019 after coming under US pressure not to buy the country’s crude.
Indian Oil Corp, the country’s top refiner, has bought Iranian oil loaded on the Jaya, a vessel under US sanctions, Reuters reported last week.
India has also allowed Reliance Industries, the operator of the world’s biggest refining complex, to buy Iranian oil loaded on the Comoros-flagged aframax Kaviz, Curacao-flagged VLCC Lenore and Iran-flagged VLCCs Felicity and Hedy, all of which are more than 20 years old and are also under US sanctions.
OpenAI said on Monday it has secured its first permanent office in London, expanding capacity to meet growing demand in the UK and building on the ChatGPT maker’s plans to make the city its largest research hub outside the United States.
The office is expected to open in 2027, with capacity for 544 team members, Microsoft-backed OpenAI said. The space is located at Regent Quarter, spanning Jahn Court and the Brassworks Building in the King’s Cross area.
OpenAI currently employs around 200 people in London across research, engineering, customer support, policy, and sales.
Last week, OpenAI said it was pausing its main data center project in Britain due to an unfavourable regulatory environment and high energy costs, a move that dealt a blow to the UK government’s push to position the country as a global AI hub.
Gold prices touched a near one-week low on Monday, pressured by a stronger dollar, while a surge in oil prices following failed US-Iran peace talks fuelled
inflation worries and dampened expectations for Federal Reserve interest rate cuts this year.
Spot gold was down 0.4 per cent at $4,726.64 per ounce, as of 0620 GMT, after hitting its lowest since April 7 earlier in the day at $4,643. US gold futures for June delivery fell 0.8 per cent to $4,748.70.
The dollar strengthened 0.3 per cent, while oil prices bounced back above $100 a barrel, as the US Navy prepared a blockade of the Strait of Hormuz that could restrict Iranian oil shipments, following the US and Iran’s failure to reach a deal to end the war.
Iran’s Revolutionary Guards responded by warning that military vessels approaching the Strait will be considered a ceasefire breach and dealt with harshly and decisively.
Oil prices has put gold on the back foot again
“Ceasefire optimism has unwound following the failure of the peace talks, and the resulting push higher by the dollar and oil prices has put gold on the back foot again,” said Tim Waterer, chief market analyst, KCM Trade.
Spot gold has fallen more than 11 per cent since the US-Israeli strikes on Iran began on February 28.
While inflation and geopolitical risks typically boost gold’s appeal as a hedge, elevated interest rates weigh on the non-yielding metal.
A stronger dollar also makes greenback-priced bullion more expensive for holders of other currencies.
“As soon as oil prices push back above $100, attention quickly turns to potential central bank rate hikes to curb inflation, and it is this interest rate outlook that is undermining gold’s performance,” Waterer said.
Traders now see little chance of a US rate cut this year, as higher energy prices threaten to feed into broader inflation and limit the scope for monetary easing.
Before the war in the Middle East began, there were expectations for two Fed rate cuts this year.
Among other metals, spot silver fell 1.9 per cent to $74.41 per ounce, platinum lost 0.2 per cent to $2,041.89, while palladium gained 0.5 per cent to $1,527.95.
Gulf SME ecosystem holds firm despite geopolitical headwinds, new data reveals
While early-stage Free Zone enquiries saw a temporary dip in March, committed investors continued to progress with company setups and renewals, pointing to a longer-term commitment to GCC markets
Image: Getty Images/Image for illustrative purpose
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Small and medium-sized enterprises (SMEs) across the Gulf Cooperation Council (GCC) demonstrated resilience in the first quarter of 2026, maintaining steady business formation activity despite disruption linked to regional tensions in March.
New data from Sovereign PPG Corporate Services shows that SMEs accounted for 32.7 per cent of all new business leads during the quarter, reflecting sustained appetite for market entry and corporate structuring across the region.
Steady momentum despite disruption
March figures indicate that SME enquiry levels remained broadly stable, with 27.7 per cent of total leads linked to SMEs. Of these, 73.8 per cent were for mainland limited liability company (LLC) structures, while 26.2 per cent related to Free Zone entities—closely aligned with quarterly averages of 73 per cent and 27 per cent, respectively.
This consistency suggests continued confidence in the region’s regulatory environment, even amid short-term operational challenges.
Key jurisdictions attracting SME interest were primarily UAE-based, including Dubai International Financial Centre, Ras Al Khaimah International Corporate Centre, DMCC, Jebel Ali Free Zone, Dubai World Trade Centre, Abu Dhabi Global Market, Khalifa Industrial Zone Abu Dhabi and Meydan Free Zone.
While early-stage Free Zone enquiries saw a temporary dip in March, committed investors continued to progress with company setups and renewals, pointing to a longer-term commitment to GCC markets.
Jade Wong, senior sales manager – Middle East at Sovereign PPG Corporate Services, said: “This quarter’s figures confirm the staying power of the region’s SME ecosystem. Even when conditions tightened in March, clients didn’t pull back, they focused on getting structures right, securing licences, and positioning for recovery.”
Jade Wong, senior sales manager – Middle East at Sovereign PPG Corporate Services
Regulatory support driving activity
Across the GCC, regulatory reforms—including reduced setup costs, simplified processes and improved access to banking and compliance—have helped sustain SME activity.
