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The agreement, reached during Modi’s official visit to Abu Dhabi on 15 May 2026, includes a strategic collaboration between Indian Strategic Petroleum Reserves Limited and Abu Dhabi National Oil Company to expand the UAE’s participation in India’s strategic petroleum reserves to 30 million barrels. Both sides will also work on establishing strategic gas reserves, a move that signals a broader shift from emergency crude storage towards a more diversified energy security framework.

The pact places ADNOC at the centre of New Delhi’s stockpiling strategy. The UAE became the first country to partner with India in strategic petroleum storage when ADNOC stored crude in the Mangaluru cavern under an earlier arrangement. The new framework is substantially larger and comes as India seeks to reduce exposure to sudden disruptions in the Strait of Hormuz, sanctions-driven shifts in trade flows, shipping risks, and sharp swings in spot fuel prices.

India, the world’s third-largest oil consumer, imports more than 85 per cent of its crude requirement and nearly half of its natural gas needs. Its existing strategic petroleum reserve system has underground rock caverns at Visakhapatnam, Mangaluru and Padur, with a combined capacity of about 5.33 million tonnes, equivalent to roughly 39 million barrels. These reserves are separate from commercial inventories held by refiners and oil marketing companies.

The current reserve base covers only a limited number of consumption days, making expansion a long-standing policy priority. Phase-two plans have included additional capacity at Padur and a new facility at Chandikhol in Odisha, while officials have explored public-private partnership models to bring in foreign oil producers and trading firms. The UAE arrangement is likely to support that model by tying storage capacity to assured supply and commercial flexibility.

The energy package also includes a long-term LPG supply arrangement between Indian Oil Limited and ADNOC. The UAE is already the largest source of LPG for India, meeting about 40 per cent of its import requirement. A deeper supply contract is significant for household energy security, as LPG remains a politically sensitive fuel linked to cooking gas access, subsidy management and inflation expectations.

Gas cooperation is another important element. New Delhi has been trying to raise the share of natural gas in its energy mix, but price volatility and limited storage have slowed progress. Strategic gas reserves could help shield fertiliser plants, city gas distributors, power producers and industrial users from abrupt supply constraints. The concept remains more complex than crude storage because gas requires specialised infrastructure, including LNG terminals, underground storage or converted reservoirs, but the agreement shows that both governments see gas security as part of the next phase of their partnership.

The Abu Dhabi talks also build on a wider hydrocarbons relationship. The UAE was among India’s top crude suppliers last year and has become a central partner in LNG, LPG, upstream investment and petroleum product trade. State-backed companies from India hold stakes in Abu Dhabi oil assets, including the Lower Zakum concession and Onshore Block 1, marking a rare upstream footprint for New Delhi in the Gulf.

The timing gives the agreement strategic weight. West Asian tensions have renewed concern over maritime chokepoints and insurance costs for energy cargoes. Any prolonged disruption near the Gulf would affect Asia’s largest consuming economies first, particularly import-dependent buyers such as India, Japan, South Korea and China. Larger stockpiles do not remove that vulnerability, but they give policymakers more room to manage price spikes, refinery supply schedules and emergency releases.

For the UAE, the pact strengthens its role as a long-term energy partner beyond crude sales. ADNOC has been widening its international storage, trading, LNG and downstream footprint as Abu Dhabi positions itself as both a reliable supplier and a capital partner. Participation in overseas strategic reserves gives the company access to storage optionality while reinforcing diplomatic ties with major demand centres.

The Modi-Sheikh Mohamed meeting also covered defence, investment, infrastructure and regional security, underscoring the shift in bilateral ties from labour, remittances and trade towards a broader strategic partnership. The UAE hosts a large expatriate community from India and remains one of New Delhi’s most important Gulf economic partners, with strong links in logistics, ports, food security, renewable energy and financial services.

