Category Archives: Business

Indian Markets End Flat Amid West Asia Tensions; Selective Buying Cushions Losses !

May 21 (BNP): Indian equity markets ended largely flat on Thursday as geopolitical tensions in West Asia weighed on investor sentiment, while selective buying in broader markets helped benchmark indices limit losses and avoid a sharper decline.

The benchmark Sensex closed at 75,183.36, down 135.03 points or 0.18 per cent, while the Nifty 50 settled nearly unchanged at 23,654.70, slipping just 4.30 points or 0.02 per cent, reflecting cautious market participation amid global uncertainty.

Market sentiment remained under pressure due to concerns over escalating geopolitical developments in West Asia, prompting selling in sectors such as information technology (IT), fast-moving consumer goods (FMCG), and financial services. Heavyweight stocks including Bajaj Finance, Infosys, Tech Mahindra and Hindustan Unilever emerged among the key laggards during the trading session.

Despite weak benchmark momentum, broader markets showed resilience. Mid-cap stocks traded subdued, while small-cap counters outperformed and ended higher, indicating selective investor confidence in specific segments. Sectorally, the cement pack emerged as the top performer with gains of over 2 per cent, followed by strength in realty and metal stocks. On the other hand, FMCG and IT sectors witnessed notable selling pressure.

The Indian rupee recovered strongly against the U.S. dollar to close at 96.15, registering gains of 0.68 per cent, while the India VIX, a measure of market volatility, eased by around 3.5 per cent, signalling a marginal decline in investor anxiety levels.

Market experts indicated that near-term direction is likely to remain dependent on geopolitical developments, global central bank signals and macroeconomic indicators. Technically, analysts see resistance for Nifty in the 23,700–23,800 range, with the 24,000 mark acting as a key psychological barrier, while immediate support is placed between 23,500 and 23,600.

Overall, markets remained range-bound as investors balanced geopolitical risks with selective domestic strength, keeping benchmark indices largely stable despite external headwinds.

ATM 2026 confirms revised September dates

Dubai, United Arab Emirates, May 21 : RX has announced that Arabian Travel Market  2026 will now take place from 14–17 September 2026 at Dubai World Trade Centre , following extensive consultation with exhibitors and industry stakeholders, reflecting ATM’s commitment to listening to the needs of the global tourism industry.

Danielle Curtis, Regional Portfolio Director – UAE, RX Global, said:

 “We have been listening and working closely with our exhibitors, partners and stakeholders from across the global travel industry, and the decision to move Arabian Travel Market 2026 to 14–17 September reflects that ongoing dialogue and collaboration.

“Our priority is always to ensure that ATM delivers the strongest possible platform for business, networking and partnership opportunities for the international travel community. Following industry feedback, we are pleased that these new dates will allow exhibitors, buyers and visitors from around the world to maximise their participation and engagement at the event.

“We would like to thank our strategic partners, including Dubai World Trade Centre, the Dubai Department of Economy and Tourism, IHG and Al Rais Travel, for their continued collaboration and support in making these revised dates possible. Together, we remain committed to delivering a world-class event that supports the continued growth and evolution of the global travel and tourism industry.”

Now in its 33rd edition, Arabian Travel Market serves as a key global platform connecting destinations, travel suppliers, hospitality brands, airlines, technology providers and industry professionals from across the travel ecosystem. 

ATM 2026 will continue to be held under the theme “Travel 2040: Driving New Frontiers Through Innovation and Technology”, exploring the trends, technologies and innovations shaping the future of global travel. The event will spotlight ATM Travel Tech, the dedicated co-located show focused on the rapidly evolving travel technology sector, alongside the Tech & Innovation Zone, an immersive hub showcasing the latest developments in AI, immersive experiences, smart mobility, fintech, robotics and sustainable travel solutions.

The extensive ATM conference programme, which includes the Global Stage, Future Stage, located within the Tech & Innovation Zone, and Experience Hub, will bring together key tourism leaders and experts to examine the evolving challenges and opportunities shaping international tourism, with dedicated sessions exploring destination resilience, traveller experience, aviation innovation, digital transformation and sustainable long-term growth strategies.

The programme will include leading global research organisations, strategists and technology specialists to deliver data-driven insight into the future of travel. Confirmed contributors on the Global Stage include Tourism Economics, an Oxford Economics company, delivering the session “ATM Annual Trends Report: Middle East Momentum & Market Shifts”.

