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New Delhi has approved a proposal worth about $39 billion to expand the country’s fleet of Rafale fighter aircraft, marking one of the largest defence procurement decisions in its history and signalling a further shift towards advanced Western platforms in its combat air strategy.

The clearance by the defence ministry paves the way for negotiations with France’s Dassault Aviation for additional Rafale jets, building on an earlier $8.7 billion contract for 36 aircraft for the Air Force, deliveries of which were completed in 2024. A separate agreement has also been signed for 26 Rafale-M naval variants intended for deployment aboard aircraft carriers, underscoring a broader push to strengthen maritime air power.

New Delhi pushes major Rafale fleet expansion as it seeks to address concerns over squadron strength and ageing aircraft. The Air Force’s sanctioned strength stands at 42 squadrons, yet operational numbers have hovered well below that benchmark for years, raising debate within strategic circles over preparedness along contested borders with China and Pakistan.

Officials familiar with the procurement process say the new proposal reflects both operational requirements and long-term modernisation goals. India’s fleet still includes a significant number of Soviet-era MiG-21s and other legacy platforms, many of which are due for phased retirement. The Rafale, a 4.5-generation multirole fighter equipped with advanced avionics, electronic warfare systems and long-range precision weapons, has been positioned as a key element in bridging capability gaps.

The initial induction of 36 Rafales was widely viewed as a stopgap measure after the earlier Medium Multi-Role Combat Aircraft tender was scrapped amid cost and contractual disputes. Since their deployment at Ambala and Hasimara air bases, the aircraft have been integrated with India-specific enhancements, including advanced radar and electronic countermeasures. Defence planners argue that expanding the Rafale fleet would provide logistical and training efficiencies compared with diversifying further across multiple foreign platforms.

The naval variant, Rafale-M, has been selected to operate from the INS Vikrant, the country’s first domestically built aircraft carrier, and potentially from INS Vikramaditya. Naval aviation officials have indicated that the twin-engine aircraft meets requirements for carrier-based operations, including ski-jump take-offs and arrested landings, following evaluation trials against competitors such as Boeing’s F/A-18 Super Hornet.

Strategic analysts view the combined air force and naval acquisitions as part of a wider recalibration of procurement policy. Over the past decade, New Delhi has sought to balance self-reliance initiatives with the need for timely capability upgrades. Programmes under the “Atmanirbhar Bharat” framework aim to boost domestic manufacturing, yet complex fighter development remains a long-term endeavour. The Light Combat Aircraft Tejas, produced by Hindustan Aeronautics Limited, has entered service and secured additional orders, but it is not seen as a direct substitute for heavier multirole platforms like the Rafale.

Financial implications are significant. A $39 billion outlay would rank among the largest defence capital expenditures, at a time when the government is managing competing demands from infrastructure, welfare and economic stimulus. Officials have indicated that staggered payments and potential technology transfers could form part of negotiations, with an emphasis on local industry participation.

Previous Rafale contracts were accompanied by offset obligations requiring Dassault and its partners to invest in the domestic aerospace ecosystem. Whether similar provisions will apply to the expanded deal remains a subject of scrutiny, particularly as policymakers seek to deepen supply-chain integration and reduce long-term import dependence.

Diplomatically, the move reinforces defence ties with France, which has emerged as a key security partner in the Indo-Pacific. Bilateral cooperation spans joint exercises, maritime surveillance and submarine technology. Paris has consistently supported India’s strategic autonomy, a factor often cited by policymakers as attractive compared with other major arms suppliers.

Political debate is likely to accompany the procurement, as the earlier Rafale deal became a focal point of parliamentary contestation over pricing and process transparency. Government representatives have maintained that all procedures were followed in accordance with defence acquisition rules, and that operational urgency justified the intergovernmental route adopted at the time.

Air power specialists argue that a larger Rafale fleet would enhance interoperability and deterrence. The aircraft’s ability to carry Meteor beyond-visual-range missiles and SCALP cruise missiles has been highlighted as a force multiplier. Integration with indigenous weapons and network-centric warfare systems is also under way, reflecting a hybrid approach that blends imported hardware with domestic innovation.

