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<ul class="summary-list"><li>Laura Jardine Paterson began running a tech company in Lebanon full-time in 2021.</li><li>But she left on October 2 amid the escalating airstrikes heeding the UK government's calls for nationals to leave.</li></ul>This as-told-to essay is based on a transcribed conversation with Laura Jardine Paterson, CEO of a web development company operating in Lebanon. The following has been edited for length and clarity.I first went to <a target="_blank" href="https://www.businessinsider.com/israel-beirut-lebanon-hezbollah-iran-middle-east-war-hamas-gaza-2024-10">Lebanon</a> in 2017 on a holiday with my best mate.I vividly remember lying in bed on the first night and thinking, "This is the best place in the world." I'd never been to a place where everyone was so generous, especially compared to London, where people are super cold.I returned to Lebanon in 2019 to volunteer in a <a target="_blank" href="https://www.businessinsider.com/idf-attack-jabalia-refugee-camp-hurt-support-israel-gaza-hamas-2023-11">refugee camp</a> as a 26-year-old. I then got a job for an NGO that taught programming to marginalized youth. It exposed me to the amount of tech talent in the region.I met two refugees in Lebanon, a Palestinian girl and a Syrian guy, and together, we started a company called CONCAT. The aim was to connect the two of them with friends back in Europe and the UK who needed web developers.Very quickly, it became a bigger project, bringing work to developers in Lebanon, Syria, Egypt, and Jordan, with a focus on female and <a target="_blank" href="https://www.businessinsider.com/ukrainian-software-developers-help-the-defense-effort-code-military-refuguees-2022-3">refugee developers</a>. I've worked as the CEO full-time since 2021, spending roughly nine or 10 months a year in Lebanon.But on October 2, I left Lebanon on a chartered flight for British nationals to escape the escalating violence.I felt guilty about leaving my team behind, but I'm determined to keep platforming tech talent in Lebanon and support the people who want to keep working.I hope to return to Lebanon as soon as it's safe, but I don't know when that will be.<h2 id="d101091c-d457-4c4b-b54d-b5bf4a3fc3a1">Many people don't know Lebanon has a vibrant tech scene</h2>In recent years, the <a target="_blank" href="https://www.businessinsider.com/quitting-big-tech-decade-industry-two-layoffs-2024-9">tech sector</a> in Lebanon has been booming.Tech workers in Lebanon are often employed remotely for companies in <a target="_blank" href="https://www.businessinsider.com/abu-dhabi-uae-ai-powerhouse-mgx-openai-investment-2024-10">the UAE</a>, where there is a demand for Arabic speakers, or in Europe. There's so much talent. Pretty much all the university students I meet are studying computer science or engineering, and many are women.There's an incredible community. So many people have helped me build CONCAT and welcomed me into the industry.There have been some difficulties with running a business here.<a target="_blank" href="https://www.businessinsider.com/massive-economic-crisis-and-coronavirus-push-lebanon-towards-famine-2020-7">Instability in Lebanon</a>, particularly during the COVID-19 pandemic and after the <a target="_blank" href="https://www.businessinsider.com/beirut-lebanon-explosion-satellite-pictures-before-after-comparison-2020-8">Beirut fertilizer plant explosion</a>, has taken a toll on our team's mental health. In the past, we've also had problems with accessing electricity and 3G.CONCAT has a team of 10 full-timers, and we've worked with around 150 clients from across the globe. Earlier this year, we launched a recruitment arm that vets talent and has matched around 20 workers to companies.<h2 id="b6a76677-5db5-4938-a873-6fb3bfe14ad8">Israeli attacks in Lebanon spiraled at a terrifying rate</h2>In Lebanon, there was a lot of solidarity with Palestinians after the <a target="_blank" href="https://www.businessinsider.com/hamas-goal-october-7-attack-israel-gaza-war-2023-11#:~:text=The%20Israeli%20response%20to%20the,Israeli%20assurances%20%E2%80%94%20nowhere%20feels%20safe.">October 7 attack</a>. Several people I spoke to at that time were referencing the 2006 war, where Israel invaded Lebanon. But I don't think people generally expected them to come for us this time — until the <a target="_blank" href="https://www.businessinsider.com/israel-hezbollah-pager-walkie-talkies-explosion-supply-chain-infilitration-2024-9">pager attack</a> on September 17.I was at the gym in downtown <a target="_blank" href="https://www.businessinsider.com/israel-strikes-beirut-targets-hezbollah-leadership-lebanon-hashem-safieddine-2024-10">Beirut</a> when I heard sirens everywhere. At the end of my gym session, I looked at my phone and realized there'd been an attack.During my time in Lebanon, the country has been through multiple crises. There's always subconscious suspense because of these events.I cycled home and there were ambulances everywhere. When I got home, I had missed calls from my team and others, wondering if I was OK. I instantly checked in with my whole team.After that, everything spiraled at a super terrifying rate. <a target="_blank" href="https://www.businessinsider.com/israel-faces-dilemma-how-far-go-army-lebanon-hezbollah-experts-2024-10">Airstrikes in southern</a> Lebanon became more intense and eventually <a target="_blank" href="https://www.businessinsider.com/israel-likely-used-bunker-buster-bombs-strike-kill-hezbollah-chief-2024-9">made their way to Beirut</a>, where I stayed throughout my time in Lebanon. Now, there's been a <a target="_blank" href="https://www.businessinsider.com/israel-launches-ground-offensive-into-lebanon-destroy-hezbollah-targets-2024-9">ground offensive</a>.The airstrikes were traumatizing, but I didn't feel like my life was in danger. My No. 1 worry each evening, as airstrikes would begin, was for the team, their families, and their safety.On multiple occasions, I'd leave Beirut to stay with friends in the mountains during the night. I still could hear the bombing all night long. The first thing I'd do was check where they'd hit and see if everyone on my team and my friends were OK.I'm yet to receive bad news about any of my friends, but I'm very worried.<div type="image" title="Paterson sitting outdoors in Lebanon with a mug of tea by her feet." height="1280" width="959" msid="114215107" hostid="261" sizebytes="61198"></div><h2 id="7ebbe829-b265-4ff8-b22c-5c9f30d88754">I decided to leave Lebanon but feel guilty about leaving my team behind</h2>Managing my team during this time has probably been the hardest thing I've had to do in my career. I don't think any of us in the team expected things to escalate this quickly.Our team has always worked remotely, some from refugee camps or poor towns, and we're still functioning remotely now.In a team call, one of our developers said her best friend was under the rubble with her family after an airstrike in Southern Lebanon. She was waiting to see if they were alive or not.My eyes filled with tears, and I had no idea what to say.I've been trying to maintain a strong sense of humanity, telling my team to take time off whenever they want, but everyone said, "No. we've got to keep working. We can't let them win or stop our lives."I didn't want <a target="_blank" href="https://www.businessinsider.com/expat-beirut-lebanon-says-wont-leave-israel-strikes-loves-country-2024-9">to leave Lebanon</a> and my team, but the UK government were <a target="_blank" class="" href="https://www.gov.uk/government/news/uk-charters-flight-to-leave-lebanon-on-sunday-as-conflict-escalates#:~:text=The%20government%20has%20been%20advising,fourth%20to%20leave%20on%20Sunday.">urging British nationals to leave</a>. My parents were also worried, they said if the UK sent an evacuation plane, I should get on it.On October 2, I got on a chartered flight back to the UK.<h2 id="bb088e14-0f3f-483e-bd67-ce68717c2d9f">The people of Lebanon are determined to keep living their lives</h2>Now I'm back in the UK, I'm still checking the news every five minutes, but I can think more clearly and continue promoting the talent that exists in Lebanon.I've been touching base with business leaders and activists and thinking about how to bring in more projects.The whole company is working as hard as ever. We have plans in place for paying team members in the event that the banks shut down and have made sure everyone on the team has backup power sources.I've had to make these kinds of plans since day one of being a CEO in Lebanon. The country has been struggling with electricity and banking for years, so I'm used to it.I want to return to Lebanon as soon as it's safe. I hope this conflict won't affect Lebanon's tech scene too much and that countries will continue to hire from Lebanon, and not be put off by the media.One of our main developers has been asking for more work to have something to distract her. Those who have been displaced are now looking for new opportunities, and people who are still in their homes or have moved to safer areas want to keep working.They've been forced to be resilient, and they want to move forward no matter what.Do you have a story you want to share with Business Insider? Email <a target="_blank" href="mailto:ccheong@businessinsider.com">ccheong@businessinsider.com</a>