When AI Meets Artistic Intelligence — Cross-City, Cross-Disciplinary Creative Education in Action

HONG KONG SAR – Media OutReach Newswire – 15 May 2026 – As artificial intelligence (AI) sweeps across the globe, how should humanity redefine the core competencies needed to shape the future? Funded by The Hong Kong Jockey Club Charities Trust and organised by AFTEC, Knowledge Exchange 2026—Artistic Intelligence: Shaping Human Achievement opens today for two days at Hong Kong’s newest cultural landmark—the East Kowloon Cultural Centre—marking the venue’s first major international arts education event. As a flagship annual initiative of the AFTEC Jockey Club Creative Futures Project, the forum has attracted nearly 260 educators, artists and stakeholders to explore how creative teaching and learning can inspire learning, spark creativity and nurture talent, laying the foundation for a better future.

Bringing Together Education and Cultural Leaders to Build a Cross-Disciplinary Creative Network

The opening ceremony was officiated by Ms Winnie Yip, Head of Charities (Culture & Sports Cluster; Community Engagement), The Hong Kong Jockey Club.

In her opening speech, Ms Winnie Yip, Head of Charities (Culture & Sports Cluster; Community Engagement), The Hong Kong Jockey Club, said: “The Club has been supporting the AFTEC Jockey Club Creative Futures Project since 2021. The results have been truly encouraging. The programme has strengthened participating students’ understanding of and care for others, while deepening their interest in arts and interdisciplinary learning. With the second phase now underway, we look forward to further supporting the growth and transformation of students and teachers.”

The opening ceremony also featured Prelude in Light, Sound & Video, a multimedia work created by students of the School of Theatre and Entertainment Arts at The Hong Kong Academy for Performing Arts (HKAPA), setting the stage for the forum and showcasing the creative potential of the younger generation.

Ms Lynn Yau, Chief Executive Officer of AFTEC and Project Director of the AFTEC Jockey Club Creative Futures Project, said: “In an era dominated by artificial intelligence, we need to redefine the unique value of humanity more than ever. AFTEC has always been committed to training teachers and creative practitioners, nurturing the ‘5Cs’ core competencies—Creativity, Critical Thinking, Communication, Collaboration, and Contribution—through systematic teaching strategies. By integrating creative learning into school curricula, we nurture a new generation equipped with resilience and problem-solving skills, while actively building a cross-disciplinary learning network. We are deeply grateful for the vision and support of The Hong Kong Jockey Club Charities Trust and the participation of our partners from various sectors, allowing us to collaboratively shape human achievement through Artistic Intelligence and mould the future with creativity.”

Redefining AI — Nurturing Irreplaceable “first-class humans”

The highlight of the forum’s first day was the first cross-city dialogue, a keynote entitled Creative Cities, Creative Mindsets: Bath, Hong Kong, New Delhi. Ms Kate Cross MBE, Director of The Egg at Theatre Royal Bath, United Kingdom; Ms Jigyasa Labroo, CEO and Co-founder of Slam Out Loud, New Delhi, India; Professor Anna CY Chan, Director of The Hong Kong Academy for Performing Arts; and Ms Lynn Yau, Chief Executive Officer of AFTEC, delivered the keynote together. The four creative visionaries highlighted that Artistic Intelligence is an indispensable competency for humanity in the age of AI, and shared how global frameworks can be adapted to local practice across the three cities’ distinctive educational and cultural ecosystems to cultivate young people’s imagination, empathy and meaning-making — core competencies for navigating an ever-changing future.

Ms Kate Cross introduced the School Without Walls programme, a groundbreaking initiative that immerses students in cultural venues for seven weeks, significantly enhancing their writing, emotional expression, and self-directed learning abilities. Ms Jigyasa Labroo shared Slam Out Loud’s work, which, through over 100 hours of arts-based social-emotional learning (SEL) curriculum, has successfully boosted the confidence, curiosity, and emotional regulation of 700,000 children across two Indian states. Professor Anna CY Chan, from the macro perspective of higher education and talent cultivation, emphasised the bridging role of Artistic Intelligence between professional arts training and primary/secondary creative education. Ms Lynn Yau showcased how the AFTEC Jockey Club Creative Futures Project transforms artists into “Teaching Artists,” shifting schools’ vision from “Arts Provisioned” towards being “Arts Empowered,” enabling Hong Kong students to demonstrate stronger vitality in cross-disciplinary learning.