The company will be joined by Euromonitor’s Stephen Dutton, who will lead a session titled “The State of Travel: Inflation, Polycrisis & the New Travel Reality.”

The Future Stage, located within the Tech & Innovation Zone, will be hosted by BBC’s Nick Kwek, Travel and Tech Broadcaster and feature sessions led by research partners including Dragon Trail, where Sienna Parulis-Cook, Director of Marketing & Communications, will present “Welcoming Back the Chinese Tourism Market: Insights for the Middle East” and Videc, which will discuss “Money Talks: Growth, M&A and consolidation in Global Travel”, outlining the insights, data and strategies for investment and growth in travel technology. 

The Experience Hub will welcome Rana Nawas, Corporate Strategist & Podcast Host, who will deliver a workshop titled “The Modern Leader and Future of Workforce.” The programme will also feature several sessions, including a high-level, buyer-focused event by ICCA titled “Beyond Borders: The Middle East’s Collaborative Vision for a Global Business Events Future”, alongside further peer-to-peer conversations and round table discussions.

ATM 2026 is expected to welcome thousands of travel professionals and exhibitors from around the world following the confirmation of the revised September dates, highlighting Dubai’s role as a global platform for tourism industry dialogue, collaboration and innovation.

Oil above US$100/bbl revives Windfall Tax Debate across Four Continents

LONDON/HOUSTON/SINGAPORE, May 21– Oil prices above US$100 per barrel have triggered windfall tax proposals in Brazil, the EU, the US, and Australia. A new Wood Mackenzie report warns that fiscal policy design has a long-term impact on Upstream investment and production.

The cycle is familiar. As oil prices push past US$100 a barrel, politicians demand a windfall tax on energy companies. But, by the time legislation passes, prices have often already peaked.

That cycle is repeating in 2026. In recent weeks, Brazil introduced a temporary export tax. Five EU member states campaigned for reinstatement of the 2022-23 solidarity contribution levy (SCL). US senators relaunched a windfall tax bill targeting the largest oil producers and importers. The Australian senate debated a new gas export tax proposal.

Wood Mackenzie’s May 2026 Fiscal Service report, drawing on its proprietary global database and analyses of upstream fiscal changes across more than 150 jurisdictions since 2002, finds some consistent patterns. Governments with flat tax rate systems are most likely to seek new windfall levies when prices surge. Those with progressive fiscal systems, where the government’s revenue share moves automatically with prices, rarely need to. Oil companies object strongly to fiscal disruption; when it occurs, they question future investment in the affected sector.

“The current debate is following a script we have seen before, and the major uncertainty is how long the price spike will last. In the current situation, that depends on how long supply disruption lasts and if there is any lasting damage,” said Graham Kellas, SVP, Global fiscal research at Wood Mackenzie. “The longer prices stay elevated; the more governments are expected to act. The question is whether they can design something that works for the long term, or are they simply creating another measure that compounds future fiscal uncertainty?”

The pace of legislative action is another problem. Designing and passing a windfall tax mechanism can take several months. Prices may have peaked by then. Many proposals are never implemented. Those that are, often raise far less revenue than governments initially projected.

Key details

• Legal exposure: Brazil’s export tax faces legal challenge, with cases related to its 2023 temporary tax still unresolved. The EU’s 2022-23 SCL is subject to ongoing proceedings with ExxonMobil. Algeria’s 2006 windfall tax went to international arbitration — PSC contractors won after six years.
• Long-term returns: the largest companies measure returns over decades, not months, and target relatively stability over time, with price spikes balanced by price crashes.  An unpredictable fiscal environment disrupts that.
• Long-term windfall tax policy benchmark: the UK’s proposed oil and gas price mechanism (OGPM), due to replace the energy profits levy by 2030, applies only above US$90/bbl for oil or GBP0.9 per therm (US$12/mcf) for gas, and only on revenue above those thresholds. It is predictable and can be built into investment models.

Background

Windfall tax episodes have recurred throughout this century. In 2006-08, new progressive taxes were introduced in Alaska, Algeria, China, Ecuador, Pakistan, and Venezuela. India’s 2022 windfall tax changed its rate every two weeks before being abolished in December 2024. The UK’s energy profits levy, also introduced in 2022, has had its rate, timeframe, and allowances changed multiple times. The longer prices stay elevated; the more governments are expected to act.