I'm a tech founder who's had to flee Lebanon. The conflict has spiraled at a terrifying rate, but the tech community is still pressing ahead.

As <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword>'s <keyword id="19916774" type="General" weightage="100" keywordseo="exports" source="keywords">exports</keyword> in the first quarter of 2024-25 (April-June) crossed the $200 billion mark, the government has expressed its optimism about reaching its full-year target of $800 billion. "We are quite optimistic and it gives us optimism that we'd be crossing our <keyword id="19944038" type="General" weightage="20" keywordseo="USD" source="keywords">USD</keyword> 800 billion of trade this year," Commerce Secretary Sunil Barthwal said on Monday while releasing India's trade data for June. India's overall exports, merchandise and services combined in the month of June were to the tune of $65.47 billion, a 5.4% rise on a yearly basis, commerce ministry data showed. Same month last year it was at $62.12 billion. In break up, <keyword id="22419320" type="General" weightage="20" keywordseo="exports-of-merchandise-goods" source="Orion">exports of merchandise goods</keyword> rose from $34.32 billion to $35.20 billion, and exports of services rose from $27.79 to $30.27 billion. In May, merchandise and services exports combined were to the tune of $68.29 billion, a 10.2% rise on a yearly basis. The country's <keyword id="19933566" type="General" weightage="20" keywordseo="imports" source="keywords">imports</keyword> too increased year-on-year in June, data showed today. The same was the case in May. The overall imports, both merchandise and services combined, increased from $69.12 billion to $73.47 billion, a rise of about 6.3%, in June. In the recently concluded financial year 2023-24, India registered record exports at $778 billion. In 2022-23, the country exported goods and services combined at $776.3 billion. In break up, services exports rose from $325.3 billion to $341.1 billion in 2023-24. Merchandise exports though marginally declined from $451.1 billion to $437.1 billion. Among various steps the government took was to launch a <keyword id="8870884" type="General" weightage="20" keywordseo="Production-Linked-Incentive" source="Orion">Production Linked Incentive</keyword> (PLI) scheme in varied sectors, including electronic goods, to make Indian manufacturers globally competitive, attract investments, enhance exports, integrate India into the global supply chain and reduce dependency on imports. These seemed to have reaped dividends. China, Russia, Iraq, <keyword id="19908927" type="General" weightage="20" keywordseo="uae" source="keywords">UAE</keyword>, and Singapore were among the countries where India's exports in the just-concluded financial year have risen substantially, though with a low base. The other countries in the Top 10 list are the UK, Australia, Saudi Arabia, the Netherlands, and <keyword id="19899437" type="General" weightage="20" keywordseo="south-africa" source="keywords">South Africa</keyword>. Overall imports declined from $898.0 billion in 2022-23 to $853.8 billion. Both merchandise and services exports declined during the financial year. Overall trade deficit significantly improved from $121.6 billion in 2022-23 to $75.6 billion in 2023-24.

India's Apr-Jun quarter exports cross $200 bln, government optimistic of reaching  $800 bln annual target