Beyond immediate operational considerations, the proposal signals continuity in defence planning that spans successive administrations. India remains among the world’s largest arms importers, yet officials have reiterated ambitions to transition towards greater domestic production capacity over the coming decade. Achieving that balance, while sustaining readiness across land, sea and air domains, presents both fiscal and industrial challenges.

Equity markets have responded robustly since Takaichi’s emphatic landslide in the general election on 8 February, with domestic shares climbing sharply on expectations of pro-growth fiscal measures aimed at bolstering consumption and strategic sector investment. The broader Topix index also advanced, and the yen strengthened against the dollar, reflecting a sense of reduced political risk now that the ruling Liberal Democratic Party holds a commanding super-majority in the lower house of parliament. Despite these gains, bond markets have registered heightened volatility, with Japanese Government Bond yields spiking at various maturities, signalling investor unease over Japan’s already elevated public debt levels and the scale of planned fiscal support.

Takaichi’s policy blueprint encompasses an array of measures long favoured by fiscal conservatives and economic nationalists alike, including a two-year suspension of the 8 per cent consumption tax on food items and expanded public investment across sectors such as semiconductors, artificial intelligence and defence. The Prime Minister frames these interventions as critical to ending what she terms “chronic underinvestment” and galvanising growth after decades of modest performance. Economists note that this approach echoes aspects of previous reflationary strategies such as “Abenomics”, with an emphasis on proactive government involvement in crisis-management and targeted growth stimulation.

While equities have responded positively, fixed-income markets have told a more cautious story. Yields on both short- and long-dated JGBs have climbed, reflecting market pricing in potential increases in government borrowing and inflation expectations should growth accelerate faster than anticipated. Some market participants fear that expansive fiscal operations without clear revenue offsets could elevate Japan’s risk premium, potentially triggering fresh volatility or sell-offs in debt markets should confidence ebb.

The so-called “Takaichi trade” has been a defining narrative across markets, capturing the dual dynamic of optimism in equity performance and trepidation around sovereign debt issuance and currency movements. Investors have been closely monitoring the Bank of Japan’s posture, as monetary authorities navigate between maintaining ultra-low interest rates to support economic activity and addressing inflationary pressures that can be exacerbated by a weaker yen. Signals from central bankers and government advisors suggest that rate adjustments could be considered to counter imported inflation, even as policy remains broadly accommodative.

Currency markets have mirrored these conflicting forces. The yen, which initially weakened against the dollar on expectations of aggressive fiscal support and prolonged monetary easing, has later shown episodes of strengthening as risk sentiment and intervention concerns have ebbed and flowed. Japan’s top currency diplomat has emphasised that authorities remain vigilant to exchange-rate volatility and are in close communication with international counterparts, reinforcing that the policy stance is not shifting toward overt market manipulation.

Analysts and investors are also paying attention to cross-border implications. The government faces pressure to deliver on substantial trans-Pacific investment pledges, which hinge on significant capital flows and corporate involvement in overseas projects. Japanese firms have expressed both interest and caution, as logistical and regulatory complexities weigh on decision-making. These external commitments add another layer of scrutiny to Takaichi’s broader economic narrative, which seeks to balance growth ambitions with geopolitical and fiscal credibility.

Within Japan, views on Takaichi’s approach are sharply divided. Supporters argue that decisive action is necessary to break longstanding cycles of low growth and demographic headwinds, positing that strategic tax relief and investment can catalyse domestic demand and technological competitiveness. Critics caution that without robust revenue strategies and prudent debt management, the fiscal trajectory may amplify structural risks rather than alleviate them. Central to this debate is the question of policy coordination: how fiscal expansion will align with monetary oversight and long-term debt sustainability while maintaining investor confidence and macroeconomic stability. New Zealand][7])

The partnership will create a strategic wealth corridor between Dubai and Hong Kong, enabling institutional‑grade RWA tokenization that connects Middle Eastern capital with Asia‑Pacific opportunities. By combining FOM’s AI‑driven investment intelligence and family‑office expertise with DMCC’s regulated, commodity‑rich ecosystem, the collaboration aims to unlock fractional, cross‑border ownership of high‑value assets, enhance liquidity for traditionally illiquid holdings, and accelerate the adoption of compliant, on‑chain wealth solutions for ultra‑high‑net‑worth investors and family offices.

