Gaza shadow looms over the Red Sea 
- On Sunday, the US claimed that the drone that hit an India-bound ship was fired from Iran.
- Though Tehran has denied the claim, the prospect of the Gaza war spreading beyond its immediate location looms large.
- The Arab nations, which have been mending fences with Israel, have been engaged in quiet diplomacy, but non-State actors in the region, such as the Houthi rebels in Yemen, are threatening to expand the theatre of war, or at least hurt the precarious world economy.
Read ahead at: https://www.hindustantimes.com/editorials/gaza-shadow-looms-over-the-red-sea-101703514639737.html
Iran delivers weapon systems to Venezuela
- Iranian weapons have been deployed in Venezuela. The Venezuelan army has deployed Zolfaghar speedboats equipped with anti-ship missiles to deter a British Navy warship.
- The Venezuelan Armed Forces are the first Latin American armed forces to have armed drones in their inventory, and they have built a drone factory with Iranian help.
Read ahead at: https://defence-industry.eu/iran-delivers-weapon-systems-to-venezuela/
Abu Dhabi unveils 1st processing facility for enzyme-based fuel additives in Middle East, Africa
- The Industrial Development Bureau (IDB), the Abu Dhabi Department of Economic Development's (ADDED) arm to develop and regulate the industrial sector, has announced a collaboration with XMILE Group to establish a first-of-its-kind processing facility in the Middle East and Africa region for the reduction of Greenhouse Gas (GHG) Emissions.
India to set-up ‘specific trade zone’ in UAE
- The government plans to set up ‘Bharat Park’, an India-specific trade zone with a showroom and warehouse in the UAE.
- Goods Made in India will be displayed and stored for the global audience in the Park.
- Urging the industry to maintain the quality of goods exported from India, he said the Bureau of Indian Standard will spend ₹40 crore to set up 21 testing laboratories at various places in India.
Read ahead at: https://www.thehindubusinessline.com/news/india-to-set-up-specific-trade-zone-in-uae/article67709589.ece/amp/
New Bills Aim to Block U.S. Arms Sales to Saudi Arabia, UAE Amid Concerns of Regional Conflict
REP. ILHAN OMAR is introducing two pieces of legislation to block U.S. arms sales to Saudi Arabia and the United Arab Emirates, citing atrocities committed by both countries
The Saudi bill is the latest attempt to hold the Saudi regime to account for its sordid human rights record.
It would stop the sale of aircraft support, intelligence sensors, and other materials relied upon by the Royal Saudi Air Force amid a blockade that has devastated Yemen’s population.
Read ahead at: https://theintercept.com/2024/01/03/weapons-sales-saudi-arabia-uae-human-rights/
U.S. Base In Syria Attacked By Iraqi Militants; 'Several American Troops Injured Or Dead'
Biden orders strikes on an Iranian-aligned group after three U.S. troops injured in drone attack in Iraq
The Iranian-backed militia Kataib Hezbollah and affiliated groups, under an umbrella of Iranian-backed militants, claimed credit for the attack that utilized a one-way attack drone
Iraqi officials said U.S. strikes targeting militia sites early Tuesday killed one militant and injured 18. They came at a time of heightened fears of a regional spillover of the Israel-Hamas war.
Top US diplomat Blinken back in Middle East, this time for tough talks on Gaza aid, de-escalation
US Secretary of State Antony Blinken heads back to the Middle East on Thursday on his fourth trip since the Israel-Hamas war, expecting tough talks as he presses for immediate new aid for battered Gaza and de-escalation in the region.
The top US diplomat will visit both Israel and the West Bank, home of the Palestinian Authority, and five Arab countries -- Egypt, Jordan, Qatar, Saudi Arabia and the United Arab Emirates, the State Department said.
In a pre-trip telephone call, Blinken agreed with French Foreign Minister Catherine Colonna to "de-escalate tensions in the West Bank and to avoid escalation in Lebanon and Iran," the State Department said.