<ul class="summary-list"><li>A company in Greenland called Arctic Ice is harvesting ice from the country's shrinking glaciers.</li><li>The company sells the "purest ice in the world" to elite cocktail bars in Dubai to chill drinks.</li></ul>If you're really, truly among the world's elite, you can't <a target="_blank" href="https://www.businessinsider.com/guides/kitchen/how-to-chill-wine-fast">chill your drink</a> with just any old ice. You need the "purest ice in the world," harvested directly from the rapidly melting glaciers in Greenland.At least, that's what Arctic Ice, a startup based in Greenland, is hoping will catch on as it begins selling glacier ice to <a target="_blank" href="https://www.businessinsider.com/st-regis-new-york-king-cole-bar-cocktails-review-2020-1">upscale cocktail bars</a> in Dubai."Our pure iceberg ice has little to no taste, ensuring it doesn't alter the flavor of beverages as it melts, unlike ice made from tap or mineral water," reads the <a target="_blank" href="https://arcticice.ae/">Arctic Ice website</a>. "Additionally, its structure makes it last longer in drinks, providing a premium experience in bars and restaurants."The ice is harvested from icebergs "already naturally detached from the glacier and floating in the <a target="_blank" href="https://www.businessinsider.com/what-its-like-to-take-a-ferry-up-greenland-coast-2019-6">Nuuk fjord</a>," the company claims, making its impact on the environment "very insignificant."It is then shipped, still frozen, on cargo vessels to Arctic Ice's distribution partner, Natural Ice, in Dubai. The cost for a high-end bar to acquire a piece of glacier from Arctic Ice is unclear, as is the cost of a single serving to chill a cocktail.Representatives for Arctic Ice and Natural Ice did not immediately respond to a request for comment from Business Insider.Arctic Ice, founded in 2022, only recently dispatched its first 20-ton batch of ice to the United Arab Emirates, <a target="_blank" href="https://www.theguardian.com/world/2024/jan/09/greenland-startup-shipping-glacier-ice-cocktail-bars-uae-arctic-ice">The Guardian</a> reported. The project was started in part due to cofounder Malik V Rasmussen's desire to increase Greenland's economic independence from neighboring Denmark, the outlet reported."In Greenland, we make all our money from fish and from tourism," Rasmussen told The Guardian. "For a long time, I have wanted to find something else that we can profit from."Though Rasmussen insists the company has environmental sustainability in mind as it conducts business, critics aren't sure that's possible, given the catastrophic <a target="_blank" href="https://www.businessinsider.com/42-square-miles-arctic-greenland-ice-shelf-breaks-off-sea-2020-9">impacts of the climate crisis on Greenland's iconic glaciers</a>.Researchers have indicated <a target="_blank" href="https://www.businessinsider.com/greenland-ice-loss-rate-7-times-higher-2019-12">Greenland's glaciers are melting</a> 7 times as fast as they did in the '90s and have "<a target="_blank" href="https://www.businessinsider.com/greenland-melting-ice-sheet-past-tipping-point-2020-8">passed the point of no return,</a>" dooming the massive ice sheet to disappear."Just to get this right :) You are shipping ice from Greenland to Dubai? To be used in drinks? What is the sustainable part in that?" one Instagram commenter said on a recent post by Arctic Ice."Shame on you for killing us all a little quicker," another jabbed. However, comments on the company's account have been limited.Arctic Ice isn't the first to come under fire for using glacier ice to chill drinks. Martha Stewart last year faced sharp, but perhaps justified, criticism when she posted a picture of a small glacier, captured floating near a fjord in Greenland, that was used to <a target="_blank" href="https://www.businessinsider.com/martha-stewart-slammed-for-using-small-iceberg-in-cocktail-cruise-2023-8">chill her cocktails</a> while on board a luxury cruise."Martha the ice caps are melting don't put them in your drink," one user said in the comments section.Greta Thunberg, the environmentalist who has probably had nightmares about arctic glaciers chilling the drinks of society's elite, did not immediately respond to a request for comment from BI.

Elite cocktail bars in the UAE have a new way to draw in customers: luxury ice from arctic glaciers