The event, hosted by FOM with the support of InvestHK, convened over 100 high‑profile representatives from global family offices and institutional investors, including notable participants from Sunwah Group, CT Bright (CP Group), Keyestone Group, Lee Kum Kee Group, MindWorks Capital, Park Capital Group, E Fund Asset Management Hong Kong, K. Wah, and many others.

Dr. Anina Ho, Founder & CEO, FOM, stated “Today we formalize our collaboration on cross-border digital asset and RWA initiatives between Dubai and Hong Kong. This partnership bridges two of Asia’s leading financial hubs, creating institutional-grade solutions for family offices navigating digital wealth transformation.”

Belal Jassoma, Senior Director of Tech Ecosystems, DMCC, added, “This partnership reflects the next phase of digital asset adoption – moving beyond experimentation to institutional‑grade infrastructure. By connecting Dubai and Hong Kong as twin hubs for regulated real‑world asset tokenization, we are strengthening the framework through which family offices and institutional players can operate with confidence. Through DMCC’s Crypto Centre, Wealth Hub and other ecosystems and Dubai’s regulatory frameworks, combined with FOM’s strong family offices network, this collaboration establishes a practical wealth corridor that enhances cross‑border collaboration, transparency, and long‑term business expansion across two of the world’s most dynamic trade centers.”

Key value propositions

1. Establishing a powerful UAE-HK wealth corridor

Under the MOU, FOM and DMCC will collaborate to integrate the Middle East and Hong Kong financial ecosystems, leveraging DMCC’s specialized licensing, corporate structuring capabilities, and free‑trade zone advantages alongside FOM’s cutting‑edge digital asset solutions and connectivity to Hong Kong. This strategic alliance is poised to help family offices and high‑net‑worth individuals (HNWIs) in Dubai and Hong Kong capture the surging demand for compliant, institutional‑grade digital asset and alternative investment solutions, while maintaining strong governance and operational efficiency.

The initiative positions Dubai and Hong Kong as twin hubs for regulated RWA tokenization, connecting Middle Eastern capital with Asia‑Pacific opportunities through secure, transparent, and institutionally robust digital asset infrastructure. For family offices, this means greater diversification, improved risk‑adjusted returns, and streamlined access to global opportunities without compromising regulatory compliance.

2. Enhancing digital asset ecosystem

Through the strategic partnership, FOM and DMCC will develop robust frameworks for tokenizing RWAs including real estate, commodities, and other institutional-grade assets, thereby establishing standards for asset custody, settlement, compliance, and cross-border tokenization operations. This UAE-Hong Kong wealth corridor will not only facilitate capital flows but also provide a transparent and compliant environment for digital asset issuance, trading, and reporting, empowering family offices and institutional investors with confidence and clarity in private‑market deal‑making and public‑market participation.

Shaping the future of RWA tokenization

Following the MOU signing, the event featured insightful panel discussions titled “Turning Real‑World Assets into Digital Wealth” and “Everyday Digital Wealth: Stablecoins, Payments and Tokenized Income,” along with a fireside chat on “The Future of Digital Asset Platforms.” These discussions examined how Dubai and Hong Kong can collaboratively advance regulated structures, stable‑wealth solutions, and real‑world applications for institutional and family capital.

Distinguished panelists and speakers included Dr. Anina Ho, Founder & CEO, FOM; Mr. Belal Jassoma, Senior Director of Tech Ecosystems, DMCC; Mr. Ben Zhou, Co-Founder & CEO, Bybit; Mr. Bernard Charnwut Chan, GBM, GBS, JP; Ms. Denise Zhou, Chief Strategy Officer, FOM; Mr. Henri Arslanian, Co‑Founder, Nine Blocks Capital; Mr. Jesse Guild, Vice President, Product Management, Crypto & Digital Assets, Mastercard; Mr. Lennix Lai, Chief Commercial Officer, OKX; Ms. Lingling Jiang, Partner, DWF Labs; and Mr. Yat Siu, Co‑Founder & Executive Chairman, Animoca Brands. Together, these leaders exchanged insights on how emerging technologies, including blockchain, AI, and quantum computing are reshaping asset management and cross‑border investment frameworks. The event showcased the powerful synergy between Hong Kong’s innovation ecosystem and Dubai’s regulatory excellence, creating the foundation for global RWA leadership.