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Saint-Gobain strengthens regional footprint with new manufacturing facility in Ras Al Khaimah

Ras Al Khaimah, May 21: Global leader in light and sustainable construction, Saint-Gobain inaugurated its new construction chemicals manufacturing unit in Ras Al Khaimah, reinforcing its long-term commitment to the UAE market and expanding its regional product range offer along with production capabilities.

The facility inauguration ceremony was attended by Saint-Gobain senior leadership, including  Eastern Mediterranean and Middle-East CEO Antoine Ghazal and Gulf Countries CEO Emmanuel Jacquot, alongside  Consul General of France in Dubai and the Northern Emirates His Excellency Jean-Christophe Paris, Ras Al Khaimah Economic Zone (RAKEZ) Chief Experience Officer Ian Hunt, and key stakeholders from the construction sector.

Located in RAKEZ’s Al Ghail Industrial Zone and developed across 15,000 m², the facility has been operational since the second quarter of 2025, manufacturing a comprehensive range of mortar solutions, including premixed plasters, tile adhesives and grouts, screeds, and more. With a monthly production capacity more than 10,000 tonnes, the plant serves customers across the UAE, while laying the foundation for further expansion through additional production lines and increased storage capacity.

Emmanuel Jacquot said “As the world-wide leader in light and sustainable construction, we are completing our industrial set-up with our new plant of Construction Chemicals in Ras Al Khaimah. This new facility reflects our trust in the UAE’s long-term vision. Through this investment, we reaffirm our commitment to the UAE, strengthening local manufacturing, enhancing service capabilities, customer intimacy and contributing to the country’s industrial ambition.”

Commenting on why the company chose Ras Al Khaimah, he added, “Our decision to establish operations in Ras Al Khaimah was driven by its strategic location, enabling greater customer proximity and faster, more responsive service to the Northern Emirates construction sites. This complements our existing large-scale manufacturing hubs in Abu Dhabi and Dubai, allowing Saint-Gobain to expand our reach and deliver more efficiently across the UAE. Ras Al Khaimah, and RAKEZ in particular, provided the right environment for this expansion—with strong industrial infrastructure, ease of doing business, and seamless establishment support. This has enabled us to develop a facility that aligns with our production and supply chain requirements while bringing us closer to our customers.”

RAKEZ Group CEO Ramy Jallad said: “Saint-Gobain’s new set-up marks another significant milestone for Ras Al Khaimah’s industrial sector and reflects the steady momentum the emirate continues to see in construction-related industries. Manufacturers today are looking for environments where they can scale efficiently, operate with confidence, and stay closely connected to their markets. At RAKEZ, we continue to strengthen the infrastructure, services, and industrial environment needed to support that growth journey over the long term.”

The facility reflects the company’s continued investment in strengthening its regional manufacturing and supply chain capabilities and expanding its product range offer. With growing demand across the UAE’s construction sector, and notably for hospitality, non-residential buildings and infrastructures, the new plant enhances the company’s ability to serve key markets more efficiently while supporting future expansion plans from its Ras Al Khaimah base.

One-carbon Therapeutics Strengthens Board of Directors with Appointment of Stefan Larsson and Raj Shah

Solna, Sweden, May 21, 2026. One-carbon Therapeutics AB, a clinical-stage biotechnology company pioneering first-in-class cancer therapies, today announced the appointment of Stefan Larsson, MD, PhD, and Raj Shah, MD, as additional non-executive directors to its Board of Directors, effective April 28th. The appointments further strengthen scientific, operational and transactional expertise to the Board as the Company progresses dose escalation in its ODIN Phase 1/2 study of TH9619 as monotherapy in solid tumors and prepares for its next stage of growth.

The additions follow a period of strong execution for One-carbon Therapeutics, including the dosing of the first subject in the ODIN Phase 1/2 study, the closing of an oversubscribed SEK 153 million (€13.9 million) private placement, and a strategic molecular collaboration with Tempus. Dr Larsson and Dr Shah will contribute to shaping the Company’s clinical development strategy and its trajectory toward institutional financing.

