News related to
global

China is pursuing arrangements with allied central banks to store foreign sovereign gold within its territory, aiming to elevate its influence over global bullion holdings. The People’s Bank of China is deploying the Shanghai Gold Exchange as a vehicle to attract sovereign clients to park bullion inside China. At least one Southeast Asian country has expressed interest.

Officials involved say that the proposal involves central banks of “friendly” states buying gold and placing it in warehouses tied to the Shanghai Gold Exchange. This builds on China’s strategy of diversifying reserves and enhancing its status in global bullion markets.

China’s own gold holdings are growing steadily. As of July, its official international reserves included approximately 73.96 million ounces of gold, up from 73.9 million the month before. That marks nine months of continuous growth. At that point gold accounted for about 7% of China’s foreign reserves—well below the global average of around 15%. Analysts said China is likely to continue buying gold while moderately reducing holdings of US Treasuries, both to strengthen the renminbi’s international standing and mitigate exposure to dollar-linked risks.

Gold-buying by China fits into a larger global trend among central banks. Many are raising their allocation to gold as a hedge against geopolitical risks, inflation, and the uncertainty of reliance on major foreign currencies. Market watchers note that China’s moves are consistent with efforts from BRICS countries to build financial infrastructure and reserve mechanisms less dependent on dollar-centred systems.

For China, becoming a custodian for others’ gold reserves would represent a significant shift. It would mean not only controlling its own gold supply but also offering vaulting, storage, and custodial services to foreign sovereign clients. Such an arrangement would involve regulatory, security, and diplomatic considerations—from ensuring physical security of bullion to managing compliance with international rules around audits, transparency, and cross-border transfers.

Questions remain about how much demand exists among sovereigns for such an arrangement. The identity of the Southeast Asian country showing interest has not been confirmed. Some central banks prefer keeping reserves offshore for perceived neutrality or diversification of geographic risk. Others may hesitate due to concerns over sovereignty, geopolitical leverage, or storage fees and logistics.

China’s global gold purchases continue regardless. Observers point to continued accumulation of gold by the People’s Bank of China, a trend seen in the State Administration of Foreign Exchange data. Gold holdings have increased month after month, even as foreign exchange reserves fluctuate.

Binghatti Holding Limited has appointed a slate of banks to lead its first USD Reg S senior unsecured three-year green sukuk under its $1.5 billion Trust Certificate Issuance Programme. The developer, rated Ba3 by Moody’s and BB- by Fitch with both outlooks stable, has kick-started global investor calls and fixed income meetings. The mandate names Abu Dhabi Islamic Bank, Dubai Islamic Bank, Emirates NBD Capital, JP Morgan and Mashreq as Joint Global Coordinators; Abu Dhabi Commercial Bank, Ajman Bank, Arqaam Capital, Crédit Agricole CIB, First Abu Dhabi Bank, RAKBANK, Sharjah Islamic Bank and Warba Bank will act as Joint Lead Managers and Joint Bookrunners.

The green structuring is overseen solely by Mashreq, with DNV, based in Oslo, providing the Second Party Opinion on Binghatti’s Green Financing Framework. The issuance will make use of Binghatti Sukuk 2 SPC Limited under its wider Trust Certificate Issuance Programme.

Binghatti’s credit profile strengthened earlier this year when Moody’s assigned it its first ever corporate family rating of Ba3 with a stable outlook, citing its strong market position in Dubai’s luxury real estate sector, a vertically integrated model, low leverage, strong liquidity and disciplined cost controls. Shortly after, Fitch upgraded its long-term issuer default rating to BB- from B+, also citing its resilient growth, liquidity position and ability to self-fund projects through internal cash flows.

The developer’s previous sukuk issued under the same Programme—a five-year senior unsecured benchmark in August—was priced at a profit rate of 8.125%. That issuance attracted over USD 2.5 billion of orders, making it oversubscribed about five times and confirming significant demand from global and regional investors. That sukuk was dual listed on the London Stock Exchange and Nasdaq Dubai.

More than 180 UAE government Chief AI Officers gathered in Washington under the aegis of the US-UAE Business Council to build partnerships with US tech firms and experts, intensifying the country’s drive in AI governance and cybersecurity. The event leveraged sessions with global business leaders and government officials to share expertise in advanced technology, highlighting the AI Chief Executives Model as a catalyst for digital governance reforms.

Engineer Mohamed bin Taliah, Chief of Government Services, underscored that AI adoption across UAE government remains a top priority, anchored in strategic goals to elevate digital governance globally. He asserted that engaging directly with leading technology companies offers vital exposure to best practices, and that empowering local talent via high-level training is essential to establishing an innovative and “smarter” digital future.

Dr Mohamed Al Kuwaiti, heading the Cybersecurity Council for the UAE Government, flagged an increase in complexity and frequency of cyber threats, saying that international cooperation is now non-negotiable. He described protection of critical infrastructure, data privacy, and AI-driven defence as areas requiring urgent collaboration, emphasising building resilience through national expertise and shared knowledge.

Dr Abdulrahman Al Mahmoud of the Artificial Intelligence, Digital Economy, and Remote Work Applications Office explained that the purpose of the visit is to position the UAE as a global node for innovation. He said the delegation’s exchanges aim at unlocking joint innovation opportunities, shaping practical AI solutions, and reinforcing the UAE’s digital transformation strategy.

Participants included leaders from SmartCohort, Dell Technologies, PwC, and organisations like Cisco, Google, IBM, Oracle, Applied AI, Akamai, Core42 and Cloudflare, among others.

By Nantoo Banerjee Few will disagree that India should keep investing substantially in both onshore and offshore oil search as the country is becoming increasingly dependent on the import of petroleum crude to meet its energy needs. Currently, almost 86 percent of India’s annual crude petroleum needs are being met through imports. During his recent […]

The article Higher GST Will Hurt Oil-Starved India’s Exploration Drills appeared first on Latest India news, analysis and reports on IPA Newspack.