<ul class="summary-list"><li>Saudi ruler Mohammed bin Salman is extracting significant security pledges from the US.</li><li>He's using global instability to show Saudi Arabia's importance to the White House, analysts say.</li></ul>President Joe Biden came to power having pledged to make Saudi Arabia's maverick new ruler, <a target="_blank" class="" href="https://www.businessinsider.com/saudi-arabia-crown-prince-mohammed-bin-salman-mbs-2023-10">Mohammed bin Salman,</a> a global pariah.But as Biden nears the end of his term in office, having endorsed Vice President Kamala Harris as his successor in November's US election, <a target="_blank" class="" href="https://www.businessinsider.com/saudi-us-deal-could-reshape-mideast-excludes-israel-war-2024-5">Saudi-US relations</a> are closer than they have been for years.Crown Prince Mohammed, far from being isolated by the US, has just secured an end to the four-year US ban on offensive weapons sales to Saudi Arabia.The deal means that air-to-ground missiles, whose transfer was suspended to pressure the Saudis to end the war in Yemen, will be delivered to Saudi bases soon.That's in addition to valuable new security pledges the Crown Prince secured from the<a target="_blank" class="" href="https://www.businessinsider.com/saudi-us-deal-could-reshape-mideast-excludes-israel-war-2024-5"> Biden administration back in May,</a> as well as agreements from the US to back Saudi civilian nuclear technology.<h2 id="a3797a1b-92d7-4ab3-8a40-2b8a91957d45">Biden looks to Saudi for help</h2>As little as three years<a target="_blank" class="" href="https://www.businessinsider.com/members-khashoggi-hit-squad-living-in-seven-star-villas-report-2021-12"> ago, a group of Democratic lawmakers </a>were calling for MBS to be sanctioned after a declassified US intelligence report found that the crown prince ordered the assassination of dissident Jamal Khashoggi in the Saudi consulate in Istanbul in 2017. Saudi Arabia has denied the accusation.Analysts say that MBS has navigated increasing regional and global chaos to emphasize Saudi Arabia's importance to Washington.The Gaza conflict between Israel and Hamas, which <a target="_blank" class="" href="https://www.businessinsider.com/hamas-goal-october-7-attack-israel-gaza-war-2023-11">erupted after last year's October 7 terror attacks,</a> has disturbed Saudi Arabia, Giorgio Cafiero, CEO at Gulf State Analytics, told Business Insider.It has threatened to expand into a wider regional conflict while empowering its arch-regional rival Iran and its proxies in the "Axis of Resistance.""There is something to be said about how the Biden administration has looked to the kingdom for help in terms of Washington's efforts to contain these conflicts and prevent their further spread, which has given Saudi Arabia's leadership an opportunity to further underscore to the West how Riyadh is a capital which the US and European countries must work with to advance their interests in the Arab-Islamic world and beyond," said Cafiero.<div type="image" title="US President Joe Biden gives a fist bump to Saudi Crown Prince Mohammed bin Salman." height="2496" width="3086" msid="113227893" hostid="261" sizebytes="448456"></div><h2 id="52d9d52c-9927-4486-a064-7e4d21e72340">A relationship that began with mistrust</h2>Mohammed bin Salman's rise to power was marked by audacity and brutality, allegedly forcing the resignation of then-Lebanese prime minister Saad Hariri in 2017 and imprisoning of some of Saudi Arabia's most powerful figures in a luxury hotel in a demonstration of force that roiled the region and the kingdom.The 2017 assassination of Khashoggi, a longtime <a target="_blank" class="" href="https://www.businessinsider.com/the-murder-of-jamal-khashoggi-2019-10">US resident and critic of the Saudi government,</a> upended relations with the US, which for decades has been the kingdom's most important ally.It's a move that provoked fury among US lawmakers and pledges of retaliation by then-Democratic presidential candidate Biden, who threatened to make the new Saudi ruler a "pariah" on the 2020 campaign trail.But since that nadir, the crown prince has made clear that Saudi Arabia and the US depend on each other — while striking an independent and risky path.He's worked in tandem with Russia to maintain global oil prices, a move that sparked another confrontation with <a target="_blank" class="" href="https://www.businessinsider.com/saudi-mohammed-bin-salmans-biden-threat-appears-pay-off-oil-2023-6">the Biden administration in 2022 </a>as the White House sought to tamp down domestic inflation.He has also struck valuable deals with China, which is competing with the US as a power broker in the Middle East, taking part in a Beijing-brokered agreement to ease tensions with arch-regional rival Iran in 2023.<h2 id="18db181b-723a-4c6d-8962-89a3e071b2e1">Saudi Arabia's importance</h2>But global instability, economic change, and the war in Gaza have made clear to the White House Saudi Arabia's indispensability.The Saudis have played a mediating role in the war in Ukraine, helping to negotiate the release of prisoners. Riyadh has also sought to open up its economy and veer away from its reliance on fossil fuels, plowing trillions into the <a target="_blank" class="" href="https://www.businessinsider.com/saudi-seeks-china-neom-mbs-investment-risk-vision-crown-prince-2024-6">Neom</a> megacity project.In 2022, Biden underscored the continuing importance of US-Saudi ties and visited Saudi Arabia, risking the wrath of members of his own party by greeting Crown Prince Mohammed with a fist bump."Despite Biden's campaign rhetoric and his policy of not directly speaking to [Crown Prince Mohammed] at the start of his presidency, this administration has worked very closely with Riyadh. The White House has engaged Saudi Arabia in manners which underscore the extent to which the US places a high level of value on the Washington-Riyadh partnership," said Cafiero."Put simply, far from treating the kingdom like a 'pariah,' Biden's foreign policy has been very pro-Saudi."<h2 id="26c15388-dd07-438d-8392-d472151f6a7f">Saudi Arabia sees the US as crucial to its long-term goals</h2><div type="image" title="Houthi" height="683" width="1024" msid="113227896" hostid="261" sizebytes="81112"></div>The US has long sought to broker a rapprochement between its Arab allies and Israel, with the Trump administration in 2020 negotiating a renewal of diplomatic ties between Israel, the UAE, and Bahrain as part of the Abraham Accords.The Biden administration picked up the discussions, and a normalization deal between Saudi Arabia, the most powerful Arab state, and Israel appeared on the table when Hamas<a target="_blank" class="" href="https://www.businessinsider.com/hamas-goal-attack-failed-israel-saudi-arabia-diplomacy-2024-1"> militants attacked Israel on October 7, 2023,</a> sparking a brutal conflict that has once again thrown the region into turmoil.Crown Prince Mohammed has condemned Israel's attack on Gaza but has not ruled out a normalization deal with Israel.However, he's striking a hard bargain to keep a potential deal alive, demanding the formation of a Palestinian state and new US security guarantees in the face of the renewed threat from Iran-backed militias, such as the Houthi militants that attacked global shipping routes.Jon Alterman, senior vice president at the Center for Strategic and International Studies think tank in the US, said Crown Prince Mohammed is playing a long game."MBS [Mohammed bin Salman] expects to be in power in 40 years," he said. "In that time, he expects to have a domestic nuclear power program, robust US military support, a defense agreement with the United States, and significant movement toward Palestinian self-determination. I think he is open to varied timelines and sequencing, depending on external conditions."Saudi Arabia was engaged in a brutal war with the Houthis until 2022, with Biden imposing the offensive weapons sales ban to end a conflict he described as a "humanitarian and strategic catastrophe."But in the wake of the Gaza conflict, the militant group has attacked global shipping routes in the<a target="_blank" class="" href="https://www.businessinsider.com/houthi-rebels-say-downed-30m-reaper-drone-yemen-eighth-loss-2024-9"> Red Sea, and the Biden administration now sees Saudi Arabia</a> as a "constructive" actor in tamping down Houthi aggression, said Alterman.With a shared goal of avoiding spiraling conflict in the Middle East, the US is now overall more receptive to Saudi interests, said Cafiero."The Biden administration is convinced that Saudi Arabia is simply too important an actor in global affairs to be cast aside as a 'pariah' and it is extremely important to US national interests to accommodate Riyadh and its own interests," he added."These factors help one understand the context of both Biden's controversial trip to Jeddah in mid-2022 and the administration's decision to resume the sale of US 'offensive' weapons to Saudi Arabia."

How Saudi Arabia's ruler used chaos in the Middle East to get what he wants from the US

