Topic
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Logistics AD Ports Group and Dajin Heavy Industry Partner to Advance Offshore Wind Logistics and Port Infrastructure
AD Ports Group has signed a memorandum of understanding with Chinese offshore wind equipment manufacturer and shipbuilder Dajin Heavy Industry to jointly explore offshore wind logistics, port infrastructure, and vessel investments. The partnership aims to develop pre-assembly hubs, transportation solutions for wind turbine components, and support offshore energy projects in Europe and other markets, reflecting AD Ports' broader expansion into renewable energy infrastructure.
Trade Finance India and UAE Intensify Efforts to Expand Local Currency Trade Settlement Beyond Oil and Gold
India and the UAE are intensifying efforts to expand the use of local currencies (rupee and dirham) for bilateral trade settlement. More than 15% of trade has been invoiced in local currencies since July 2023, but adoption remains concentrated in oil and precious metals. Authorities plan to simplify procedures, onboard more banks, and engage business communities through roadshows and chambers of commerce to reduce reliance on the US dollar.
Commodities India and UAE to Expand Strategic Crude Oil Reserves
India and the UAE are collaborating to expand UAE-linked crude oil storage in India from 5.8 million barrels to 30 million barrels. This initiative involves new construction projects and potential storage at Mangalore, Visakhapatnam, and Chandikol.