Announcements
Lulu Group heads to Odisha as Indian state woos investors in Dubai
With trade growing between the UAE and India, the government from the western state of Odisha has parked base in Dubai with the hope of securing Foreign Direct Investment in various sectors.
Leading a delegation of industrialists and bureaucrats from the state is the chef de mission himself, the state’s Chief Minister Naveen Patnaik, who has been at the helm for 23 years and is the longest serving state honcho in India.
And the deals have already started materialising with the Lulu Group signing an MoUto invest in hypermarkets and a product sourcing centre worth 1,500 crores or $190 million.
Even before taking the stage to present the vision to a 150-plus audience of possible investors at the Oberoi Hotel, Mr Patnaik and the Odisha government officials had one to one business meetings, which delayed the start of the overall session. Although the delay was not much, the presenters apologised and adjusted their presentation to slot in the agenda and practice what they preached on the high level of professional standards displayed in Odisha.
Close on the heels of the CEPA agreement between the UAE and India governments, the situation is conducive for investors to come forward, said Sunjay Sudhir, the Indian Ambassador to the UAE.
Riding on the last two years of a high level of investments approved by Government of Odisha, amounting to over US$50 billion since 2021, the state highlighted progress made in sectors such as Mineral resources, Metals, Chemicals and Petrochemicals, Textiles and Apparel, Food processing, Logistics and Clean Energy.
In a pre-recorded pitch, Mr Patnaik underlined Odisha’s advantage of being rich in mineral resources; the human resource advantage of investing and focusing on skilled labour; Odisha’s use of enabling technology in delivering efficient and effective investment facilitation and its progressive policy and governance.
“Odisha holds the lion’s share of India’s mineral reserves with 96 percent of the country’s chromite reserves, 92 percent nickel, 53 percent bauxite, 45 percent manganese, 35 percent iron-ore, and 23 percent coal reserves of India. This has made Odisha the largest producer of Steel, Stainless Steel, Ferro Alloys, Alumina, and Aluminium in India. Odisha also has 11 percent of India’s water resources. The state has a 480-km long coastline making it a natural choice for setting up ports, and for international trade,” Mr Patnaik said.
“We have made good investments in setting up technical and professional institutes at all skill levels – ITIs, Polytechnics, and engineering and management colleges. Eleven of India’s top 100 Industrial training institutes are in Odisha. With the assistance of the Asian Development Bank (ADB) and the Institute of Technical Education Services (ITEES), Singapore, the Government of Odisha has recently established the World Skill Centre in Bhubaneswar to prepare the Odia workforce for modern and new age Industry.”
Odisha is home to over 1200 start-ups, many of which are in the technology space, he added.
According to Mr Hemanta Sarma, principal secretary, Mr Patnaik “himself makes calls to at least 10 investors or businessmen every day”, such is the passion as the state has moved on from an agrarian economy to an industrial one over the past two decades.
Among the industrialists who spoke was Parth Jindal, the head of JSW Steel. After highlighting the business aspects for his company, Mr Jindal reminded all that it was not just business but the fact that the state has become the pride of India in the world of sport as well.
“As someone who are associated with Delhi Capitals in the IPL and the Bengaluru Football Club, I have been witness to how much encouragement Mr Patnaik has given to sport. A first medal in 41 years at the Olympic stage (in hockey) is a matter of pride for all and again the reason for it has been Odisha government’s support.”
I attended #OdishaInvestorsMeet held in Dubai where Hon’ble CM @Naveen_Odisha highlighted the State’s transformation into an industrial hub & investors shared their excellent experience. The meet was jointly organised by @InvestInOdisha @IndembAbuDhabi & @ficci_india. @CMO_Odisha pic.twitter.com/2wVSXEfHpg
— Subhrakant Panda (@subhrakantpanda) June 29, 2022
Satish Pai, managing director of Hindalco, said it succinctly in his supporting address: “If you want things to be done on time, in budget, and smoothly, come to Odisha.”
The team Odisha also conducted one-on-one B2G meetings with major companies of the region such as LuLu Group, NBTC Group, Sharaf Group, Twenty Fourteen Holding and Tablez Group, ERAM Group, Sobha Group, Arab and India Spices LLC, Tabreed, etc. The State Government invited them to explore Odisha in their future expansions and apprised them of the huge Indian and sub-continent market. The government also assured all the companies of unmatched facilitation and support.
