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India tightens silver import rules, mandates prior approval

In April, India’s silver imports jumped 157 per cent from a year earlier to $411m, trade ministry data showed

Reuters
Reuters

02 June, 2026

India tightens silver import rules, mandates prior approval

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India has tightened restrictions on silver imports by adding grain and powder forms to the list of restricted categories and mandating prior valid import authorisation, as the world’s biggest consumer of the metal tries to rein in shipments and ease pressure on the rupee.

Imports of silver in the form of grains, powder, other forms and where content is 99.9 per cent silver are restricted, according to a government order issued on Tuesday, and importers would need to secure a valid import authorisation from the Directorate General of Foreign Trade (DGFT).

Last month, India had placed imports of silver bars with 99.9 per cent purity and all other semi-manufactured forms of silver under the restricted category.

It had also raised import tariffs on gold and silver to 15 per cent from 6 per cent as part of efforts to reduce overseas purchases of the metals and ease pressure on foreign exchange reserves caused by higher oil prices.

The South Asian country spent a record $12bn on silver imports in the financial year ended March 2026, compared with $4.8bn a year earlier.

In April, India’s silver imports jumped 157 per cent from a year earlier to $411m, trade ministry data showed.

“The government has made it harder for the bullion industry to bring in silver. Importers now need approval first, and there is no clear idea if they will get it or how long it will take,” said a Mumbai-based bullion dealer with a private bank.

Silver is used in India for jewellery, coins, bars and industrial applications ranging from solar energy to electronics.

Over the past year, demand has been driven more by investment buying than traditional jewellery and silverware consumption, with inflows into silver ETFs climbing to a record high.

India imports silver mainly from the UAE, Britain and China.

From port to market: How Etihad Rail freight powers faster seafood deliveries across UAE

By providing temperature-controlled logistics solutions, the company is helping fishermen access reliable transportation services that preserve product quality

Nida Sohail
Nida Sohail

02 June, 2026

From port to market: How Etihad Rail freight powers faster seafood deliveries across UAE

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Etihad Rail Freight, the freight services arm of Etihad Rail, has partnered with the Abu Dhabi Fishermen Cooperative Society (ADFCS) to transport fresh fish from Al Sila’ Port to Abu Dhabi Fish Market using refrigerated rail containers, in a move designed to support local fishermen and enhance the efficiency of the UAE’s seafood supply chain.

The initiative underscores Etihad Rail Freight’s commitment to supporting a sector that remains deeply connected to the UAE’s cultural heritage and economic development. By providing temperature-controlled logistics solutions, the company is helping fishermen access reliable transportation services that preserve product quality while improving operational efficiency.

Cold-chain logistics enhances freshness and reliability

Through the use of refrigerated containers, Etihad Rail Freight is ensuring that fresh fish is transported under carefully controlled conditions, maintaining product freshness throughout the journey. The service is designed to reduce transit times and offer an efficient alternative to traditional transport methods, helping local businesses deliver high-quality products to market.

Read more-Etihad Rail Freight’s Omar Alsebeyi on why the future of UAE logistics runs on rail

The shipment was transported directly from fishermen operating at Al Sila’ Port, one of the UAE’s key centres for fishing activities and marine services, to Abu Dhabi Fish Market. The operation forms part of Etihad Rail Freight’s integrated logistics model, which combines first- and last-mile solutions with rail transportation to provide seamless end-to-end freight services.

Expanding partnerships and supporting economic growth

The collaboration also highlights Etihad Rail Freight’s broader strategy to expand commercial partnerships and diversify the range of commodities transported across the UAE’s national rail network. As demand grows for efficient and sustainable logistics solutions, the company continues to strengthen its role in supporting the country’s supply chain infrastructure and economic development objectives.

Etihad Rail Freight said the initiative demonstrates its ability to deliver competitive cold-chain transportation services while addressing the evolving needs of businesses across the UAE.=

The partnership further aligns with Etihad Rail Freight’s commitment to safe and sustainable transportation solutions that contribute to the UAE’s emissions reduction goals. Building on previous milestones, including the country’s first rail transport of passenger vehicles with Al Masaood Automobiles, the company continues to advance an integrated transport ecosystem designed to support long-term economic growth and logistics innovation.

Bahrain bans citizens from traveling to Iran and Iraq amid regional tensions

It said the move was intended to protect national security and ensure the safety of citizens

Nida Sohail
Nida Sohail

02 June, 2026

Bahrain bans citizens from traveling to Iran and Iraq amid regional tensions

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Bahrain has banned citizens from traveling to Iran and Iraq until further notice, citing regional security concerns, the interior ministry said Tuesday.

The ministry said it had decided to prohibit travel to both countries due to the current security situation and the “repercussions of the Iranian aggression,” according to an Arab News report.

It said the move was intended to protect national security and ensure the safety of citizens. The statement added that legal action would be taken against violators, state news agency BNA reported.

Iran and its proxies in Iraq have launched attacks against Gulf countries, including Bahrain, since the start of the US-Israeli conflict with Iran.

DMCC launches incentives package to cut costs for 26,000 Dubai businesses

New companies can benefit from a 10 per cent discount on one-year licence packages and a 20 per cent discount on multi-year business set-up packages, subject to certain programme exclusions

Rajiv Pillai
Rajiv Pillai

02 June, 2026

DMCC launches incentives package to cut costs for 26,000 Dubai businesses
Image: Dubai Media Office

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DMCC has launched a targeted acceleration initiative aimed at helping businesses reduce operating costs, improve cash flow and strengthen growth prospects across its ecosystem of more than 26,000 member companies.