The session also featured internationally acclaimed arts educator Professor Anne Bamford OBE, FCGI, Director of the International Research Agency; Professor Anne Mette Hjort, Director of The Research Centre for Creative Arts and Public Value, The Education University of Hong Kong; Mr Victor Kwok, Deputy Research Director of Our Hong Kong Foundation and Committee Member of the All-China Youth Federation; and Ms Heidi Lee, Executive Director of Hong Kong Ballet, as respondents. They offered diverse perspectives from policy research, cultural promotion and professional development, exploring how the arts and creativity can nurture outstanding talent of the future through structured and sustainable educational approaches in Hong Kong.

Collaborative Workshops—From Theory to Practice

The forum also featured collaborative workshops, where participants experienced first-hand how educational visions can be translated into practical teaching plans in an interactive setting.

In today’s (15 May) sessions, Creative Classroom LIVE!, led by teaching teams from Tin Shui Wai Methodist Primary School and Tuen Mun Government Primary School, brought authentic teaching plans to life in the theatre, allowing participants to experience the transformative power of creativity in local schools’ setting. Professor Anne Bamford OBE, FCGI, Director of the International Research Agency, facilitated the session The How Factor Lab: Designing Arts-rich Learning that Lasts?, discussing how the arts can be incorporated into education through sustainable policy and teaching strategies to establish a long-term and stable creative ecosystem in schools and communities.

Day Two Highlights — The Many Dimensions of Artistic Intelligence

On the second day of the forum (16 May), discussions will build upon the first day’s highlights and continue to delve deeper into the theme of Artistic Intelligence. In the keynote The Real AI: Artistic Intelligence and the Future of Human Potential, Professor Anne Bamford OBE, FCGI, Director of the International Research Agency, will discuss how the integrated development of personal cognitive, creative, social and digital capabilities can unlock human potential and shape a new generation equipped with innovation and adaptability, calling on education systems, cultural institutions and communities to collaborate in ensuring that young people maintain their unique edge in the age of AI.

Two collaborative workshops will also take place. School Without Walls: Changing Sites of Learning, led by Ms Kate Cross MBE, Director of The Egg at Theatre Royal Bath, United Kingdom, will demonstrate how learning spaces can be extended beyond school campuses to curate meaningful and personalised arts education experiences through the School Without Walls programme. What if We All Had a Voice? The Possibilities of the Arts in Social-Emotional Learning, led by Ms Jigyasa Labroo, CEO and Co-founder of Slam Out Loud, New Delhi, India, will share how locally rooted curriculum resources that address social issues can be developed to empower children to use creativity to tackle life and societal challenges and to weave their dreams.

Mutual Growth—Frontline Teachers and Artists Share Their Journeys and Learning

The forum also invited schools and creative practitioners from the AFTEC Jockey Club Creative Futures Project to share their practical experiences. In the panel discussion From Traditional to Creative Teaching, Vice Principal Kiley Tse of Ho Lap Primary School (Sponsored by Sik Sik Yuen), Ms Katherine Ip of Hong Kong and Macau Lutheran Church Primary School, and Ms Jourdan Wong of Cheung Sha Wan Catholic Primary School will share insights and explore the far-reaching impact of creative teaching and learning on teachers’ personal growth, students, the learning environment, and the overall creative learning culture of schools.

Another panel discussion, From Introspective Artists to Communicative Teaching Artists, features creative practitioners Ms Grace Cheng; Mr Reds Cheung of Laichankee; Ms Cally Yip of Passoverdance; and Ms Priscilla Lai, Lead Creative Practitioner of the AFTEC Jockey Club Creative Futures Project. Their sharing proves that the Project’s collaborative model not only benefits schools—teachers’ and creative practitioners’ artistic practices are also nourished through the teaching process, fostering mutual growth and grooming the community of practice of teaching artists in Hong Kong.

