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Seasoned diplomat Vipul appointed India's next ambassador to Saudi Arabia

Mr. Vipul, a 1998-batch Indian Foreign Service (IFS) officer, is currently serving as Indian ambassador to Qatar

India Appoints Veteran Diplomat Vipul As Next Envoy To Saudi Arabia

Vipul joined the Indian Foreign Service in 1998.

Off Saudi death row, 2 decades and Rs 34 crore later. A lucky Kerala man's story

Off Saudi death row, 2 decades and Rs 34 crore later. A lucky Kerala man's story

Saudi Arabia opens Umrah visa applications

India-Oman trade deal goes live June 1

The Comprehensive Economic Partnership Agreement (CEPA) between India and Oman is set to come into force on June 1, marking a significant milestone in bilateral economic relations. Both nations will formally announce the decision on Monday.This marks the fifth free trade agreement (FTA) implemented under the Modi government since 2014. It follows trade pacts rolled out with Mauritius (April 2021), the UAE (May 2022), Australia (December 2022), and the European Free Trade Association (EFTA—comprising Switzerland, Iceland, Liechtenstein, and Norway in October 2025). India has also signed deals with the UK (July 2025) and New Zealand (April 2026), alongside concluding trade talks with the 27-nation European Union (EU) on January 27 this year.CEPA vs FTAModern trade pacts typically span around 20 chapters. These encompass comprehensive regulations across trade in goods, trade in services, investment, intellectual property rights, customs procedures, and dispute settlement mechanisms.Similar bilateral frameworks are also designated as Comprehensive Economic Cooperation Agreements (CECA), Comprehensive Economic Trade Agreements (CETA), or Economic Cooperation and Trade Agreements (ECTA).Also read: India-Oman CEPA to strengthen energy security, trade resilience and export growthIndia-Oman tradeBilateral trade between the two nations reached USD 11.18 billion during 2025-26, up from USD 10.61 billion in 2024-25. India’s exports stood at USD 4.02 billion, while imports from Oman were valued at USD 7.16 billion.In the services domain, India's exports to Oman expanded from USD 397 million in 2020 to USD 665 million in 2024, driven primarily by telecommunications, computer and information, transport, and travel sectors. Conversely, services imports from Oman grew from USD 101 million to USD 197.7 million over the same period, led by transport, travel, telecom, and other business services.What does India gain? The deal unlocks 100% duty-free market access for Indian exports to Oman, covering 98.08% of Oman’s tariff lines, which represents 99.38% of the trade value (based on the 2022-23 average).Immediate Concessions: All zero-duty access comes into effect from "Day One" of the agreement. Currently, only 15.33% of India’s export value (11.34% of tariff lines) enters Oman duty-free under the Most Favoured Nation (MFN) regime.Price Competitiveness: The pact eliminates the current 5% import duty on Indian goods worth USD 3.64 billion.Growth Drivers: Key sectors poised for immediate advantages include textiles, agricultural products, transport equipment, precision instruments, processed food, and gems & jewellery.New Horizons: The agreement unlocks fresh export windows for Indian minerals, chemicals, base metals, machinery, plastic, rubber, automobiles, clocks, instruments, glass, ceramics, marble, and paper.India-Oman CEPA: Key sectoral gainsOman will grant immediate zero-duty access to crucial Indian industrial segments, including:Iron and steelElectrical and industrial machineryMarine products and copper goodsFurthermore, the removal of the 5% tariff is set to directly bolster the competitiveness of Indian vehicles in the Omani market, while securing binding zero-duty access for key finished medicines and vaccines.India protects sensitive sectorsTo insulate local industries and farming communities, India has placed 2,789 tariff lines on its exclusion list.Excluded Categories: Key domestic sectors shielded from tariff concessions include transport equipment, major chemicals, cereals, fruits, vegetables, spices, coffee, tea, and products of animal origin.Manufacturing Safeguards: High-value manufacturing chains including rubber, leather, textiles, footwear, petroleum oils, and mineral-based products remain protected.Agricultural Shielding: Strategic segments such as dairy products, meat, oilseeds, vegetable oils, sugar, and food-processing residues are entirely kept out of the liberalisation purview.Service sector stands to gainWith Oman’s total global services imports standing at USD 12.52 billion in 2024, India’s current share of 5.31% presents significant room for expansion.Oman has made robust commitments regarding the temporary entry and stay of Indian service professionals. Notably, the Intra-Corporate Transferees (ICT) ceiling has been raised from 20% to 50%, allowing Indian firms to deploy a higher volume of managerial and specialist personnel.Additionally, for the first time in any FTA, Oman has locked in specific commitments for professional service providers, benefitting Indian talent in IT, accounting, engineering, medical, education, construction, and consulting fields.Gains for India's agri sectorIndian agricultural exports such as natural honey, potatoes, cashews, boneless meat, and bakery items will secure immediate duty-free entry into Oman.Oman has agreed to dismantle tariffs—which currently range from 5% to 100%—on an array of items. These include cheese, curd, milk, cream, frozen fish, butter, meat, yoghurt, pastries, cakes, chocolate, sugar confectionery, mineral water, alongside animal and vegetable fats and oils.In return, Indian consumers will benefit from cheaper imports of Omani dates, with India granting zero-duty access for up to 2,000 tonnes of the commodity annually. New Delhi is also extending tariff concessions to Oman’s traditional products: Gum Arabica (utilised in food, pharmaceuticals, and cosmetics) and Frankincense (utilised in the incense and perfume sectors).Oman to benefit from tariff concessionsIndia is extending tariff concessions across 77.79% of its total tariff lines (equivalent to 12,556 lines), which encapsulates 94.81% of India’s total imports from Oman by value.For items that hold significant export value for Oman but remain sensitive for domestic industries in India—such as dates, marbles, and specific petrochemical products—liberalisation will be managed via a controlled Tariff-Rate Quota (TRQ) mechanism.India strengthening presence in Middle EastThe Oman CEPA serves as another pillar in India's deepening trade ties with the Gulf Cooperation Council (GCC), following its May 2022 pact with the UAE. New Delhi is set to commence trade talks with Qatar soon, and has already inked terms of reference (TOR) to initiate broader trade pact negotiations with the entire GCC bloc (comprising Saudi Arabia, UAE, Qatar, Kuwait, Oman, and Bahrain).Despite its size, Oman commands vast geopolitical importance as it borders the Strait of Hormuz, a critical maritime chokepoint heavily relied upon by Asian enterprises for oil trade. The nation serves as a strategic gateway for Indian goods and services into the broader Middle Eastern and African markets.Currently, nearly 7 lakh Indian nationals reside in Oman, sending home approximately USD 2 billion in annual remittances. Over 6,000 Indian establishments operate within Oman, and India has clocked USD 615.54 million in foreign direct investment (FDI) from Oman between April 2000 and September 2025. Notably, this CEPA is the first bilateral trade pact Oman has signed with any nation since its agreement with the United States in 2006, cementing its position as India’s third-largest export market within the GCC.