The Chief Minister extended the invitation to businesses in the MENA region to attend the 3rd Make In Odisha Investor Meet (Nov 30 – Dec 4, 2022) in the state capital of Bhubaneshwar and witness the opportunities the state offers.
: e& life, the business pillar of e& that brings the next-generation digital world to the consumer’s fingertips, has joined theDubai FinTech Summit (DFS), organised by Dubai International Financial Centre (DIFC), the leading global Financial Centre in the MEASA region. As a Powered By sponsor, e& life is dedicated to supporting innovative and future-thinking businesses on a global scale.
e& life leverages cutting-edge technologies to offer fintech, entertainment, retail, and mobility services through its smart platforms and apps. Their fintech arm, e& money, has become a regional powerhouse, known for its user-friendly mobile financial services and its position as the UAE’s fastest-growing issuer of Mastercard debit cards.
Mohammad Alblooshi, Chief Executive Officer at DIFC Innovation Hub, said, “The path to true innovation lies in collaboration and the Dubai FinTech Summit strives to bring together global leaders, innovators and disruptive start-ups to shape the future of finance. The alliance between the summit and e& life demonstrates our mutual commitment to fostering a dynamic FinTech ecosystem to strengthen Dubai’s existing reputation as a leading business destination. Transforming challenges into opportunities, our goal is to create the most advanced, inclusive and technologically empowered financial community.”
Khalifa Al Shamsi, Chief Executive Officer at e& life, said, “The Middle East is at the forefront of a major transformation in financial services delivery, driven by technology shifting from traditional to innovative solutions. As a pioneer in the region’s flourishing FinTech sector, e& is driven by a bold vision to lead this change.
“Through strategic partnerships, we aim to fast-track progress and take the region’s FinTech potential to new heights. This partnership represents a valuable opportunity for both e& and its FinTech portfolio under the business pillar e& life to collectively imagine new possibilities, inspire breakthrough ideas, and catalyse impactful innovations. By bringing together the talent and resources within our ecosystems, we can accelerate the journey toward a future where financial services truly empower people across societies. We look forward to contributing our expertise to shaping discussions that will steer the direction of the industry and play a role in realising the UAE’s aspiration to become a global hub for financial innovation.”
In line with the Dubai Economic Agenda (D33) to position Dubai as the top four global financial hub by 2033, the 2nd edition of the Dubai FinTech Summit is designed to encourage cross-border collaboration and innovation, pivotal to transforming the global FinTech sector. It presents a unique opportunity to explore emerging FinTech trends and their potential to drive financial progress in the MEASA region.
The Dubai FinTech Summit, scheduled for May 6-7, 2024, at Madinat Jumeirah, Dubai, will see an unprecedented gathering of over 8,000 decision-makers, over 300 thought leaders and over 200 exhibitors showcasing cutting-edge technologies.
The UAE government has announced the official holidays for private sector employees across the country on the occasion of Eid Al Fitr.
The break will begin on Monday, April 8 and last till 3 Shawwal (or what is equivalent to it in the Gregorian date). As per the Islamic calendar, Ramadan lasts 29 or 30 days, depending on when the Moon is sighted. Eid Al Fitr is celebrated on the first of Shawwal.
Announcements
Renowned Indian IVF Specialist Dr Varsha Patil unveils plans to launch business in Dubai
Dr. Varsha Patil, a distinguished IVF specialist and a Clinical Embryologist with extensive experience in infertility treatment, is set to expand her footprint to Dubai this year. The veteran doctor is keen to bring her IVF chain Jananee to the region this year buoyed by Dubai’s ease of doing business and recent legal reforms pertaining to IVF treatment. But it is the region’s high infertility rate that needs to be addressed first, she says.
“Studies have shown that infertility rates in Saudi Arabia, the UAE and the wider GCC have been on the rise and more than double the global average and there’s no doubt that much of it is down to the lifestyle choices, stress and dietary habits of today’s generation. And add to that medical conditions that often remain undiagnosed,” said Dr Patil, who runs India’s Siddhagiri Jananee IVF and Test Tube Baby Center as the director and head of department. “Just a couple of years ago, the global estimates of infertility were approximately 15 percent while across the GCC those figures were as high as 35 to 40 percent. That tells you the need of the hour in this region for a holistic clinic that will get to the root of the problem and eliminate it.”