“We are delighted to welcome Stefan and Raj as new members off our Board at this pivotal moment for One-carbon Therapeutics,” said Ana Slipicevic, Chief Executive Officer of One-carbon Therapeutics. “Stefan’s clinical insight and his lifelong focus on outcomes that matter to subjects directly reinforce our disciplined, data-driven development approach. Raj’s experience across healthcare investing, banking and clinical practice will be instrumental as we deliver against our milestones and engage with the next generation of partners and investors. Under the efficient leadership of our Chairman, Antoine Yver, the board brings exactly the perspectives we need as we translate our science into clinical impact.”

About the new Board members

Stefan Larsson, MD, PhD

Dr. Larsson trained at the Karolinska Institute (KI), Harvard Medical School and the MRC Human Genetics Unit in Edinburgh, and is an Associate Professor at KI. He spent 25 years with the Stockholm office of The Boston Consulting Group (BCG), where he founded and first led BCG’s global Payer and Provider sector and its Health Systems sector, and led BCG’s work on value-based health care. He is co-founder and Board Chair of the International Consortium for Health Outcomes Measurement (ICHOM), and a Distinguished Fellow with the World Economic Forum’s Health and Healthcare group. His book The Patient Priority was published by McGraw Hill in November 2022. Dr. Larsson has authored more than 30 peer-reviewed scientific publications and serves as a board member of Industrifonden, Symcel AB and Caneon AB.

Raj Shah, MD

Dr. Shah is Partner and Head of Healthcare at Nordic Capital Advisors, a position he has held since 2015, and brings over 30 years of experience across the healthcare industry. He holds several non-executive positions and serves on the board of several of Nordic Capital’s most significant portfolio investments. His healthcare experience spans both clinical practice, having initially qualified and practised as a cardiac surgeon at Oxford, and extensive transactional experience gained as Co-Head of Goldman Sachs’ healthcare investment banking practice, where he advised private equity and corporate clients.

About One-carbon Therapeutics

One-carbon Therapeutics AB is a clinical-stage precision oncology company pioneering novel cancer therapies built on a deep understanding of cancer biology. Its lead program, TH9619 is a first-in-class, potent small-molecule inhibitor of MTHFD1 and MTHFD2, overexpressed enzymes in cancer cells. This inhibition induces toxic folate trapping, starving tumors of thymidine, a critical DNA building block, leading to DNA damage, thereby causing cancer cell death. By combining strong mechanistic insight with rigorous clinical development, One-carbon Therapeutics aims to advance potent anti-tumor activity while maintaining improved tolerability for patients with solid tumors.

The company is headquartered in Sweden and is committed to translating cutting-edge science into transformative clinical impact for subjects worldwide.

JFrog Report Exposes India’s Software Supply Chain Crisis in new report

Bangalore, May 21 :  JFrog Ltd. , the Liquid Software company and creators of the JFrog Software Supply Chain Platform, the system of record for trusted software artifacts, binaries, and AI assets, today released its 2026 Software Supply Chain Security State of the Union, a global study examining how organizations are building, securing, and managing software in an increasingly AI-driven economy. The findings reveal that Indian organisations are among the most AI-active in the world, but critical gaps in malicious package detection, container security, and secrets scanning leave them exposed as attackers weaponise AI models, compromise developer tooling through stolen maintainer credentials, and infiltrate open-source ecosystems at unprecedented scale.

Last year was the most dangerous on record for software developers globally, wherein malicious npm packages surged 451% year-over-year to more than 171,000 unique instances. npm overtook Maven as the most-used enterprise ecosystem for the first time, and a wave of npm supply chain attacks, including the self-replicating “Shai-Hulud” worm. For India, where defensive tooling lags significantly, that exposure is especially acute.

“AI is accelerating how software is built, but it is also expanding the potential attack surface and increasing vulnerabilities,” said Sudhir Narla, General Manager for JFrog India, and VP of Customer Success. “We’re seeing a shift from isolated vulnerabilities to systemic risk across the entire software supply chain. Indian organisations will need to move beyond traditional security approaches and rethink how they establish trust in increasingly AI powered, automated environments.”

Key Findings from the Report:

● India Has the World’s Largest Software Security Blind Spots: 65% of Indian organisations lack malicious package detection and 71% don’t use container security. With a 451% surge in malicious packages for npm – the largest enterprise ecosystem – this lack of adequate tooling puts India’s enterprise infrastructure at risk.

● DevSecOps Teams Are Drowning in AI Validation: Indian teams now spend 51% of their time reviewing and hardening AI-generated code, a responsibility that didn’t exist two years ago. AI hasn’t reduced work; it has shifted the burden from writing code to validating it, while security tooling lags.