SAP’s global chief executive Christian Klein announced a strategic expansion of cloud infrastructure in New Delhi today, unveiling the launch of SAP Software Cloud in India and urging that cloud computing and artificial intelligence must underpin India’s path towards self-reliance and a digitally fortified economy. He warned that India is on track to generate 10 zettabytes of data by 2025, and stressed that harnessing this data effectively will be critical for national growth.

Addressing an audience of business leaders, technologists, and government representatives, Klein emphasised that mission-critical infrastructure must increasingly rely on sovereign cloud offerings. These are systems where data storage, processing, and control are governed under local legal standards—ensuring both security and regulatory compliance. He added that many organisations will not yet have requirements for sovereign cloud, but sectors such as defence, utilities and others handling classified data are likely to lead adoption.

SAP India’s president and managing director, Manish Prasad, highlighted the firm’s 30-year legacy in the region, and the growing need to make AI “relevant”—not just in proof-of-concepts but in full-scale deployments. He made clear that India must benefit more from its data, not simply generate it. Enhanced capabilities in secure engineering, data sovereignty, and local control of cloud operations are being positioned as foundational elements for India’s next phase of growth.

One major component of SAP’s plan is investment: globally, the company is committing €20 billion by next year toward cloud infrastructure and expansion. India is being treated as a key strategic market for that investment. SAP says it will deliver the “full stack” for cloud solutions—including those with compliance, localised control planes and sovereign cloud services where required.

Klein also underscored that government policy, regulation and innovation capacity must keep pace with technological opportunity. India’s regulatory environment around data sovereignty and digital infrastructure is evolving, and sectors with critical or regulated data will demand clarity and trust in legal and technical frameworks. Without that, investing in sovereign cloud becomes more difficult for those clients.

Digital sovereignty loomed large in SAP’s message. Martin Merz, president of SAP’s sovereign cloud division, said that while physical infrastructure is important, operational, technical and legal dimensions of data sovereignty matter at least as much. He pointed out that SAP has already delivered sovereign cloud services to highly security-sensitive organisations globally, and that India offers “great potential.”

Record trade worth AED 336 billion from the Dubai Integrated Economic Zones Authority across its three free zones marked a 19% increase over 2023, with the zone authority accounting for 13.7% of Dubai’s non-oil foreign trade—the highest share recorded.

Dubai Airport Free Zone, Dubai Silicon Oasis and Dubai CommerCity together processed trade volumes of 444,300 tonnes, representing a rise of over 28% compared with 346,700 tonnes the year prior. Sector-wise, machinery, electrical and electronics led the growth, making up about 72% of total trade and increasing by approximately 17%. Precious stones, metals, jewellery and ornaments grew by 33% and contributed about 22%. Combined, both sectors accounted for nearly 94% of total trade activity.

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council, stated that these outcomes reflect Dubai’s ambition under the Economic Agenda D33, enhancing its role as a global hub through innovation and competitiveness. Sheikh Ahmed bin Saeed Al Maktoum, Chairman of DIEZ, affirmed this was the fourth year of sustained growth, noting increasing investor confidence and strengthened global trade partnerships.

Volume growth and value growth were supported by improved infrastructure and “integrated services” across the three zones, which reduced friction in supply chains. DIEZ’s performance coincided with Dubai as a whole achieving record highs in non-oil foreign trade.

While machinery, electronics and precious materials drove most of the expansion, other sectors are underrepresented, indicating a dependency on high-value goods. The focus now may turn to diversification to prevent vulnerabilities to sector-specific global headwinds. Economists suggest sustaining infrastructure investment and expanding trade ties beyond traditional markets will be critical for maintaining momentum.

Tensor is unveiling its Tensor Robocar at the Dubai World Congress for Self-Driving Transport 2025, positioning it as the first Level 4 autonomous vehicle designed for individual ownership. The firm says the Robocar combines over a decade of proprietary engineering with an AI architecture engineered from the ground up to deliver privacy, safety and autonomy. Customer deliveries are scheduled for the second half of 2026.

Tensor describes Level 4 autonomy as allowing the vehicle to handle all driving tasks under defined conditions without human supervision, though manual override remains possible outside those zones. Some of its standout hardware includes in excess of 100 sensors ‒ 37 cameras, 5 lidars, 11 radars ‒ and features such as radar-transparent materials, a low hood profile, washer systems for sensors and intelligent covers to protect against harsh environments like desert dust. The AI stack is based on a foundation model that uses real-world and simulated data, with dual systems for fast reflexive response and reasoning in complex or rare scenarios.

The Robocar’s interior includes novel features such as a folding steering wheel and retractable pedals so that when operating in full autonomous mode, the driver’s control elements are stowed. It also supports autonomous parking and charging, offers continuous self-diagnosis even when offline, and uses a privacy-first data architecture. Data is stored and processed locally with encrypted access, and physical privacy controls — such as camera and microphone switches — are built in.

Safety and regulatory compliance are central to Tensor’s strategy. The company claims the Robocar is built to meet or exceed global automotive safety standards, including UN/ECE regulations, FMVSS, and standards applicable in the Gulf Cooperation Council region. It is seeking high ratings from institutions such as Euro NCAP, IIHS and US NCAP. Redundancy in sensors, compute, power, communications, drive-by-wire systems, and thermal management is built in to avoid single points of failure.

Tensor is headquartered in San Jose, with additional offices in Barcelona, Singapore and Dubai. It has separated from its earlier operations in China, emphasizing that its ownership and operations are controlled by US employees, though it has global investors including from the UK, Japan and Korea.