With an illustrious career spanning over two decades and a wealth of expertise garnered from prestigious institutions worldwide, Dr. Patil brings a holistic approach to reproductive healthcare that prioritises affordability, accessibility, and patient well-being, having touched the lives of thousands of people wanting to be parents. Now she wants to bring her line of treatment and efficacy to Dubai. “I have found over the years a continuous rise in both primary and secondary infertility in this region particularly due partly to lifestyle-related issues. It is now time to give such patients greater access to high quality, cost-effective treatment in their own backyard now. And so plans are fully on to launch a holisitic clinic by the third quarter this year as we currently speak to potential investors,” said Dr Patil whose academic journey includes studying at Leeds University, UK, and completing a specialised training at Sydney IVF in Australia. As an academic, she has showcased her research prowess by presenting papers at esteemed platforms such as SymResearch Pune at Symbiosis University and the World Congress on Human Reproduction in Venice, Italy.
Throughout her career, Dr Patil has been at the forefront of infertility treatment, practicing in Bangalore, Belgaum Karnataka, and Kolhapur Maharashtra. She has also held the position of Head of the IVF Lab at Genesis in Bangalore and currently serves as the Director and Head of the IVF Department at India’s National Accreditation Board for Hospitals (NABH) accredited Sidhagiri Hospital & Research Center in Kolhapur. “It is now time for us to expand internationally and there can’t be a better place to start with than Dubai for the ease of doing business this place offers and the legal reforms two years ago,” said Dr Patil during her visit to the emirate as part of a business potential study tour earlier this month.
Last year, just two years on from the UAE’s legal reforms, Dubai clinics saw 2000 more women opting to freeze their eggs as fertility clinics in Dubai registered a whopping 20-fold increase in women requesting egg freezing procedures compared to 2021.
Legal reforms introduced in 2021 allow freezing of human embryos and eggs in the UAE. The law also stipulates that human embryos can be frozen for up to five years – extendable with the consent of relevant parties – and that single women can freeze their eggs provided they are used for their own pregnancy after marriage with their husband’s sperm in an IVF procedure.
“India is known globally for its medical infracstructue and facilities. Over 2 million patients visit India each year from close to 80 countries for medical, wellness and IVF treatments, generating $6 billion for the industry that is expected to reach $13 billion by 2026 backed by the government’s Heal in India initiative. If it’s worked in India, there’s no reason why it can’t work in Dubai now in the current backdrop and rest of the region where the infrastructure is even better,” explained Dr Patil who’s driven by a passion for making fertility care accessible to all, addressing genuine challenges faced by patients, including the high costs associated with treatment cycles and hormonal toxicity. “I firmly believe that parenthood is a fundamental right and therefore I travel the world advocating for accessible information and treatment options for individuals worldwide – irrespective of where they come, what strata, background or religion they belong to.”
With a holistic approach to artificial reproductive technologies (ART), Dr Patil emphasises the importance of nutrition, hygiene, detoxification, and managing pathological conditions to optimise fertility outcomes. “So what makes us stand out is the comprehensive approach we take to fertility care, one that integrates humanitarian principles with cutting-edge medical techniques. Recognising the global significance of declining birth rates and rising economic expenditures on fertility issues, we feel the need today is for affordable and stress-free fertility journeys for patients worldwide,” she said explaining how her tentative feasibility report underscores the practicality and potential impact of her proposed projects on subfertile patients on humanitarian grounds.
“With a vision to extend her transformative initiatives to a global scale, I seek the guidance and support of UAE’s leadership,” she said, expressing a “sincere intention to present a proposal that recognises the country’s commitment to innovation and healthcare excellence”.
About Dr Varsha Patil
Driven by her pursuit of excellence, Dr. Varsha Patil ventured to Australia for specialized training in IVF, following her Bachelors in Medicine & Surgery and Masters in Clinical Embryology from University of Leeds UK. Dr. Patil also received extensive training at Sydney, Australia at SYDNEY IVF. She received this advanced training at Sydney IVF, under the mentorship of leading IVF specialists. This invaluable hands-on experience equipped her with cutting-edge techniques and a deeper understanding of infertility treatments.
With an impressive 23 years of clinical practice in infertility treatment, Dr. Patil’s profound impact on couples struggling to conceive is immeasurable. Her clinics, strategically located across Maharashtra and Karnataka in India, stand as pillars of hope for those seeking expert fertility guidance and effective solutions. Now she is also poised to expand her footprint in Dubai.
e& life joins Dubai FinTech Summit as a Powered By sponsor
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