UAE Chapter of UAE-India Business Council established, Faizal Kottikollon appointed Chairman
Abu Dhabi (UAE): The UAE-Indian business council has been established on the first anniversary of the Comprehensive Economic Partnership Agreement (CEPA) deal signed by India and the United Arab Emirates. The formation of the council is aimed at increasing investment and bilateral trade between the two countries.
The UAE India Business Council - UAE Chapter (UIBC-UC) was launched in Dubai by Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, in the presence of Ambassador of India to the UAE Sunjay Sudhir, Consul General of India in Dubai Dr. Aman Puri and founding members of the UBIC-UC.
NRI businessman Faizal Kottikollon was appointed as the chairman of the council. Faizal Kottikollon said the main purpose of the council was to build trust.
“In the past, several UAE companies have taken some poor decisions while investing in India because they were not confident to invest large amount of money,” he said. “We will act as a channel partner and a bridge. The basis of any business is trust. When you develop trust, everything becomes easier.” He was quoted as saying by Khaleej Times.
With both countries growing rapidly, Faizal, who is the chairman of KEF Holdings, said this council was the need of the hour. “UAE has become the centre of the world after Covid,” he said. “India has got so much knowledge, but we need a lot of capital. UAE got a significant amount of capital. So, if you can marry these two things, it’s a powerhouse. What this council does is identifying projects in both the countries and bring investment through this channel.”
Faizal confirmed that there are several projects already in the pipeline. “We are very confident that there’ll be three large investments coming into India soon,” he said. “We will announce the details in due course of time, but I can assure you that it is indeed a very exciting time.”
(Faizal Kottikollon)
“This is a very significant thing,” said Sunjay Sudhir. “We want to bring together their experience of doing business in both countries so as to further lubricate the investment and business corridor between both countries. They will discuss ideas on how to further generate trade and investment opportunities.”
The founding members of the UIBC-UC from the UAE side are Mubadala, Wizz Financial, DP World, Emaar, Emirates airline and Emirates NBD. From the Indian side, conglomerates such as Tata, Reliance, and Adani are represented, as well as tech innovators like OLA, Zerodha, Udaan, and EaseMyTrip, along with prominent Indian entrepreneur-led corporations based in the UAE such as KEF Holdings, Buimerc Corporation, Apparel Group, EFS and Lulu Financial.
Siddharth Balachandran, executive chairman and CEO of Buimerc Corporation Ltd said the UIBC-UC will further strengthen the growth of India-UAE relationship. “To channelise the various investments, we need channels like these,” he said. “It will add a layer of credibility and give investors a channel to verify investment opportunities.”
Rizwan Soomar, CEO & MD (India Subcontinent) at DP World, will serve as the Co-Chairman of UIBC-UC. Major General (Retd.) Sharafuddin Sharaf, who serves as the Chairman of the UIBC India Chapter, will also hold the position of Vice Chairman of UIBC-UC.
The council will have its office in Abu Dhabi and will be a pan-UAE body focusing on promoting trade and investment relations between the UAE and India. Membership to UIBC-UC will be by invitation only, and institutional members will be invited over time.
An India chapter of the business council was established in New Delhi in 2015 by Sheikh Abdullah bin Zayed Al Nahyan, UAE Minister for Foreign Affairs and International Cooperation, and the late Sushma Swaraj, who was then Minister of External Affairs of India, during the 11th Session of the India-UAE Joint Commission Meeting.
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Australian woman fined for stealing Chanel perfume from airport duty-free store after two years
Singapore: A 35-year-old Australian national, Raj Varsha, was fined $750 by a Singapore court on April 11 after pleading guilty to stealing a bottle of Chanel perfume valued at nearly $250 from a duty-free store at Changi Airport in March 2023.
According to court proceedings, the incident occurred at around 4:10 a.m. on March 22, 2023, when Varsha entered The Shilla Duty Free store located in the Terminal 1 departure transit area.
State Prosecuting Officer Zakir Hussain informed the court that Varsha had concealed the perfume bottle in her bag and exited the store without making payment.
Security personnel, upon noticing the missing item, alerted store employees. CCTV footage confirmed the theft, after which the store supervisor notified the Airport Police Division. Varsha departed for Thailand with her family at approximately 9:10 a.m. on the same day.
She was detained on March 31, 2025, upon re-entering Singapore. During investigations, Varsha admitted to the theft and stated that she had given the stolen item to her mother as a gift.
In court, Varsha, who did not have legal representation, expressed remorse and apologized for her actions. She told District Judge A. Sangeetha that she accepted full responsibility and had no prior legal infractions. Full restitution for the stolen item has since been made to the store.
Under Singapore law, theft is punishable by imprisonment for up to three years, a fine, or both.