Wong added: “These reforms and incentives are helping turn uncertainty into opportunity. Lower entry costs and clearer regulatory frameworks have given owners a reason to proceed now rather than postpone, helping maintain activity through the quarter.”
SME demand in Q1 was split between UAE-based clients (23 per cent) and an international pool spanning the UK, US and wider GCC. Dubai and Qatar accounted for approximately 60 per cent of all SME enquiries, with Abu Dhabi and other GCC markets contributing the remainder.
The pipeline remains concentrated in service-driven sectors such as technology, IT, consulting and trading, where businesses prioritise speed, efficiency and flexible operating structures.
The data also highlights a shift in how SMEs are approaching resilience, with a greater emphasis on governance, cost management and transparent operational frameworks.
Wong said: “What stands out this quarter is the quality of decision-making. SMEs are acting on data: reinforcing compliance where it matters, keeping overheads lean, and structuring for growth once conditions normalise.”
The findings underscore a broader trend of SMEs deepening their presence in GCC markets, signalling confidence in long-term economic fundamentals despite ongoing geopolitical uncertainty.
Saudi Arabia restricts Makkah entry, suspends Umrah permits ahead of Hajj
From April 13, entry into Makkah will be limited to individuals holding valid permits, including residents of the city, as well as those with Hajj or work permits for the holy sites
Saudi Arabia’s Ministry of Interior said it will restrict entry to Makkah and suspend issuance of Umrah permits as the kingdom prepares for the upcoming Hajj season.
From April 13, entry into Makkah will be limited to individuals holding valid permits, including residents of the city, as well as those with Hajj or work permits for the holy sites, the ministry said in statement published by the Saudi Press Agency (SPA).
The measures come ahead of this year’s Hajj, expected to take place between May 25 and May 30.
The ministry said no entry into Makkah would be allowed without the required permits, adding that violations could result in legal penalties.
Saudi authorities have also set April 18 as the deadline for Umrah visa holders to leave the country.
Those whose visas expired earlier have been allowed to exit via international ports without needing extensions.
Steps to ensure safety during Hajj season
The issuance of Umrah permits through the Nusuk platform will be suspended from April 18 until May 31, as part of efforts to manage pilgrim flows and ensure safety during the Hajj season.
The General Directorate of Passports of Saudi Arabia has begun accepting applications for Makkah entry permits for resident workers via the Absher and Muqeem portals.
Dubai unveils 726 new bus shelters: Here’s how commuters benefit
The newly installed shelters are designed to serve more than 192 million public bus riders annually, reinforcing Dubai’s long-term strategy to position public transport as the preferred mode of mobility
Dubai’s Roads and Transport Authority (RTA) has completed the installation of 726 modern bus shelters across key areas of the emirate, marking a significant milestone in the city’s efforts to upgrade its public transport infrastructure.
The newly installed shelters are designed to serve more than 192 million public bus riders annually, reinforcing Dubai’s long-term strategy to position public transport as the preferred mode of mobility. Some of the shelters are connected to more than 10 bus routes, improving network flexibility and boosting overall operational efficiency.
Mattar Al Tayer, director general and chairman of the Board of Executive Directors of the Roads and Transport Authority, described the project as a key step in strengthening Dubai’s transport infrastructure.
He said the initiative aligns with the emirate’s broader vision of creating an integrated, people-centric urban environment that enhances quality of life.
“This project reflects RTA’s commitment to developing a seamless and efficient public transport system while reinforcing Dubai’s position as one of the world’s best cities to live in,” Al Tayer said, according to a Dubai Media Office report.
He added that infrastructure development is not limited to operational efficiency but also focuses on improving the overall commuter experience and increasing the appeal of public transport.
Improving the commuter journey
Al Tayer emphasised that the new shelters combine modern design with integrated services aimed at enhancing user satisfaction and encouraging more residents to rely on public transport.
“We ensured that the new shelters combine modern, attractive design with integrated services that enhance the mobility experience, strengthen public confidence in the public transport system, and support sustainability objectives, including reducing emissions,” he said.
“The shelters serve a large number of bus routes, sometimes over ten routes per shelter, which improves network efficiency, cuts travel time, and boosts public transport ridership,” he added.
The locations of the shelters were carefully selected based on population density and both current and future operational needs of Dubai’s bus network. The project also supports integration with individual mobility options, ensuring a more connected transport ecosystem.
To cater to varying levels of demand, the shelters have been classified into seven models. These include main stops serving more than 750 riders daily, secondary stops accommodating between 250 and 750 riders, standard stops handling 100 to 250 riders, and smaller pick-up and drop-off stops serving fewer than 100 passengers per day.
The shelters incorporate a range of commuter-friendly features, including air-conditioned sections at main stops, shaded outdoor seating areas, and designated advertising spaces. They are also equipped with digital information displays showing route maps, timetables, and service frequencies.
Importantly, the shelters comply with the Dubai Universal Design Code for People of Determination, with dedicated spaces for wheelchair users. The initiative supports the “My Community, A City for Everyone” programme, which aims to make Dubai a fully inclusive and accessible city.