Creative Learning Arts Awards — Celebrating Local Education Transformation

To showcase the Project’s impact over the years, the forum will host the Creative Learning Arts Awards ceremony, recognising outstanding schools, teachers and creative practitioners, and celebrating the remarkable progress of the local education community in advancing creative thinking and whole-person development.

For more information, please visit:

AFTEC Jockey Club Creative Futures Project: https://creativefutures.aftec.hk/home-en/

Knowledge Exchange 2026—Artistic Intelligence: Shaping Human Achievement: https://creativefutures.aftec.hk/knowledge-exchange/ke2026/

Hashtag: #AFTEC

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

About AFTEC Jockey Club Creative Futures Project

Funded by The Hong Kong Jockey Club Charities Trust, the AFTEC Jockey Club Creative Futures Project is a multi-level creative learning scheme designed to provide a much-needed system-led approach to creative thinking in educational institutions from tertiary to primary.

Based on a successful pilot (2021 – 2024), the key focus in this expanded version is in training teachers and creative practitioners.

With practical strategies for professionals to teach across the curriculum based on the 5C’s—Creativity, Critical Thinking, Communication, Collaboration, and Contribution— creative practitioners join teachers for in-school classes to co-design and co-create lesson plans for use in classroom throughout the year.

About AFTEC

Advancing creative learning and arts education in Hong Kong

Creativity allows us to recognise potential within ourselves and the world around us. It promotes problem-solving, nurtures relationships, cultivates resilience, and can transform lives in countless ways. At AFTEC, we work with students, educators, and creative practitioners to plant the seeds of creativity in our community.

As a proudly homegrown Hong Kong organisation, we nurture the city’s greatest natural resource — its people. Through co-designed, collaborative, and inclusive bilingual education programmes, we create supportive environments where young minds are free to explore, express, and flourish. We spark imagination, build confidence, and foster a sense of growth and belonging together.

Website: www.aftec.hk

UAE President Sheikh Mohamed bin Zayed Al Nahyan welcomed Modi on arrival, underscoring the personal diplomacy that has become a defining feature of ties between the two leaders. The visit opened the first leg of Modi’s five-nation tour, which is scheduled to include the Netherlands, Sweden, Norway and Italy between May 15 and 20.

The Abu Dhabi stop carries immediate strategic weight for New Delhi as energy markets remain exposed to geopolitical pressure and supply uncertainty. Discussions between the two sides were centred on long-term energy arrangements, petroleum reserves, liquefied petroleum gas supply and a wider defence framework, reflecting the broadening scope of a relationship once driven largely by trade, remittances and crude oil.

Agreements signed during the visit covered defence cooperation, petroleum reserve collaboration and LPG supply. The defence pact points to a gradual shift in the partnership towards security coordination, technology exchange and maritime stability, particularly as both countries seek to protect trade routes and energy flows across the Arabian Sea, the Gulf and the wider West Asia region.

Energy remains the strongest pillar of the relationship. The UAE is among India’s key suppliers of crude oil and gas, while Abu Dhabi’s state-linked energy companies have already taken part in India’s strategic petroleum reserve programme. New Delhi has been seeking to expand reserve capacity as part of a long-term effort to cushion the economy from global supply shocks, currency pressure and price spikes.

For Abu Dhabi, the visit fits a broader strategy of deepening ties with major Asian economies while positioning the UAE as an energy, finance, logistics and technology hub. The UAE’s investment push into ports, renewable energy, infrastructure, food corridors and financial services has increasingly aligned with India’s priorities in manufacturing, digital infrastructure and supply-chain diversification.

Bilateral trade has grown strongly since the Comprehensive Economic Partnership Agreement came into force in 2022. The pact reduced tariffs on a wide range of goods and helped accelerate commerce in gems and jewellery, petroleum products, food, metals, machinery and services. Both sides have set ambitious targets to lift non-oil trade, while businesses have expanded their use of rupee-dirham settlement mechanisms and cross-border payment links.