India's gold and silver imports from its free trade agreement (FTA) partner UAE have skyrocketed 210 per cent to USD 10.7 billion in 2023-24 and there is a need to potentially revise the concessional customs duty rates under the pact to mitigate the arbitrage driving this surge, a report said on Monday. Economic think tank Global Trade Research Initiative (<keyword id="15910220" type="General" weightage="20" keywordseo="GTRI" source="Orion">GTRI</keyword>) said this sharp rise in gold and silver imports is primarily driven by import duty concessions granted by India to the UAE under the India-UAE Comprehensive Economic Partnership Agreement (CEPA). India allows 7 per cent tariffs or customs duty concessions on import of unlimited quantities of silver and a 1 per cent concession on 160 metric tonnes of gold. CEPA was signed in February 2022 and implemented in May 2022. Additionally, India facilitates gold and silver imports by allowing private firms to import from the UAE through the India International Bullion Exchange (IIBX) in Gift City. Previously, only authorised agencies could handle such imports, the report said. "While India's total imports from the UAE fell 9.8 per cent from USD 53.2 billion in FY23 to USD 48 billion in FY24, imports of gold and silver skyrocketed 210 per cent, from USD 3.5 billion to USD 10.7 billion," it said. "Import of all remaining products fell 25 per cent, from USD 49.7 billion in FY23 to USD 37.3 billion in FY24," it said. GTRI Founder Ajay Srivastava said the current import of gold and silver from the UAE is unsustainable as the UAE does not mine gold or silver or add sufficient value to imports. "High import duties in India on gold, silver, and jewellery at 15 per cent are at the root of the problem. Consider lowering tariffs to 5 per cent. This will cut large-scale smuggling and other misuse," Srivastava said. Trade in gold, silver, and diamonds has been prone to misuse due to their low volume but high value and high import duties in India. Low tariff imports of gold, silver only benefit few importers who keep all profits arising through tariff arbitrage and never pass it to consumers, he said. Srivastava suggested the government implement certain measures to help India balance its <keyword id="21681862" type="General" weightage="20" keywordseo="trade-policies" source="keywords">trade policies</keyword>, protect domestic revenue, and ensure fair competition in the import of precious metals and jewellery. It suggested reassessing and potentially revising the concessional duty rates under CEPA to mitigate the arbitrage driving the surge in imports of gold and silver. "At least, implement yearly import quotas (tariff rate quotas) for silver, similar to those for gold, to control the volume of imports and prevent revenue loss," it said, adding that India should rigorously verify the claimed value addition by Dubai-based refiners in gold and silver imports to ensure compliance with CEPA rules of origin. It also asked to tighten regulations around the India International Bullion Exchange (IIBX) at Gift City to control the volume and nature of <keyword id="22080399" type="General" weightage="20" keywordseo="precious-metal-imports" source="keywords">precious metal imports</keyword> and the exchange should not allow country-based exemptions. As increased imports contribute to a higher current account deficit and since gold and silver act more like financial instruments than regular trade items, India should avoid including them in any FTA. "India has granted <keyword id="20542001" type="General" weightage="20" keywordseo="tariff-concessions" source="keywords">tariff concessions</keyword> for these items in many FTAs and under the DFTP (duty-free tariff preference) scheme, so a comprehensive review is needed. India announced the scheme for LDCs (least developed countries) in 2008. Under this, India provides duty free/preferential market access on about 98.2 per cent of India's tariff lines (or product categories). Further, the report stated that silver imports from the UAE increased multifold to USD 1.74 billion in 2023-24 from a meagre USD 29.2 million in 2022-23 due to India charging an 8 per cent duty under the CEPA versus a 15 per cent duty from other countries. "The large 7 per cent tariff arbitrage resulted in a loss of revenue for India of Rs 1,010 crore in FY24. Revenue loss will increase as India has committed to make tariffs zero on unlimited quantities of silver from the UAE within next 8 years," it added. It said this trade is unusual because the UAE just imports large silver and gold bars, melt and convert these into silver grains and unwrought gold for exports. "A check with global refiners will show that value addition in such process is much less than 1 per cent as opposed to 3 per cent required under the FTA," it said. On gold bars, the report said India agreed to import 200 metric tons of gold annually from the UAE with a 1 per cent tariff concession and due to this gold imports rose 147.6 per cent from USD 3 billion in FY23 to USD 7.6 billion in FY24, causing India to lose Rs 635 crore in revenue in FY24. Similarly, India's jewellery imports have increased 187.6 per cent from USD 1.1 billion in FY23 to USD 3.3 billion in FY24, whereas these imports from the UAE have increased 290 per cent from USD 347 million in FY23 to USD 1.35 billion in the last fiscal.

Gold, silver import from UAE surged 210% in 2023-24; Need duty revision in FTA: GTRI

<ul class="summary-list"><li>A record 128,000 millionaires are expected to move countries in 2024, according to a new report.</li><li>Data from Henley &amp; Partners shows the UAE has the largest predicted inflow of millionaires.</li></ul>Millionaires are choosing one place above all to move to, according to a new report: the <a target="_blank" href="https://www.businessinsider.com/hedge-funds-talent-middle-east-capital-dubai-abu-dhabi-2024-5">United Arab Emirates</a>.According to data from the latest report by <a target="_blank" href="https://www.henleyglobal.com/publications/henley-private-wealth-migration-report-2024">Henley &amp; Partners</a>, a firm that advises the wealthy on where to move to protect and grow their assets, <a target="_blank" href="https://www.henleyglobal.com/publications/henley-private-wealth-migration-report-2024/top-10-country-inflows">6,700 millionaires</a> are projected to move to the UAE this year.That's nearly double the inflow to the US, which had the second-highest expected <a target="_blank" href="https://www.businessinsider.com/millionaires-migration-hnwi-wealthy-tax-breaks-investments-business-owners-immigration-2024-5">migration of millionaires</a>, at 3,800.The US, however, still has the largest overall population of millionaires, followed by China, it said. The UAE came in 14th.The annual wealth report suggested that a record-breaking 128,000 millionaires, defined as individuals with liquid investable assets over $1 million, are expected to move countries this year.The firm dubbed 2024 a "watershed moment in the global migration of wealth."The firm's calculations are based on millionaire migration data from the first six months of 2024, rounded to the nearest 100, supplied by wealth intelligence firm New World Wealth.<a target="_blank" href="https://www.businessinsider.com/category/china">China</a> is actually on track to lose the greatest number of millionaires in 2024, with 15,200 high-net-worth individuals, or HNWIs, expected to leave the country, it said.This is a 10% increase from last year, it added, when China also had the highest outflow of millionaires.The UK is predicted to see the second-highest expatriation of millionaires in 2024, it said, with 9,500 likely to leave. This is double the 4,200 who left the UK last year.The UK, particularly London, is feeling a steep reversal in its status as a hub for the ultrawealthy. Policy changes targeting the ultrawealthy ahead of elections this summer are to blame, according to Hannah White, director of the UK think tank Insitute for Government, per the report's press release.According to the release, the UAE has positioned itself as a global "wealth magnet" thanks to its nonexistent income tax, "golden" <a target="_blank" href="https://www.businessinsider.com/live-work-dubai-digital-nomad-remote-visa-2020-10">visas</a>, and luxury lifestyle.This is the third year in a row that the Emirates has landed the top spot on the list.Dubai, the UAE's luxurious epicenter, has seen a <a target="_blank" href="https://www.businessinsider.com/dubai-luxury-real-estate-scene-agent-insight-hot-property-2022-3">boom in real-estate investment</a>, with luxury apartment complexes due to be completed in 2024 and 2025 selling out in just one day.Attracting and retaining HNWIs is an important strategy in geopolitical relations.Dominic Volek, the head of private clients at Henley &amp; Partners, said millionaire migration could inject capital and talent into the host nations as a "debt-free source of funding for governments," per the report.