● Engineers Don’t Trust the Code AI Writes: 53% of Indian engineers treat AI generated code only as a starting point, reviewing everything before use, while a further 11% rewrite the fix entirely from scratch. The skepticism on the ground stands in sharp contrast to leadership confidence.

● A Dangerous Confidence Gap Between Leadership and the Front Line: 97% of organisations claim certified AI model governance, yet 59% of IT leaders report full provenance visibility, but 48% still need a week or more to produce audit-ready proof.

● Shadow AI Remains Largely Unchecked: India leads surveyed regions on automated Shadow AI detection at 60%, but that still means 40% of Indian organisations have no automated way to catch unsanctioned AI tools operating inside their developer environments.

● The Attack Surface Has Fundamentally Changed: 58% of all new software packages in the last year came from Hugging Face, totaling 1.4 million new artifacts and making model registries the largest single input to the software supply chain. At the same time, these unvetted AI models can carry live payloads, increasing organizations’ risk of a live attack.

To explore the full findings of this year’s report and learn how your organization can close the AI governance gap, download the JFrog 2026 Software Supply Chain Security State of the Union. You can also check out our blog or register to join JFrog Security and developer experts for an upcoming webinar detailing the challenges, threats, and necessary actions for securing your software supply chain in the AI era.

Turn Idle Gold into Timeless Elegance: Joyalukkas Launches its Bigges Jewellery Festival with 0 percent Deduction on Old Gold and 40 percent off wastage/making charges

Announcing the initiative, Dr. Joy Alukkas, Chairman and Managing Director of Joyalukkas Group, said, “Old gold holds immense value — not just for individual families, but for our nation as a whole. Every piece of idle gold that re-enters circulation strengthens India’s economy and keeps its precious resources working for its people. Through this festival, we want to give our customers a wonderful opportunity to transform that latent value into beautiful new jewellery, while enjoying exceptional savings. We invite everyone to visit their nearest Joyalukkas showroom and experience a truly rewarding jewellery journey.”

Filium names former Seattle Mayor Bruce Harrell as CEO

FILIUM CORP. AND FORMER SEATTLE MAYOR BRUCE HARRELL ANNOUNCE STRATEGIC LEADERSHIP TRANSITION AND ESTABLISHMENT OF EXECUTIVE ADVISORY BOARD, POSITIONING THE COMPANY FOR ACCELERATED GLOBAL GROWTH

Filium names former Seattle Mayor Bruce Harrell as CEO and establishes an Executive Advisory Board with industry leaders, as retailers and brands, including Bass Pro Shops, Cabela’s, O’Neills and North Face, adopt Filium Activated technology.

Seattle, Washington — May 21, 2026 —  Filium, the Seattle-based award-winning material science innovator transforming textile performance through sustainable technology, today announced a series of strategic leadership and organizational developments designed to accelerate the company’s next phase of growth and reinforce its position as a leader in advanced textile solutions.

Filium has developed breakthrough PFAS-free textile technology engineered to deliver water repellency, soil release, and odor resistance while preserving breathability and fabric hand feel. The company’s proprietary solutions are helping redefine modern textile manufacturing by reducing water consumption, lowering energy use, extending fabric lifespan, and supporting healthier, more sustainable consumer products and ensuring that all communities benefit from this technology.

Filium technology has recently been featured in product lines carried by major global retailers and brands, including Bass Pro Shops, Cabela’s, O’Neills, and North Face.

As part of today’s announcement, Filium confirmed that Bruce Harrell will assume the role of Chief Executive Officer, succeeding Founder Raj Shah, who will continue to guide the company as Chairman of the Board.

“Raj Shah and his brother Ahkil Shah’s decades of leadership in the apparel and textile industry, combined with their deep understanding of sustainability and innovation, have positioned Filium at the forefront of a transformational movement in material science,” said Harrell, former Mayor of the City of Seattle. “I am honored to step into this leadership role at such an exciting moment for the company and the industry. Consumers and global brands are demanding products that perform at the highest level while reflecting modern environmental and wellness values, and Filium is uniquely positioned to help lead that evolution. The Shahs have been respected for decades as leading innovators and disruptors in the apparel industry. Their unprecedented success in brands like Mecca, supply chain innovation and record breaking 24% market share, gives Filium a unique advantage in material science.” 

