| | SEPTEMBER 20238India is launching a major outreach with key Arab World members through the G20 to build momentum in strategic partnerships and economic ties.In addition to Saudi Arabia, which is a G20 member, leaders from the United Arab Emirates, Oman, and Egypt are expected to attend the G20 Summit as invitees. All four are close strategic partners of India, with the Egyptian President serving as the chief guest at the Republic Day Parade this year and Prime Minister Narendra Modi visiting Cairo in June.With regular defence exchanges, ties with Egypt have gained new momentum since 2021. Indian investments in Egypt are growing, and local authorities have offered India a dedicated cluster in the Suez Canal Economic Zone.Modi returned to the UAE in July, demonstrating strong ties in both strategic and economic sectors. India and the United Arab Emirates have started trading oil in their respective national currencies.Oman is India's longest-standing Gulf strategic partner, and NSA AK Doval visited Muscat and Duqm Port in June. Oman has offered logistical support to the Indian Navy for Duqm Port. The Port of Duqm offers views of the Gulf of Oman, the Indian Ocean, and the Arabian Sea. Duqm will be crucial to India's maritime strategy in the Indian Ocean, where China's presence is growing. The port's location in the Indian Ocean's northwestern corner allows India easy access to the Red Sea via the Gulf of Aden. Jio Financial Services will enter the insurance market by offering life, general, and health insurance products "via a seamless digital interface," said RIL chairman Mukesh Ambani on Aug 28. "JFS will enter the insurance segment to offer simple, yet smart life, general, and health insurance products through a seamless digital interface, potentially partnering with global players," Ambani explained.JFS, according to Ambani, will use predictive data analytics to co-create contextual products with partners and cater to customer needs in a "truly unique way" in the insurance industry. He stated that JFS will consolidate its payments infrastructure with a ubiquitous offering for both consumers and merchants, thereby accelerating India's digital payment adoption.Following the demerger of the financial services business, RIL shareholders received shares in JFS in a 1:1 ratio."This is the equivalent of a mini bonus for our long-term investors," Ambani said to shareholders. JFS, like Jio and Reliance Retail, will be a "invaluable addition" to the Reliance ecosystem of customer-facing businesses, he claims. Significantly, JFS' proposed entry into the country's expanding insurance market aligns with regulator Irdai's goal of having more players and a much broader range of products in order to achieve 'Insurance for All' by 2047. INDIA REACHING MAJOR MILESTONES IN PARTNERSHIPS WITH ARAB NATIONSJIO FINANCIAL SERVICES STEPS INTO INSURANCE MARKETIN FOCUSIN FOCUS
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