The UAE is set to be the world's 'wealth magnet' this year, with 6,700 millionaires expected to move there

<keyword id="19894886" type="General" weightage="20" keywordseo="China" source="keywords" meta.keywordsubtype="org" meta.entityname="China" meta.hostid="153" meta.entityid="China">China</keyword>, <keyword id="19895159" type="General" weightage="20" keywordseo="Russia" source="keywords" meta.keywordsubtype="org" meta.entityname="Russia" meta.hostid="153" meta.entityid="Russia">Russia</keyword>, Iraq, <keyword id="19908927" type="General" weightage="20" keywordseo="UAE" source="keywords" meta.keywordsubtype="org" meta.entityname="UAE" meta.hostid="153" meta.entityid="UAE">UAE</keyword>, <keyword id="19895045" type="General" weightage="20" keywordseo="Singapore" source="keywords" meta.keywordsubtype="org" meta.entityname="Singapore" meta.hostid="153" meta.entityid="Singapore">Singapore</keyword> are among countries where <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords" meta.keywordsubtype="org" meta.entityname="India" meta.hostid="153" meta.entityid="India">India</keyword>'s <keyword id="19916774" type="General" weightage="100" keywordseo="exports" source="keywords">exports</keyword> in the just-concluded <keyword id="19910979" type="General" weightage="20" keywordseo="financial-year" source="keywords">financial year</keyword> have risen substantially, though with a low base. The other countries in the Top 10 list are the UK, Australia, Saudi Arabia, the Netherlands, and South Africa. India's overall exports, merchandise and <keyword id="19896799" type="General" weightage="20" keywordseo="services" source="keywords">services</keyword> combined, in the just-concluded financial year 2023-24 are estimated to be USD 776.68 billion, largely steady on a yearly basis, commerce ministry data showed on Monday. In a break up, exports of merchandise goods declined 3.1 per cent to USD 437.06 billion, and exports of services rose 4.4 per cent to USD 339.62 billion. Coming to exports in March 2024, merchandise exports declined 0.7 per cent to USD 41.68 billion, and services exports declined 6.3 per cent to USD 28.54 billion. India's overall exports 2022-23 were worth USD 775.87 billion, a growth of over 14 per cent and almost USD 100 billion on a yearly basis. Coming to <keyword id="19933566" type="General" weightage="20" keywordseo="imports" source="keywords">imports</keyword>, India's overall imports in 2023-24 declined 4.8 per cent to USD 854.80 billion. In March 2024, merchandise and services exports declined 5.41 per cent and 2.46 per cent, respectively. Among various steps the government took was to launch a Production Linked Incentive (PLI) scheme in varied sectors, including electronic goods, to make Indian manufacturers globally competitive, attract investments, enhance exports, integrate India into the global supply chain and reduce dependency on imports. These seemed to have reaped dividends.