The strategic partnership between FOM and DMCC unites cutting-edge technology with world-class regulatory framework to establish a UAE-Hong Kong wealth corridor, connecting cross-border capital flows, enabling compliant digital transformation, and powering institutional-grade RWA opportunities for family offices and institutional investors.

Photos and photo captions:
https://drive.google.com/drive/folders/1FfQLNGYvDLKEoHWqKNxKyIK64tGU0aAC?usp=sharing

1. Belal Jassoma (left), Senior Director of Tech Ecosystems, DMCC and Dr. Anina Ho (right), Founder & CEO, FOM sign a MOU during an exclusive family office dinner themed “The Future of Tokenizing Wealth” on February 9, 2026.
2. Belal Jassoma (left), Senior Director of Tech Ecosystems, DMCC and Dr. Anina Ho (right), Founder & CEO, FOM shake hands after the MOU signing.
3. Dr. Anina Ho, Founder & CEO, FOM delivers welcome remarks and introduces the event theme “From Theory to Real Use Cases in Tokenizing Wealth Between Dubai and Hong Kong.”
4. Belal Jassoma, Senior Director of Tech Ecosystems, DMCC shares insights on “Bridging Physical Commodities & Digital Assets as a Global Trade Hub.”
5. During the panel discussion titled “Turning Real World Assets into Digital Wealth,” moderated by Ms. Denise Zhou (left), Chief Strategy Officer, FOM, Mr. Lennix Lai (center), Chief Commercial Officer, OKX, and Mr. Belal Jassoma (right), Senior Director of Tech Ecosystems, DMCC share their insights on how tokenization is transforming traditional asset ownership and access.
6. During the panel discussion titled “Everyday Digital Wealth: Stablecoins, Payments and Tokenized Income,” moderated by Mr. Henri Arslanian (first from the left), Co‑Founder, Nine Blocks Capital, Mr. Jesse Guild (second from the left), Vice President, Product Management, Crypto & Digital Assets, Mastercard, Ms. Lingling Jiang (second from the right), Partner, DWF Labs, and Mr. Yat Siu (first from the right), Co‑Founder & Executive Chairman, Animoca Brands explore how digital assets and tokenized products are taking shape in everyday finance.
7. During the fireside chat moderated by Ms. Denise Zhou (left), Chief Strategy Officer, FOM, Mr. Ben Zhou (right), Co-Founder & CEO, Bybit shares insights on the future of digital asset platforms.

General Disclaimer
The press release is distributed solely as a corporate announcement of a strategic partnership and event recap, and not as an offer or solicitation to acquire any specific investment product, token, fund, or securities.

The information herein is based on sources believed reliable but not guaranteed as to accuracy or completeness. Recipients should conduct their own due diligence and consult qualified advisors before investing. No liability is accepted for decisions based on this material.

Hashtag: #FOM

The issuer is solely responsible for the content of this announcement.

About FutureOne MENA

FutureOne MENA (“FOM”) is a pioneering consultancy firm focused on connecting family offices with future technology, with a particular emphasis on tokenization and RWAs, enabling them to access, structure, and invest in next-generation finance. FOM integrates comprehensive market analysis with proprietary multi-agent AI systems to deliver actionable insights across technology, political, economic, financial, and security dimensions. As the cornerstone of the AFFLUENCE Integrated Ecosystem, FOM connects QonBay (digital payments), FutureOne MENA (family office network), FutureOne Bloom (ESG finance), FutureOne Capital (asset management & RWA), and FutureRyse (quantum AI optimization), empowering investors with intelligent tools for portfolio optimization, deal analysis, and strategic engagement with tokenized assets. For more information, please visit www.futureonemena.com.