The partnership has also moved deeper into technology. Artificial intelligence, digital public infrastructure, data centres, financial technology and advanced computing have emerged as major areas of cooperation, especially after high-level exchanges earlier this year involving Sheikh Mohamed and Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan. The proposed deployment of advanced computing infrastructure in India, with UAE-linked institutions and companies involved, has reinforced the technology dimension of the relationship.

People-to-people ties remain central to the diplomatic equation. The UAE hosts one of the largest overseas communities from India, with millions working across construction, services, health care, finance, aviation, education and technology. Their remittances and social links have long shaped the political warmth between the two countries, while improved consular services, labour welfare frameworks and easier travel arrangements remain important issues in bilateral engagement.

Modi’s Abu Dhabi visit also follows a sequence of symbolic gestures that have strengthened the public profile of the relationship. Sheikh Mohamed visited India in January this year, while senior members of Abu Dhabi and Dubai’s ruling families have taken part in major diplomatic and technology engagements. Modi’s 2024 visit to the UAE included the inauguration of the BAPS Hindu Mandir in Abu Dhabi, a project presented by both sides as a marker of tolerance and cultural connection.

Under the MOUs, international partners are expected to establish EV service workshops that meet VinFast’s global standards in their respective markets. VinFast will ensure uniform, high-quality service through globally-standardized technician training and certification programs, consistent operating procedures and quality control systems, as well as a parts supply network targeting delivery of common spare parts within 24 hours in key markets.

The new agreements are part of VinFast’s long-term strategy to develop a comprehensive EV ecosystem aligned with its international standards, covering aftersales services, charging infrastructure, and customer support. This expansion is expected to further accelerate the transition to electric mobility while ensuring VinFast customers receive support throughout the entire product lifecycle.

VinFast’s international strategy is built on the operational foundation and aftersales capabilities it has already proven in Vietnam. By the end of 2025, VinFast had developed nearly 400 service workshops nationwide, bringing its total global network to nearly 800 facilities.

Building on this foundation, VinFast aims to expand to more than 1,100 service workshops globally in 2026, spanning North America, Europe, the Middle East, and Asia. The network will be deployed through multiple models, including dealerships serving retail customers, fleet and transportation business clients, and third-party local service workshop partners.

At the same time, VinFast is implementing a range of customer support policies, including repair time commitments in Vietnam, replacement vehicle support in international markets, as well as battery inspection, software updates, and technical support throughout the ownership experience.

As part of the conference, international partners also visited VinFast’s manufacturing complex and the broader Vingroup ecosystem to gain deeper insights into VinFast’s production capabilities, operational scale, and global growth strategy.

Mr. Bui Viet Hung, Deputy CEO of Global Aftersales of VinFast, said: “Our goal is not simply to expand the network, but to build a customer-centric aftersales ecosystem that delivers an outstanding experience on a global scale. Through partnerships with experienced local operators and the application of VinFast’s global standards, we aim to provide aftersales services that are exceptional, responsive, and reliable. We also aspire to bring Vietnam’s five-star service culture and spirit of dedication to the world, creating a unique experience for international customers. That is VinFast’s long-term commitment to the transition to electric mobility.”

In addition to expanding its aftersales operations, VinFast continues to develop an integrated EV ecosystem that includes products, services, and charging infrastructure through partnerships with strategic partners such as V-Green and local charging infrastructure operators. Through this partner network, VinFast aims to develop a system of more than 1.5 million charging ports globally, helping expand access to charging infrastructure and deliver a seamless, convenient EV ownership experience for customers in international markets.

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 manufacturer with the mission of making electric mobility more accessible to everyone. VinFast’s current product portfolio includes a wide range of electric SUVs, electric motorcycles, electric bicycles, and electric buses.