India's exports to China, UAE, Russia, Singapore rose in 2023-24

<ul class="summary-list"><li>Saudi Arabia and the UAE have signed multibillion-dollar deals for Turkish drones in recent months.</li><li>The deals are a sign of the Arab Gulf states' increasing interest in Turkish-made military hardware.</li></ul>It seems Saudi Arabia and the United Arab Emirates cannot get enough of Turkey's homegrown military drones. Both countries have signed landmark multibillion-dollar deals for Turkish Bayraktar drones in recent months.The deals reflect the increasing interest among Arab Gulf states in Turkish-made hardware and are signs of Turkey's growing desire to sell arms to its Middle Eastern neighbors <a href="https://www.businessinsider.com/us-military-worried-inexperienced-pilots-in-russian-jets-in-libya-2020-6">despite differences</a> over <a href="https://www.aljazeera.com/news/2022/3/31/khashoggi-killing-turkey-prosecutor-asks-to-halt-trial-of-saudis" target="_blank" rel="noopener">other issues</a> in <a href="https://apnews.com/article/syria-russia-turkey-ministers-talks-reconciliation-10a415b545c0365275f22a9b78806627" target="_blank" rel="noopener">the region</a> in recent years.In July, Turkish President Recep Tayyip Erdogan secured a record-breaking deal during a visit to Saudi Arabia, when Riyadh signed a contract with Turkey's Baykar Defense for its new Bayraktar Akinci drone.The Akinci is a much larger and more sophisticated combat drone than its predecessor, the Bayraktar TB2, which became well-known for its use in recent conflicts in the Middle East, North Africa, the <a href="https://www.businessinsider.com/drones-in-armenia-azerbaijan-war-raises-doubt-about-tanks-future-2020-11">South Caucasus</a>, and <a href="https://www.businessinsider.com/how-turkish-baykar-tb2-drone-gave-ukraine-edge-against-russia-2022-9">Ukraine</a>.<div type="image" title="Armenia Azerbaijan drone strike" height="1080" width="1920" msid="102481163" hostid="261" sizebytes="71318"></div>Saudi Arabia previously showed interest in procuring Turkish drones and securing rights for local production. While neither side has disclosed the value of this unprecedented deal Baykar's CEO <a href="https://www.janes.com/defence-news/news-detail/saudi-signs-for-akinci-uavs-in-record-deal-with-turkey" target="_blank" rel="noopener">called it</a> "the biggest defense and aviation export contract in the history of the Republic of Turkey."According to Baykar, <a href="https://www.reuters.com/business/aerospace-defense/saudi-drone-deal-entails-technology-transfer-joint-production-baykar-2023-07-18/" target="_blank" rel="noopener">the new deal includes</a> joint production and technology transfer. The Akinci, with its advanced sensors and weapons systems, will be the most advanced drone Riyadh has ever acquired.The deal was signed just over a month after Kuwait became the 28th country to order the TB2, spending $367 million on an unspecified number of the drones, the 500th of which <a href="https://www.hurriyetdailynews.com/500th-bayraktar-tb2-rolls-off-assembly-line-184220" target="_blank" rel="noopener">rolled off the assembly line in June</a>.Kuwait's purchase was nothing compared to the order made by the UAE last year, which included as many as <a href="https://www.atlanticcouncil.org/blogs/menasource/the-uae-just-received-twenty-drones-from-turkey-whats-the-backstory/" target="_blank" rel="noopener">120 TB2s</a> and assorted equipment and training in a $2 billion deal. While the number of Akincis included in the Saudi deal remains undisclosed, it is likely substantial if the contract is worth more than Abu Dhabi's multibillion-dollar order.The deals show that the leading Arab Gulf states have rapidly become the biggest customers for Turkish drones in just a few years.<div type="image" title="Bayraktar TB2 drone Turkey" height="1500" width="2000" msid="102481164" hostid="261" sizebytes="379512"></div>During the decade preceding these enormous deals, the Saudis and Emiratis mainly bought Chinese drones, notably the Wing Loong II, which saw combat in Yemen and Libya. But Chinese-made drones have lost their appeal amid the TB2's dramatic and rapid ascendance.In 2020, the Turkish-backed government in Libya used TB2 drones to <a href="https://www.aljazeera.com/news/2020/5/28/largest-drone-war-in-the-world-how-airpower-saved-tripoli" target="_blank" rel="noopener">destroy Russian-built Pantsir-S1</a> air-defense systems that the UAE had sent to a militia it was supporting in that country's civil war. Those drones did much more to shape the outcome of that conflict than the Wing Loongs also sent by the UAE.Abu Dhabi later planned to acquire 18 advanced US-made MQ-9B Reaper drones as part of a $19 billion deal reached in January 2021, which included the F-35 stealth jet. It appears that deal <a href="https://breakingdefense.com/2023/02/potential-f-35-reaper-deal-with-uae-not-completely-dead-senior-us-official-says/" target="_blank" rel="noopener">has fizzled</a>, however, with the UAE instead turning to Turkey for drones. The deal slowed as the US <a href="https://www.reuters.com/business/aerospace-defense/us-intends-move-forward-f-35-sale-uae-us-official-says-2021-11-16/" target="_blank" rel="noopener">expressed concerns</a> over Abu Dhabi's relations with China. The UAE then suspended talks altogether and ordered 80 Dassault Rafales from France in December 2021.Ali Bakir, an expert on Turkey at Qatar University's Ibn Khaldon Center, noted that purchasing drones "entails more than just acquiring the system."<div type="image" title="Turkey Recep Tayyip Erdogan Saudi Arabia Mohammed bin Salman" height="1153" width="1538" msid="102481166" hostid="261" sizebytes="93772"></div>The Saudi deal will include "accompanying elements such as ammunition, systems, training, maintenance, command and control units, among others," Bakir said. "These additional components will undoubtedly contribute to the initial costs, and if technology transfer is part of the agreement, the contract could very well exceed $2 billion minimum."Bakir told Insider that Turkish drones have gained "global recognition" due to their "affordability, efficiency, and lethal capabilities" and documented successes over modern battlefields."Furthermore, the Turkish TB2 has found its way to numerous countries across different continents and regions, including NATO and European Union members, as they come with fewer export restrictions," Bakir said.Suleyman Ozeren, a professorial lecturer at the American University and senior fellow at the Orion Policy Institute, said the Turkey-Saudi agreement represents more than merely purchasing drones or technology transfer.It's also "a signifying moment that shows Erdogan's eagerness to make amends with Mohammed bin Salman," Ozeren told Insider, referring to the Saudi crown prince. "Erdogan sees Saudi Arabia as a critical actor, a remedy for Turkey's deep economic crisis, and a shortcut for his return to normalcy with the regional actors."<div type="image" title="Turkey Bayraktar TB2 Akinci drone" height="1333" width="2000" msid="102481167" hostid="261" sizebytes="547986"></div>Ozeren noted Turkey's drones have proven "more reliable" than their Chinese counterparts, which, coupled with the fact they are cheaper than Western-made models, likely motivated these mammoth orders."Turkey's 'no-question-asked,' 'no-strings-attached' policy also plays a role in countries like Saudi Arabia, the UAE, and Qatar relying on Turkey-made drone technologies," Ozeren said.Ozeren said technology transfer and joint production will be "added value" for Saudi Arabia's efforts to diversify its defense capabilities, although it will still be incomparable to Riyadh's longstanding dependency on the US for military hardware."Moreover, Saudi Arabia could use such capabilities to balance Iran's drone technology in the long run," Ozeren said.Bakir, who is also a nonresident senior fellow with the Scowcroft Middle East Security Initiative at the Atlantic Council, said that these lucrative drone sales are of "utmost importance" for sustaining the "current upward trajectory" of Turkey's indigenous defense industry.<div type="image" title="Turkey Recep Tayyip Erdogan UAE Sheikh Mohammed bin Zayed al-Nahyan" height="1376" width="2000" msid="102481168" hostid="261" sizebytes="152566"></div>In addition to expanding market reach and providing "crucial support" to Turkey's economy, the contracts strengthen international partnerships, "creating a web of interests in defense, security, economic, and political realms," Bakir said.Ozeren said the Saudi deal could help Baykar "monopolize" drone technology in Turkey but noted that crucial details about the agreement remain unknown."Are there any binding provisions in the deal that might limit Baykar's ability to make certain deals with certain countries?" Ozeren said, adding that there could also be conditions "independent of drone technology," such as requirements that Turkey improve its relations with Syrian President Bashar Assad."No matter what the answers to these questions will be, the deal made the headlines in Turkey and abroad," Ozeren said. "However, we should wait and see how it will unfold."Paul Iddon is a freelance journalist and columnist who writes about Middle East developments, military affairs, politics, and history. His articles have appeared in a variety of publications focused on the region.

