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Saudi economy grows 8.7% in 2022: Report

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The Saudi Arabian gross domestic product (GDP) grew by 8.7 per cent in 2022, the highest among G20 countries, according to a report issued by the General Authority for Statistics.

The growth exceeded the international expectation of 8.3 per cent as the maximum, and it is the kingdom’s highest annual rate in the last decade, Xinhua news agency quoted the report as saying.

It said the Saudi GDP reached, at the current exchange rate, more than $1 trillion in 2022, for the first time in the kingdom’s history.

The contribution to the growth by the crude oil and natural gas sector reached 32.7 per cent, followed by government services, 14.2 per cent, manufacturing activities except oil refining, 8.6 per cent, and wholesale and retail trade, restaurants and hotels, 8.2 per cent.

The report revealed a 5.4-per cent growth in non-oil activities in 2022, with the sector of transportation, storage and communications reaching the highest growth rate of 9.1 pe rcent, followed by manufacturing activities except oil refining, 7.7 per cent.

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PM Modi’s visit results in India-UAE defence, energy pacts, $5 billion investment deal

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New Delhi, May 15: India and the United Arab Emirates signed key agreements, during the visit of Prime Minister Narendra Modi on Friday, on a framework for the bilateral strategic defence partnership, the supply of LPG and strategic petroleum reserves, and an investment to the tune of $5 billion US dollars in Indian Infrastructure and RBL Bank and Samman Capital.

An agreement was also signed for setting up a ship repair cluster at Vadinar.

Speaking during delegation-level talks in Abu Dhabi, Prime Minister Narendra Modi said, “India stands shoulder-to-shoulder with the UAE in every situation, and it will continue to do so. For the restoration of peace and stability, India will extend all possible cooperation.”

He said it was important that the Strait of Hormuz remains “free and open” and added that international laws must be respected.

The Prime Minister thanked UAE President Mohamed bin Zayed Al Nahyan for strengthening the India-UAE comprehensive strategic partnership and said bilateral cooperation had gained greater importance in the current global situation.

PM Modi said both sides had agreed during the UAE President’s January visit to India to qualitatively upgrade relations and had already made significant progress in a short span.

“I extend heartfelt gratitude to you for taking our comprehensive strategic partnership to new heights. During your visit to India in January, we agreed to qualitatively upgrade our relations. Even in such a small duration, we have made significant progress in all matters. In the kind of situation we have at hand today, the importance of India-UAE strategic cooperation has vastly increased. In the time to come, we will go ahead together in every area,” he observed.

PM Modi said the impact of the conflict in West Asia was being felt globally and stressed that dialogue and diplomacy remain the best way to resolve issues.

The Prime Minister arrived in the UAE earlier in the day and received a ceremonial welcome. Later, he held bilateral talks with UAE President Mohamed bin Zayed Al Nahyan, popularly known as MBZ.

Prime Minister Narendra Modi began his five-nation tour from May 15 to 20, covering the UAE, the Netherlands, Sweden, Norway and Italy. The visit aims to deepen India’s strategic and economic partnerships across key sectors, including energy, defence, technology, green transition and trade.

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EAM Jaishankar meets Iranian FM Araghchi, reviews West Asia situation

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New Delhi, May 15: External Affairs Minister (EAM) S Jaishankar on Friday met his Iranian counterpart Seyed Abbas Araghchi in New Delhi, where the two leaders exchanged views on the evolving situation in West Asia and its wider implications, along with bilateral matters of mutual interest.

EAM Jaishankar also welcomed Araghchi’s participation in the BRICS Foreign Ministers’ Meeting being hosted in New Delhi under India’s 2026 chairship.

Following the meeting, EAM posted on X : “Had a detailed conversation with FM Abbas Araghchi of Iran this morning in Delhi. Discussed the situation in West Asia and its implications. Also exchanged views on bilateral issues of mutual interest. Appreciate his participation in BRICS India 2026.”

Earlier on Thursday, Prime Minister Narendra Modi also met Iranian Foreign Minister on the sidelines of the BRICS Foreign Ministers’ Meeting in New Delhi.