About DMCC

Dubai Multi Commodities Centre (“DMCC”) is a leading international business district that drives the flow of global trade through Dubai. We make it easier for our members to do business, helping them access the world’s fastest growing markets from a dynamic district that offers everything they need to thrive. This approach is why we are the preferred location for over 26,000 top multinationals and high-impact startups, contributing significantly to Dubai’s position as a global hub for trade and innovation. DMCC is where the world does business. For more information, please visit dmcc.ae.

Under the MOU, the two parties will discuss and coordinate to develop a plan to supply the first batch of VinFast electric vehicles for Exposure to operate electric taxi services in Kinshasa. This batch is expected to include the commercial-oriented Limo Green and Herio Green models, regarded as an initial foundation for an all-electric taxi model, contributing to the formation of zero-emission transport habits in urban passenger transportation in Congo.

At the same time, Exposure has expressed its intention to become a distributor of VinFast vehicles in the Congolese market and will jointly study a business plan suited to local conditions. Both parties commit to continued cooperation in good faith, laying the groundwork for deeper collaboration in the future.

The MOU between VinFast and Exposure SARL initiates the implementation of the strategic cooperation framework established by Vingroup and the City of Kinshasa in 2025. At that time, the parties agreed to study and promote the procurement and deployment of VinFast’s electric mobility solutions, including electric buses, cars, and scooters, to serve the city’s and residents’ transportation needs.

Earlier, the Kinshasa municipal authorities and Vingroup also signed an MOU to study and develop a riverside mega urban project covering approximately 6,300 hectares. Featuring housing, villas, hospitals, schools, shopping centers, hotels, and entertainment facilities, the project is expected to become a new tourism destination and a symbol of Kinshasa’s future development.

The partnerships align with the Democratic Republic of the Congo’s long-term vision for sustainable urban development and green transition, particularly in rapidly urbanizing cities such as Kinshasa, where demand for clean, smart and efficient mobility is rising. Building on the country’s renewable energy potential and commitment to low-emission growth, the initiative supports Kinshasa’s ambition to develop an integrated green infrastructure and electric mobility ecosystem.

Ms. Duong Thi Thu Trang, Deputy CEO of Global Sales, VinFast, stated: “The cooperation with Exposure SARL reflects VinFast’s confidence in the potential for green transportation in Africa and reaffirms our commitment to delivering modern, accessible green mobility solutions tailored to each market. We believe that VinFast’s electric vehicle products, proven across multiple markets, combined with Exposure’s local expertise, will help accelerate the transition to green transportation in Congo.”

Mr. Fely Samuna Lukwaka, Chief Executive Officer of Exposure SARL, said: “We are very pleased to cooperate with VinFast toward a low emission mobility future for the Democratic Republic of the Congo in general and the capital Kinshasa in particular. With a population of more than 120 million and a strategic location bordering nine countries, forming a regional market of over 200 million people, the Democratic Republic of the Congo has strong potential to become a gateway for electric vehicle development in Central Africa. We have full confidence in VinFast’s technological capabilities and product ecosystem, and we expect this cooperation to establish a foundation for the next stages of development of the electric vehicle market not only in the DRC but across the wider region.”

VinFast is a pure-play electric vehicle automaker under Vingroup, Vietnam’s largest private conglomerate, with a vision to drive the movement of the global smart electric vehicle revolution. Over the past years, the EV maker has expanded strongly into new and promising markets such as India, the Philippines, Indonesia, and the Middle East, while continuing to strengthen its presence in key markets in Europe and North America. Strategic moves in 2025 are expected to provide strong momentum and a solid launchpad for further breakthroughs in 2026.

Hashtag: #VinFast

The issuer is solely responsible for the content of this announcement.

About VinFast

VinFast (NASDAQ: VFS), a subsidiary of Vingroup JSC, one of Vietnam’s largest conglomerates, is a pure-play electric vehicle (“EV”) manufacturer with the mission of making EVs accessible to everyone. VinFast’s product lineup today includes a wide range of electric SUVs, e-scooters, and e-buses.

VinFast is currently embarking on its next growth phase through rapid expansion of its distribution and dealership network globally and increasing its manufacturing capacities with a focus on key markets across North America, Europe and Asia.

Learn more at https://vinfastauto.com/vn_en