The package introduces a range of financial incentives, fee waivers and operational flexibilities designed to support companies as they navigate evolving global market conditions while enhancing Dubai’s competitiveness as a business and investment hub.

At the core of the initiative are licence renewal incentives for existing members, with discounts of up to 25 per cent available for companies committing to multi-year renewals. Businesses renewing for two years will receive a 15 per cent discount, rising to 20 per cent for three-year renewals and 25 per cent for five-year commitments.

DMCC is also encouraging business expansion within its ecosystem by offering a 20 per cent discount on additional licences for existing members.

The initiative includes the waiver of penalties of up to Dhs5,000 for late licence renewals and Dhs1,000 for late Business Centre lease renewals. DMCC has also introduced temporary administrative flexibilities and operational adjustments aimed at easing compliance requirements for member companies.

In addition, businesses operating outside the Flexi Desk model will be able to transition to Flexi Desk facilities without paying security deposit or change-of-address fees.

Ahmed Bin Sulayem, executive chairman and chief executive officer, DMCC, said: “Companies today are navigating a global business environment that is moving faster and becoming more competitive. Through this targeted acceleration package, DMCC is enabling our members to grow more efficiently and confidently by introducing greater flexibility across licence renewals, streamlining administrative processes and unlocking more effective use of existing resources. We are also creating clearer pathways for business expansion and new company formation, ultimately supporting our members scale more efficiently, strengthen their long-term resilience and continue pursuing new opportunities with ease in global markets.”

Alongside measures aimed at supporting existing companies, DMCC has introduced incentives to attract new businesses to its ecosystem.

New companies can benefit from a 10 per cent discount on one-year licence packages and a 20 per cent discount on multi-year business set-up packages, subject to certain programme exclusions.

Additional incentives are available for companies establishing operations within DMCC Premium Offices at Jewellery & Gemplex, where businesses can secure savings of more than 15 per cent on one-year packages and over 20 per cent on multi-year commitments.

Read: Dubai rolls out Dhs1bn support package: easing costs, boosting businesses

DMCC said Jewellery & Gemplex offers premium office space within one of its most established commercial ecosystems, providing businesses with access to a connected environment designed to support collaboration and long-term growth.

The free zone has also expanded its consultant incentive programme to accelerate company formation, increasing commission payments and broadening eligibility to include all successful registrations completed during the promotional period.

DMCC said the initiative forms part of its broader strategy to continuously enhance its value proposition by aligning support measures with market conditions and enabling businesses at different stages of growth to scale more effectively.

The organisation added that the package is designed to stimulate new business inflows, support organic expansion and reinforce Dubai’s position as a leading global centre for trade, investment and entrepreneurship.

British American Tobacco sees faster growth in smoke-free products

The company is actively preparing to launch new products after a significant policy shift

Reuters
Reuters

02 June, 2026

British American Tobacco sees faster growth in smoke-free products
Image: Getty Images/Image for illustrative purpose

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British American Tobacco raised its forecast for revenue from smoking alternatives like vapes on Tuesday, partly thanks to strong demand in the US, where the company is actively preparing to launch new products after a significant policy shift.

The Lucky Strike and Dunhill cigarette maker is leaning further into smokeless products to drive growth, as the FDA’s decision to exercise enforcement discretion on certain unauthorized nicotine products opens the door for the firm to roll out new versions of its Vuse vapes and Velo pouches in its largest market.

BAT now expects annual revenue growth from its new category segment to be in the mid-teens, up from its prior forecast of low double-digit growth.

UAE to get a public holiday in June: Will it become a long weekend?

This occasion represents the formal transition into the new Hijri calendar year and is observed as a statutory non-working day for both public and private sector employees

Nida Sohail
Nida Sohail

02 June, 2026

UAE to get a public holiday in June: Will it become a long weekend?

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The UAE maintains a structured and legislated public holiday framework under federal law across government and private sector entities.

In accordance with UAE Cabinet Resolution No. (27) of 2024 regarding public holidays, the Hijri New Year (Muharram 1) is designated as an official one-day public holiday.

Update-UAE declares June 15 public holiday for Hijri New Year

In 2026, the Hijri New Year marking the commencement of the Islamic year 1448 is expected to fall on Tuesday, June 16, 2026, subject to official moon sighting confirmation by competent UAE authorities.

This occasion represents the formal transition into the new Hijri calendar year and is observed as a statutory non-working day for both public and private sector employees under the applicable federal resolution.

Holiday calendar overview

Following the Hijri New Year in June 2026, the remaining official public holidays are concentrated in the latter half of the year. These include the Prophet Muhammad’s Birthday (Rabi’ Al Awwal 12), observed as a one-day holiday subject to lunar calendar confirmation, and subsequently the UAE National Day holidays on December 2 and 3, which are formally designated as a two-day national holiday period under federal law.

Collectively these observances conclude the 2026 public holiday calendar cycle, with the National Day marking the most structurally significant fixed-date commemoration in the national schedule, reflecting the federation’s establishment and its continued institutional continuity. The framework continues to provide clarity for employers and employees planning operational schedules across the year in the UAE economy overall.

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