The meeting marked the first high-level diplomatic engagement involving India since the Iran war began.

Meanwhile, EAM Jaishankar on Thursday highlighted the fragile security environment in West Asia, stating that the persistent tensions in the region, along with threats to shipping routes and energy infrastructure, remain a matter of global concern.

Delivering the national statement at the BRICS Foreign Ministers’ Meeting in New Delhi under India’s 2026 chairship, the EAM said, “The conflict in West Asia merits particular attention. Continuing tensions, risks to maritime traffic, and disruptions to energy infrastructure highlight the fragility of the situation. Safe and unimpeded maritime flows through international waterways, including the Strait of Hormuz and the Red Sea, remain vital for global economic well-being.”

He also reaffirmed India’s “strong commitment” to the purposes and principles of the United Nations Charter.

“Respect for sovereignty and territorial integrity must remain the foundation of international relations. Dialogue and diplomacy are the only sustainable means of resolving conflicts,” the EAM said.

In his address at the BRICS Foreign Ministers’ Meeting on Thursday, Araghchi urged the global community to condemn “violations of international law” by the United States and Israel and take action against “warmongering”, thereby bringing an end to the impunity of those who violate the UN Charter.

He stated that Iran has been subjected to “brutal and unlawful aggression” by the US and Israel.

“The attacks on my people have been justified with false claims that run counter to the informed assessments of the International Atomic Energy Agency and even America’s own intelligence community. The truth is that Iran — like many other independent nations — is the victim of illegal expansionism and warmongering. These are ugly things which have no place in today’s world,” the Iranian Foreign Minister stated.

Marking Tehran’s first high-level diplomatic outreach since the conflict in West Asia began, Araghchi arrived in New Delhi on Wednesday for a three-day official visit.

The escalating tensions in West Asia have also rattled global energy markets, with oil and gas prices surging after Iran effectively blocked the Strait of Hormuz — the strategic shipping corridor between the Persian Gulf and the Gulf of Oman that carries nearly 20 per cent of the world’s oil and LNG (liquefied natural gas) supplies.

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‘Unacceptable’: India condemns attack on Indian-flagged ship off Oman coast

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New Delhi, May 14: The Ministry of External Affairs (MEA) on Thursday strongly condemned the attack on an Indian-flagged cargo vessel off the coast of Oman, describing the incident as “unacceptable” and expressing concern over continued attacks on commercial shipping and civilian mariners in the region.

According to reports, the Gujarat-owned cargo ship MSV Haji Ali sank after it was struck by what preliminary reports described as a drone or missile-like projectile on May 13 while sailing through Omani waters.

The vessel was travelling from Berbera Port in Somalia to Sharjah when the incident occurred.

In an official statement, the MEA said, “The attack on an Indian-flagged ship off the coast of Oman yesterday is unacceptable, and we deplore the fact that commercial shipping and civilian mariners continue to be targeted.”

The Ministry also confirmed that all Indian crew members onboard the vessel were safe and thanked the Omani authorities for carrying out the rescue operation promptly.

“India reiterates that targeting commercial shipping and endangering innocent civilian crew members, or otherwise impeding freedom of navigation and commerce, should be avoided,” the statement added.

Teams from the Oman Coast Guard launched a swift rescue operation and safely evacuated all 14 crew members despite the ship catching fire after the strike, according to several local media outlets.

The vessel reportedly became stranded off the Omani coast at around 3:30 a.m. (local time), according to the ship’s owner, Sultan Ahmed Ansar, who is a resident of Dwarka in Gujarat.

The incident comes amid heightened tensions in the region and renewed concerns over the safety of international maritime routes and commercial vessels operating in West Asian waters.

The crisis in West Asia erupted following the US-Israel joint strikes against Iran on February 28. Iran’s former Supreme Leader Ayatollah Khamenei was killed during these strikes.

Tehran retaliated with a series of attacks against Israel and US military bases in the Gulf nations. This triggered a wider crisis in the Gulf region as Iran announced blocking the Strait of Hormuz.

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