Oman’s public debt drops to 35% of GDP in 2023
Helped by fiscal reforms and elevated oil prices, Oman’s public debt has substantially decreased to 35% of gross domestic product (GDP) in 2023 from nearly 70% of GDP in 2020 when the dual-shock of the pandemic and oil price collapse severely impacted the government finances.
Due to the fall in oil prices since 2014, Oman’s general budgets recorded deficits for more than eight years, forcing the country to finance these deficits by borrowing from local and external institutions. Consequently, public debt increased to nearly 70% of GDP in 2020.
Oman’s 2024 budget aims to maintain financial, economic, and social stability in line with the financial framework of the 10th Five-Year Development Plan (2021-2025) and Oman Vision 2040.
Read ahead at: https://www.zawya.com/en/economy/gcc/omans-public-debt-drops-to-35-of-gdp-in-2023-kka2odkz?amp=1
Israeli Central Bank warns of economic crisis without budget adjustment
- On 3rd January the governor of Israel's central bank stated there will be major setbacks in the economy if the proposed budget is not revised and expenses are not reduced.
- The governor has asked Israeli prime minister Benjamin Netanyahu to take action by adjusting the budget and cutting on expenses and terminating unnecessary ministries.
Read ahead at: https://www.jordannews.jo/Section-20/Middle-East/Israeli-Central-Bank-warns-of-economic-crisis-without-budget-adjustment-33398
Turkey arrests dozens suspected of spying for Israel
- Turkey has detained 33 people in istanbul and seven other provinces who are suspected of spying on behalf of Israel and is continuing the search for 13 other members.
- It is believed they might have links to Israel's Mossad security service and were allegedly planning to carry out activities that include “reconnaissance” and “pursuing, assaulting and kidnapping”.
- There is not much information provided by the Anadolu Agency about the suspects and nor the foreigners who were targeted and the report came weeks after the head of israel's domestic security agency ,Shin bet announced in an audio recording that their organisation is prepared to destroy hamas in from every place including lebanon,turkey ,qatar.
- Turkish president has warned israel of serious consequences if it continues with its threats of attacking hamas officials in turkish soil.
Read ahead at: https://www.aljazeera.com/news/2024/1/2/turkey-detains-33-people-suspected-of-spying-on-behalf-of-israel
ISLAMIC REPUBLIC ATTACKED BY ISLAMIC STATE
- Qassem Sulaeimani was the commander of the Quds force, an elite wing of Iran's Islamic Revolutionary Guard Corps (IRGC) and was a sworn enemy of the islamic state and got killed by the US in january in 2020
- The IS claimed responsibility for January 3 bomb attacks at a memorial event in Kerman for Sulaimani.
- The Kerman bombing killed at least 84 people and 200 were injured and is claimed to be the third major attack by the islamic State in the islamic Republic of iran, which shows the growing threat of terrorism Tehran is facing.
Read ahead at: https://www.thehindu.com/news/international/why-did-the-islamic-state-attack-the-islamic-republic-explained/article67709225.ece
Attacks in the Red Sea by the Houthis may hit India’s oil trade
- Since November the vessels in the Red Sea have been targeted by Yemen's Iran backed Houthis as a sign of supporting Hamas in its war against israel.
- This has led to major shipping companies taking longer and costlier routes around Africa's Cape of Good Hope rather than through the Suez Canal
- This is a cause of concern for India as it is a major importer of crude oil from Russia and an exporter of petroleum products to Europe, both of which require transportation through the suez canal.
Read ahead at: https://www.thehindu.com/data/attacks-in-the-red-sea-by-the-houthis-may-hit-indias-oil-trade-data/article67704710.ece
News bits compiled by:
Nadia Rawat (M.A. I.R., 2nd Year)
Aditi Mishra (M.A. I.R., 2nd Year)
Varsha Das (B.A. I.R., 2nd Year)
Neha Singh (M.A. I.R., 2nd Year)
Published by:
