India Prefers Use of UAE Dirham in Foreign Trade Settlement

A general view of residential apartments is pictured at Gurgaon, on the outskirts of New Delhi June 19, 2012. REUTERS/Parivartan Sharma/Files
A general view of residential apartments is pictured at Gurgaon, on the outskirts of New Delhi June 19, 2012. REUTERS/Parivartan Sharma/Files
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India Prefers Use of UAE Dirham in Foreign Trade Settlement

A general view of residential apartments is pictured at Gurgaon, on the outskirts of New Delhi June 19, 2012. REUTERS/Parivartan Sharma/Files
A general view of residential apartments is pictured at Gurgaon, on the outskirts of New Delhi June 19, 2012. REUTERS/Parivartan Sharma/Files

India has asked banks and traders to avoid using Chinese yuan to pay for Russian imports, three government officials involved in policy making and two banking sources said, because of long-running political differences with its neighbor.

India, which has emerged as a top buyer of Russian oil as well as discounted coal, would prefer the use of United Arab Emirates dirhams to settle trade, three government officials said.

One of the government officials directly involved in the matter said New Delhi is "not comfortable" with foreign trade settled in yuan but said settlement in "dirham is okay."

The second official said that India cannot allow settlement in yuan till the relations between the two countries improve.

For Indian refiners that in recent weeks started settling some Russian oil purchases in roubles, as Reuters reported, payments have been processed in part by the State Bank of India via its nostro roubles account in Russia.

But the bulk of the trade is still in other currencies as the rouble is partially convertible and the two countries are yet to finalize a framework.

All five officials declined to be named as discussions were private.



Saudi Arabia Achieves 66% Grape Self-Sufficiency

The growth in grape production is a result of initiatives aimed at developing agricultural production chains and stimulating investment in competitive crops. - SPA
The growth in grape production is a result of initiatives aimed at developing agricultural production chains and stimulating investment in competitive crops. - SPA
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Saudi Arabia Achieves 66% Grape Self-Sufficiency

The growth in grape production is a result of initiatives aimed at developing agricultural production chains and stimulating investment in competitive crops. - SPA
The growth in grape production is a result of initiatives aimed at developing agricultural production chains and stimulating investment in competitive crops. - SPA

The Saudi Ministry of Environment, Water, and Agriculture reported that Saudi Arabia's grape production surpassed 122,000 tons in 2023, reflecting the robust growth of the local agricultural sector and its ability to meet significant market demands.

This production has contributed to a 66% self-sufficiency rate, strengthening national food security and reducing reliance on imports, according to SPA.
The Kingdom's grape industry comprises over 7.1 million grape trees, with more than 6.1 million bearing fruit, underscoring the sector's productive capacity. The diversity and quality of local grape varieties have made them highly competitive in domestic markets.
This variety also supports processing industries, enabling the production of natural juices, jams, raisins, and other food products, thereby enhancing the agricultural sector’s economic value in line with Vision 2030 goals.
The ministry continues to support farmers by providing access to modern technologies such as smart irrigation and organic farming practices to improve productivity, quality, and water resource efficiency.

The growth in grape production is a result of initiatives aimed at developing agricultural production chains and stimulating investment in competitive crops.