Hajj travel becomes costlier for pilgrims

The ongoing Iran-US war has increased the cost of travel for pilgrims heading to Saudi Arabia for this year's Hajj, with airfares and travel packages rising sharply across several countries. Higher fuel prices and disruptions to air traffic in the Gulf have pushed up travel expenses for millions of pilgrims preparing for one of Islam's most important religious obligations. In Egypt, which has the largest Muslim population in the Middle East, average airfare for Hajj travellers has increased to 50,000 Egyptian pounds ($956) from 30,000 pounds, according to the country's tourism federation, according to a Bloomberg report. Hajj travel packages have also become more expensive, rising by 30%, with some packages reaching 90,000 pounds compared with 70,000 pounds earlier. The six-day pilgrimage to the holy city of Mecca is generally required once in a Muslim's lifetime for those who are able to undertake it. This year's pilgrimage comes amid regional tensions that have affected aviation operations since February. Jazeera Airways, which is transporting more than 30,000 pilgrims from Russia and Central Asian countries to Saudi Arabia, said fares have increased by as much as 40% this season. The Kuwaiti airline attributed the rise to higher fuel costs and the fact that it did not hedge its fuel purchases. Hajj arrivals continue despite disruptions According to travel company WEGO, as quoted by Bloomberg, airfares to Saudi Arabia from major Muslim markets such as Egypt, Pakistan and India have increased between 20% and 40% compared with the same period last year. Some routes are now about 50% more expensive. Despite the disruptions affecting air travel across parts of the Gulf, Saudi Arabia has largely avoided direct impacts. However, the higher travel costs are expected to affect the more than 1.5 million foreign pilgrims who fly to the kingdom for Hajj each year. Religious tourism remains key revenue source Religious tourism has long been an important part of Saudi Arabia's economy. For many years, pilgrimage travel was the country's primary tourism activity and it continues to provide a stable source of revenue. Each country receives a quota that determines how many citizens can perform Hajj, and waiting lists remain common due to strong demand. Saudi Arabia has also made religious tourism a major part of its broader economic plans. The kingdom is investing in improving the pilgrim experience as it seeks to diversify revenue sources. (With Bloomberg inputs)

Oil prices tumble 11% for biggest weekly drop in 7 weeks. Where is liquid gold headed from here?