Harrell continued, “Filium’s game-changing and award-winning technology is designed for every fabric type and every community. I am thrilled to join the team that is bringing this revolutionary approach to sustainable, innovative textiles to its next stage with new retailers, brands, and consumers.”  

Doug Lynch, President of Filium, added, “Bruce brings a unique combination of visionary leadership, operational discipline, AI integration and relationship-building expertise. Over the past several weeks, I have seen firsthand his commitment to collaboration, innovation, and performance excellence. His leadership will be instrumental as Filium scales its global growth strategy.”

Filium also announced the formation and expansion of its Executive Advisory Board, bringing together highly accomplished leaders from the global apparel, retail, sports, and brand marketing industries to support the company’s strategic initiatives and long-term expansion.

New members of the Executive Advisory Board include:

• Bob Philion, former President and CEO of Puma North America and COBRA PUMA Golf

• Laurie Black, longtime senior executive at Nordstrom, including service as President of Nordstrom Rack

• Chris Overholt, Chief Commercial Officer of Vinik Sports Group and the Tampa Bay Lightening, and former Senior Vice President and Head of Global Partnerships for Madison Square Garden Sports

• Dr. Badri Narayanan Gopalakrishnan, Founder of Infinite Sum Modeling, LLC.   

In addition, Larry Miller, Chairman of Jordan Brand at Nike and former President of Jordan Brand, who also serves on Filium’s Board of Directors, continues to provide strategic guidance to the company, commented, “The Shah brothers decades of stellar success in the apparel industry and with Bruce Harrell’s highly accomplished background will accelerate company’s mission. The Filum team understands innovation, culture and how to effectively build partnerships which will be key to their success.”  

Investor Brian Levine commented, “Filium has positioned itself as a true innovator within the textile industry by aligning performance, health, sustainability, and environmental responsibility in a way that is increasingly demanded by consumers and global brands alike. The company is challenging legacy assumptions in an industry historically driven primarily by cost and appearance.”

Chairman Raj Shah, who alongside Akhil Shah is a co-founder of Filium, added, “These leadership and organizational changes, coupled with their novel AI applications, reflect Filium’s unwavering commitment to innovation, sustainability, and long-term industry leadership. For decades, I have witnessed the environmental and human impact of traditional textile manufacturing. Filium was created to help change that reality, and I believe the company is exceptionally well positioned for continued growth and global influence in the material sciences sector.”   

InCred Alternative Investments leads INR 185 crore growth capital investment in VEM Technologies

Hyderabad, May  21 : InCred Alternative Investments, the alternative investment arm of InCred Capital Financial Services Limited, has announced a INR  185 crore growth capital investment in Hyderabad-based VEM Technologies Private Limited through its private equity funds  InCred Growth Partners Fund-I  and InCred Growth Partners Fund-II .

The investment reflects InCred Alternative Investments’ conviction in India’s rapidly evolving defence manufacturing ecosystem, driven by increasing indigenisation, strong policy support, rising defence capital expenditure, and growing export opportunities. The transaction comprises primary growth capital to support VEM Technologies’ expansion plans.

Founded in 1988 and promoted by Mr. V. Venkata Raju and family, VEM Technologies is a leading private-sector defence and aerospace company with expertise across system engineering, integration, design, manufacturing, and quality assurance for defence, aeronautics, and space systems and sub-systems. The company contributes critical components and systems to strategic missile programmes including BrahMos, Akash, and Prithvi, and has established itself as a key private-sector partner within India’s defence manufacturing ecosystem.

The investment comes at a time when India’s defence manufacturing sector is witnessing accelerated localisation, increasing order visibility, and growing export momentum. The capital will be utilised towards capacity expansion, strengthening advanced manufacturing infrastructure, and establishing a state-of-the-art manufacturing facility to support the company’s next phase of growth and anticipated opportunities across domestic and export markets.

Commenting on the investment, Vivek Singla, Managing Partner & CIO, InCred Alternative Investments, said,

“India’s defence and aerospace sector presents a compelling long-term investment opportunity, supported by structural policy reforms, increasing localisation, and rising focus on indigenous manufacturing capabilities. VEM Technologies stands out for its strong technological expertise, execution track record, and strategic positioning within India’s evolving defence ecosystem. We look forward to partnering with the management team as the company scales its manufacturing capabilities and strengthens its role within India’s growing defence and aerospace landscape.”