VinFast is entering its next phase of growth by rapidly expanding its global distribution and dealer network while strengthening manufacturing capabilities, with a focus on key markets in North America, Europe, the Middle East, and Asia.

Learn more at: https://vinfastauto.com

The proposal, pushed by the Reserve Bank of India and under examination by the finance ministry, would lower the tax burden on overseas investors earning returns from government and corporate debt. The measure is being considered as policymakers seek to align India’s bond taxation framework more closely with other emerging markets and strengthen the appeal of rupee assets at a time of volatile global capital flows.

Foreign investors currently face tax on coupon income of around 20 per cent, alongside capital gains obligations that vary depending on treaty arrangements and holding periods. A concessional 5 per cent tax rate on interest income had earlier helped attract participation, but that dispensation ended in 2023. Market participants have since argued that the higher tax cost has limited the impact of India’s inclusion in major global bond indices.

The government securities market is valued at about $1.3 trillion, but foreign ownership remains near 3 per cent, far below levels seen in several comparable emerging markets. The gap has persisted despite the phased inclusion of government bonds in widely tracked indices run by JPMorgan and FTSE Russell, and despite the country’s relatively high real yields compared with several Asian peers.

Bond investors have welcomed the direction of policy discussions, though the scale and timing of any tax change remain uncertain. A reduction could improve net returns for overseas funds, especially passive investors whose allocations are guided by benchmark weights. It could also encourage more active managers to increase positions in rupee debt, provided currency risks and settlement procedures remain manageable.

The rupee has been under pressure as foreign investors trimmed exposure to local equities and as global dollar strength affected emerging-market currencies. A deeper foreign bid for bonds could help stabilise capital flows, support reserves management and reduce the cost of government borrowing over time. The benchmark 10-year yield has already reacted to expectations of a friendlier tax regime, moving lower as traders priced in the possibility of stronger inflows.

The debate forms part of a broader effort to make the domestic debt market more accessible. The Reserve Bank has retained foreign portfolio investment limits for the 2026-27 financial year, keeping the cap at 6 per cent for central government securities, 2 per cent for state development loans and 15 per cent for corporate bonds. Available headroom under these limits remains underused, suggesting that tax treatment, liquidity conditions and operational procedures matter as much as formal access.

Policy planners are also focused on the corporate bond market, where deeper foreign participation could help fund infrastructure, green energy, housing finance and private-sector expansion. The country’s corporate debt market remains smaller than its banking system and equity market, leaving companies heavily dependent on bank lending. A more attractive tax framework could draw long-term investors such as pension funds, insurers and sovereign wealth funds, although credit depth and transparency would still need improvement.

Foreign investors have long cited India’s source-based taxation, documentation rules and compliance requirements as barriers to larger allocations. Tax treaties reduce the burden for investors from some jurisdictions, but the framework remains uneven. A clearer and lower withholding structure could reduce uncertainty and help India compete more effectively with Indonesia, Malaysia, Mexico and South Africa, where foreign bond investors often face lighter tax treatment.

The policy choice is not without trade-offs. Lower taxes would reduce immediate revenue from foreign bond income, and a larger foreign presence could make the debt market more sensitive to shifts in global interest rates and risk appetite. Sudden outflows during periods of stress could amplify pressure on the rupee and complicate monetary policy. Authorities are therefore likely to balance market deepening with safeguards designed to prevent destabilising flows.

The fiscal backdrop will also shape the decision. The Centre continues to manage a large borrowing programme while trying to lower the fiscal deficit gradually. A broader foreign investor base could help absorb government debt and keep yields contained, but officials are unlikely to move without assessing revenue costs, treaty implications and the impact on domestic financial institutions.

By T N Ashok NEW DELHI: As the war in Iran deepens and flames spread across West Asia’s energy corridors, India finds itself confronting an uncomfortable truth: its economic vulnerabilities are once again tied to oil tankers navigating distant waters. Rising crude prices, disrupted shipping lanes, soaring aviation fuel costs, fears over fertiliser imports, and […]

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