GCC consists of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates.
United Nations chief Ban Ki-moon has welcomed the transition of power in Yemen, saying all sides should now honour their commitments to immediately bring to an end all violence and refrain from further provocations.
The Gulf Cooperation Council (GCC) countries and India are expected conclude a free trade agreement for boosting trade within a year, K K M Kutty, former chairman of industry chamber CII (southern region), has said.
Private sector lender ICICI Bank on Monday launched I-Express, an instant cross-border money transfer option for Non-Resident Indians (NRIs).
India is in talks with members of the Gulf Cooperation Council (GCC) to conclude a free trade agreement and a framework agreement for the FTA has already been signed, a leading Indian banker in the region has said.
Pakistan has been on the grey list of the Paris-based Financial Action Task Force since June 2018 for failing to check money laundering, leading to terror financing, and was given a plan of action to complete it by October 2019.
The Gulf Cooperation Council and the Association of Southeast Asian Nations have decided to enhance cooperation in the economic, commercial, investment, educational, cultural and media fields.
During the discussions attended by Simon Williams, Chief Economist at HSBC, Chirag Shah, Head of Strategy and Corporate Planning at DIFC Authority, and Yousef Bazian, Head of Corporate Finance at PwC in the Middle East, a consensus emerged that the Gulf region has achieved considerable non-oil economic growth.
Embattled Yemeni President Ali Abdullah Saleh on Friday rejected a plan for his exit mooted by Gulf states. Plunging his strife-torn nation into a new crisis, Saleh told a pro-regime rally in capital Saana that the exit plan mooted by Gulf Cooperation Council states is "blatant interference in Yemeni affairs". A defiant Saleh said, "We reject any coup against democracy, the constitution and our freedom."
A survey by the Arabian Business weekly magazine shows that Landmark boss, Mr Micky Jagtiani, now has close to $1.5 billion more than his nearest rival in the wealth stakes, New Medical Centre Group boss, B R Shetty, who was second with a $1.72 billion fortune.
Qatar will lead growth in the region with around 8.7 per cent, while growth will be about six per cent each in Saudi Arabia and Kuwait, 4.5 per cent in the United Arab Emirates, 4.2 per cent in Oman and 3.1 per cent in Bahrain, the report by Kuwait-based Gulf Investment Company said.
The Gulf Cooperation Council countries -- Bharain, Kuwait, Oman, Qatar, Saudi Arabia and United Arab Emirates -- present a lot of trade opportunities for India, he said. The Assocham has been promoting India as an investment destination for infrastructure, biotechnology, power, roads, IT and allied sectors. It has also created an Andhra Pradesh Investment Cell to attract investments to the state.
The United Arab Emirates has floated an initiative aimed at integrating securities markets of all member states of the Gulf Cooperation Council.
The unemployment rate in the GCC reached 8.8 per cent in 2009 and is expected to increase to 10.5 per cent this year, said the report titled 'GCC Unemployment: Sustainable Economies'.
Software major Wipro has tied up with Sun Microsystems to widen its reach within the Gulf Cooperation Council countries such as UAE and Saudi Arabia.As part of the deal, Wipro would resell and integrate the entire suite of Sun systems, storage, software, and services to serve Sun's customers in the UAE, Saudi Arabia, Bahrain, Oman and Qatar.
India and Bahrain firms have formed a JV to provide solutions for telecom infrastructure.
Pakistan will remain on the 'grey list' of the Financial Action Task Force (FATF) until it further demonstrates that action is being taken against Jamaat-ud-Dawah chief Hafiz Saeed and Jaish-e-Mohammed founder Masood Azhar who are listed as global terrorists by the United Nations, the global anti-money laundering and terror financing watchdog said on Thursday.
Gulf Cooperation Council member countries will see their gross domestic product grow at 5.2 per cent in 2010 on the back of rising oil revenues, the IMF has said.
The countries with positive employment outlook included India, Mexico and Turkey, as also the Gulf Cooperation Council region.
Gulf nations have postponed the six-year residency cap on foreign unskilled workers.
Hyderabad-based pharma company Aurobindo Pharma, which has plans to emerge as a billion dollar company by 2009-10, is enhancing its presence in Europe by investing $100 million in phases. The company is likely to buy two pharma companies worth Euro 10 million each, open offices in 10 countries and establish a packaging, warehouse and manufacturing hub in Malta.
Some 90 tonnes of food items such as fruit and vegetables were sent to Doha.
The Gulf Cooperation Council will consider a proposal to define a time-frame ceiling for residency of the workers in member states. The proposal says after the expiry of the six year-contract, the worker will go back home to his original country.
In a statement, the Ministry of Foreign Affairs expressed its condemnation and denunciation of the statements made by the BJP spokesperson, saying it insulted Prophet Muhammad.
According to the latest data revealed by GulfTalent.com, the number of expats employed in the kingdom rose by 2.4 per cent in the fourth quarter of 2009.
India is vigorously pursuing for a free trade agreement with Gulf countries, Finance Minister P Chidambaram said on Monday.
India and the Gulf Cooperation Council are working to finalise the Free Trade Agreement by this year-end, which will give further fillip to bilateral trade ties.
The four million expatriate Indians in the six Gulf Cooperation Council states remit an incredible $5 billion annually, a study shows.
India needs an investment equivalent to 35.1 per cent of its GDP to maintain a growth rate of 9 per cent over the next five years starting this fiscal, commerce and industry minister Kamal Nath said on Tuesday.
Close on the heels of a Free Trade Agreement with Thailand, India is now focusing on signing more such trade deals with member countries of Association of South East Asian Nations, MERCOSUR
In a move which could pave the way for a Free Trade Agreement between India and the Gulf Cooperation Council, both the partners have concluded negotiations for a Framework Agreement expected to be inked soon.
Developed countries who practice protectionism should not have high expectations from developing countries to open up their markets in sensitive sectors like agriculture, Union Commerce and Industry Minister Arun Jaitley said on Tuesday.
Kuwait, the world's third largest oil producer, on Wednesday, said it was keen on investing in Indian refineries even as it plans to sell more crude to India.
The Financial Action Task Force (FATF) on Friday retained Pakistan on its 'grey list' for failing to check money laundering, leading to terror financing, and asked Islamabad to investigate and prosecute senior leaders and commanders of United Nations-designated terror groups, including Hafiz Saeed and Masood Azhar.
The new sackings and suspensions come days after both the former and current Indian Ambassadors to the UAE cautioned their countrymen about the UAE's strict hate speech laws.
'Modi has visited all these three countries (the UAE more than once, inexplicably) but has left out Kuwait and Oman, the two Gulf countries that are closest to India in their political, cultural and civilisational ethos,' notes Ambassador M K Bhadrakumar.
Swaraj, who met the families for the seventh time since the abduction of the Indians in June last year from Mosul, reassured the families about the well-being of the nationals on the basis of information received from various sources.
'NRI interest has gone up in the past three-four years.'
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