It was a strong week for global markets as oil prices tumbled to their lowest levels in seven weeks, easing concerns over energy-driven inflation after reports suggested the United States, Israel and Iran were nearing a much-awaited peace deal agreement. Oil prices this weekBrent crude tumbled about 11% during the week, marking its steepest weekly decline in seven weeks, while U.S. West Texas Intermediate (WTI) fell more than 9%, its biggest weekly drop in six weeks. Both benchmarks touched their lowest levels since mid-April. On Friday, Brent crude futures for July, which expired on Friday, settled at $92.05 a barrel, down $1.66 or 1.8%. WTI crude futures closed at $87.36 a barrel, a decline of $1.54 or 1.7%.The three-month conflict involving the U.S. and Iran has repeatedly seen expectations of a potential resolution that could lead to the reopening of the Strait of Hormuz, a key shipping route through which roughly one-fifth of the world's oil and gas supplies pass. While both sides indicated that an agreement may be near, their descriptions of the proposed deal continued to differ.U.S. President Donald Trump once again urged Iran to immediately reopen the strait. The closure of the vital waterway has pushed energy prices higher across global markets. This week, trading has remained highly volatile, with both Brent and WTI swinging by as much as $6 on changing signals surrounding the possibility of the strait reopening.Geopolitical tensions escalated on Thursday after fresh U.S. strikes targeted an Iranian military facility overnight, despite ongoing diplomatic engagement between Washington and Tehran.Iran's Revolutionary Guards later claimed responsibility for a strike on a U.S. airbase, according to the semi-official Tasnim news agency. The location of the base was not disclosed.Where is oil headed?Market analysts noted that even if a ceasefire is agreed upon, restoring normal shipping activity through the Strait of Hormuz could take several months. Any damaged energy infrastructure may require an even longer period to return to full operation.Earlier this month, Saudi Aramco Chief Executive Officer Amin Nasser warned that disruptions in the Strait of Hormuz could postpone stability in global oil markets until 2027. He said nearly 100 million barrels of oil supply per week could be affected by continued disruptions. Saudi Aramco is the world's largest oil producer.Morgan Stanley described the oil market as being in "a race against time," saying the factors that have so far prevented a more pronounced rise in crude prices could begin to fade if the Strait of Hormuz remains closed through June.According to the brokerage, higher U.S. crude exports and softer demand from China have helped absorb part of the supply shock. However, it cautioned that an extended shutdown of the strait could tighten global oil supplies again if disruptions persist beyond the levels that the U.S. and China can comfortably offset.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

Gulf's other war: UAE carried out strikes on Iran despite ceasefire — Report

The UAE's involvement in the Middle East conflict was deeper than previously known, with coordinated strikes on Iran, including energy facilities, even after an April ceasefire. These actions exposed divisions within the Gulf, as Saudi Arabia expressed concerns about escalating risks to regional energy supplies and global markets.

20 years on death row, Kerala man returns from Saudi Arabia as blood money is paid

20 years on death row, Kerala man returns from Saudi Arabia as blood money is paid

20 years in Saudi jail, ₹34 crore blood money: Kerala man returns home after facing death sentence

Abdul Rahim was jailed for allegedly causing the accidental death of a specially-abled Saudi boy whom he was supposed to be taking care of.

20 years in jail, Rs 34cr blood money: Kerala man on Saudi death row returns home on Bakrid

After two decades in a Saudi prison, Feroke native Abdul Rahim returned home on Eid Al Adha, a moment of immense joy for his family and the Malayali community. A massive crowdfunding effort raised Rs 47 crore, including Rs 34 crore in blood money, to secure his release from a death sentence and subsequent 20-year imprisonment.

Emotional scenes as Abdul Rahim arrives home in Kerala after serving 20-year jail term in Saudi

A native of Kodampuzha in Kozhikode district of Kerala, Abdul Rahim was imprisoned and sentenced to death in 2006 for the murder of 14-year-old differently abled son of his employer. His jail term ended on May 19

What Are Abraham Accords That Trump Wants Pak, Saudi To Join For Iran Peace

The biggest prize in the accords for Israel was the agreement with the UAE

Kozhikode native in Saudi jail to be released after legal formalities

A turning point in the case took place when the Malayali diaspora managed to raise ₹35 crore, the blood money the victim’s family had demanded, in May 2024