V. Venkata Raju, Founder, Chairman and Managing Director, VEM Technologies Private Limited, said,

“Over the last several years, the Indian defence sector has witnessed a meaningful shift towards indigenous design, development, and manufacturing. This investment will support us in strengthening our manufacturing infrastructure, enhancing our capabilities across complex defence and aerospace systems, and addressing the growing demand from both domestic and international markets. We are pleased to partner with InCred Alternative Investments as we enter the next phase of growth and expansion.”

InCred Growth Partners Fund (IGPF) is a series of private equity funds sponsored by InCred Capital Financial Services, focused on investing in high-quality founder-led Indian businesses operating in sectors of national importance. The strategy follows a high-conviction, concentrated portfolio approach with investments across select companies aimed at generating long-term value creation. The investment in VEM Technologies aligns with InCred Alternative Investments’ strategy of backing scalable businesses benefiting from long-term structural growth themes.

Launched in 2023, IGPF-I is the maiden private equity fund under the platform and a SEBI-registered Category II AIF, while IGPF-II was launched in late 2025.

Fujairah Terminals Signs Strategic Land Lease Agreements with Fujairah International Airport, Fujairah Free Zone Authority and Al Dahra Agriculture Trading

The Agreements strengthen Fujairah’s role as an important gateway for regional and global trade 

Abu Dhabi, UAE – 20 May 2026: Fujairah Terminals, part of AD Ports Group (ADX: ADPORTS), a leading global enabler of trade, industry, and logistics solutions, announced the signing of three strategic land lease agreements with Fujairah International Airport, Fujairah Free Zone Authority and Al Dahra Agriculture Trading.

The agreements aim to enhance connectivity and unlock new commercial opportunities across regional and international markets. They will also support the development of logistics and industrial capabilities, enable more efficient use of port and adjacent infrastructure, and strengthen service integration across the supply chain.

The leased lands, with a combined area of 130,000 sqm, will be utilised to enhance the logistics capabilities of Fujairah Terminals, reinforcing Fujairah’s role as a key gateway for regional and global trade, and support the UAE’s position as a leading hub for logistics, maritime services, and industrial growth.

Together, these agreements reflect the shared commitment to collaboration and sustainable economic growth, while supporting national priorities to strengthen supply chain resilience and drive economic diversification.

H.E Sharief Habib Al Awadhi, Director General, Fujairah Free Zone Authority, said: “This collaboration marks an important step in advancing Fujairah Free Zone Authority’s mission to provide an integrated, business-friendly environment that supports innovation and sustainable growth. By strengthening partnerships across key sectors, we continue to enhance our offering to investors while contributing to the development of a resilient and future-ready economy.” 

Captain Mohamed Al Yahyaei, CEO of Fujairah Terminals, said: “We’re pleased to sign these agreements with strategic national entities, including Fujairah International Airport, Fujairah Free Zone Authority, and Al Dahra Agriculture Trading, reflecting our commitment to strengthening Fujairah’s position as a regional and global gateway for trade. By expanding partnerships across logistics, infrastructure, and key industries, we are enabling greater connectivity, enhancing supply chain resilience, and supporting the continued growth and diversification of Fujairah’s trade ecosystem.” 

Arnoud van den Berg, Chief Executive Officer, Al Dahra Agriculture Trading, said: “At Al Dahra Agriculture Trading, we are committed to building strong partnerships that drive sustainable value and strengthen supply chain resilience. This agreement aligns with our long-term vision to support national priorities, while leveraging our expertise to deliver impactful solutions across local and global markets.”

Fujairah Terminals is a strategic maritime hub on the UAE’s eastern coast, serving as a key gateway for trade with the Indian Subcontinent, African trade lanes, and global markets. Established in 2017, the terminal features a multi-purpose facility handling containerised and general cargo, Ro-Ro, and cruise operations. Its quay wall extends to 1,000 metres, with a depth of 15 metres, enabling the terminal to accommodate larger vessels.

As part of the wider AD Ports Group ecosystem, Fujairah Terminals plays a vital role in delivering integrated, end-to-end supply chain solutions, connecting ports, industrial and free zones, logistics platforms, and digital services. Through its comprehensive service offering Fujairah Terminals supports the UAE’s position as a global logistics and trade hub, strengthening connectivity across the GCC, India, the Red Sea, and East Africa.