How Saudi Arabia and UAE learned to stop worrying and love Turkey's Bayraktar drones

<ul class="summary-list"><li><a target="_blank" href="https://www.businessinsider.com/china-expanding-weather-modification-program-artificial-rain-snow-2025-2020-12">Cloud seeding</a> involves spraying salts into incoming storm clouds to increase rainfall.</li><li>Photos show how the UAE, United States, and other countries have been seeding clouds for decades.</li></ul>As the <a target="_blank" href="https://www.businessinsider.com/photos-dubai-airport-flash-floods-show-downsides-controlling-the-weather-2024-4">desert city of Dubai flooded</a> on Monday, onlookers pointed the finger at the government's "<keyword id="699431" type="General" weightage="100" keywordseo="cloud-seeding" source="Orion">cloud seeding</keyword>" efforts. The program sends planes into oncoming storm clouds to inject them with substances that can help make more rain. Could it be the culprit for two years' worth of rain falling on <a target="_blank" href="https://www.businessinsider.com/torrential-rain-flash-floods-wreaked-havoc-dubai-airport-travel-chaos-2024-4">the United Arab Emirates city</a> in just a day? <div type="image" title="Motorisits drive along a flooded street following heavy rains in Dubai early on April 17, 2024." height="2666" width="4000" msid="109383132" hostid="261"></div>It's a tantalizing explanation. Trying to <a target="_blank" href="https://www.businessinsider.com/controlling-weather-in-future-2018-5">control the weather</a> can sound tantamount to playing god. And if thousands of years of media and oral tradition tell us anything — from Prometheus to Frankenstein — playing god has bad consequences. But the United Arab Emirates has been seeding clouds to encourage rainfall and <a target="_blank" href="https://www.businessinsider.com/california-drought-aerial-photos-dried-lakes-reservoirs-2021-7">battle drought</a> for 20 years. Some US states have been doing it for even longer. These programs have found that the practice has a small effect on precipitation, increasing it by about 5 to 15%, though a UAE official told <a target="_blank" href="https://www.reuters.com/world/middle-east/parched-uae-turns-science-squeeze-more-rainfall-clouds-2022-08-30/">Reuters</a> that it can be as high as 30% for them. <div type="image" title="charred metal box with flames coming out of a tube protruding from the side against a white cloudy sky" height="1758" width="2635" msid="109383133" hostid="261"></div>Many other countries, including China and Australia, have experimented with the technique. According to several scientists, cloud seeding isn't the driving force behind <keyword id="6354539" type="General" weightage="20" keywordseo="dubai" source="Orion">Dubai</keyword>'s <a target="_blank" href="https://www.businessinsider.com/rare-thunderstorm-las-vegas-photos-videos-flooding-casinos-2022-7">historic floods</a>. <h2>How cloud seeding works</h2> <div type="image" title="plane wing with array of tubes attached to the back flaring out gas in a thick cloud" height="1500" width="2250" msid="109383134" hostid="261"></div>To "seed" a cloud, you have to spray it with microscopic particles of a salt such as silver iodide, calcium chloride, or potassium chloride. <div type="image" title="man in black shirt neon green vest handles a row of canisters in a mounting device on the wind of a small white plane" height="1500" width="2250" msid="109383135" hostid="261"></div>In the UAE and many US states, planes do the job. In some places, like Utah, machines on the ground shoot the substance into air currents that can carry it into the clouds. <div type="image" title="two men in camoflauge fatigues load long thing rocket-shaped tubes into a metal rack pointing at the sky atop a green platform on wheels" height="1500" width="2236" msid="109383136" hostid="261"></div>All these particles have a crystalline structure, similar to ice, which gives water droplets something to stick to. As the water converges, it forms an ice crystal and eventually falls as snow or rain. This mimics the natural rain-making process that happens inside the cloud. <div type="image" title="white bags reading &quot;salt 25kg&quot; lines up on a long metal truck bed with blue and silver tanks on it" height="1500" width="2250" msid="109383137" hostid="261"></div>"Cloud seeding can't create clouds from nothing. It encourages water that is already in the sky to condense faster and drop water in certain places. So first, you need moisture. Without it, there'd be no clouds," Friederike Otto, a senior lecturer in climate science at the Imperial College London, and co-founder of the groundbreaking science collaboration <a target="_blank" href="https://www.businessinsider.com/climate-action-30-top-global-leaders-working-toward-climate-solutions-2022">World Weather Attribution</a>, said in a statement to the Science Media Centre (SMC). <h2>The real threat behind Dubai's floods</h2>Many atmospheric scientists have dismissed the idea that cloud seeding was behind Dubai's floods. Experts told the SMC that the rains came from a rare thundercloud system, which was already forecast to bring heavy rainfall, and the effect of any cloud seeding would have been tiny. "This is a distraction from the real story here — that due to our collective failure to phase out fossil fuels, we must prepare for unprecedented extremes, which will worsen until we reach 'net zero,'" John Marsham, an atmospheric scientist and Met Office Joint Chair at the University of Leeds, told the SMC. <div type="image" title="bearded man wearing rain jacket pulls rope on wooden raft in flooded forest river with tent in background" height="1500" width="2250" msid="109383138" hostid="261"></div>Rising global temperatures are leading to heavier bouts of rainfall across the planet, even in places that are typically dry or even in the middle of a drought. This type of <a target="_blank" href="https://www.businessinsider.com/california-weather-whiplash-floods-drought-getting-worse-atmospheric-rivers-2023-1">weather whiplash</a> happens because of a fundamental fact of physics: Warmer air holds more water. "Any possible effect of any cloud seeding in these circumstances would be tiny," Marsham added. Indeed, the UAE isn't the only desert or drought-stricken region that's been devastated by heavy rainfall in recent years. <a target="_blank" href="https://www.businessinsider.com/death-valley-badwater-basin-california-lake-record-rains-2024-2">Death Valley </a>catastrophically and historically flooded in 2022, 2023, and this February. <div type="image" title="In this photo provided by the National Park Service, cars are stuck in mud and debris from flash flooding at The Inn at Death Valley in Death Valley National Park, Calif., Friday, Aug. 5, 2022." height="1333" width="2000" msid="109383139" hostid="261"></div>A series of moisture-laden <a target="_blank" href="https://www.businessinsider.com/atmospheric-river-meaning-definition-how-long-last-storm">atmospheric rivers</a> interrupted California's years-long drought last winter, killing at least 22 people, by the Los Angeles Times' <a target="_blank" href="https://www.latimes.com/california/story/2023-01-10/tracking-the-deaths-from-californias-winter-storms">count</a>. <div type="image" title="silver car sitting on the hood of a black car in standing water in a field" height="1500" width="2250" msid="109383140" hostid="261"></div>"If humans continue to burn oil, gas, and coal, the climate will continue to warm, rainfall will continue to get heavier, and people will continue to lose their lives in floods," Otto said.

You Searched For "uae" and got 9 results

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