Apple welcomes India’s easing of foreign investment rules

A salesperson speaks on the phone at an Apple reseller store in Mumbai, India July 27, 2018. (File/Reuters)
Updated 29 August 2019

Apple welcomes India’s easing of foreign investment rules

  • Apple said it is eager to open its first retail store in India
  • The company couldn’t previously open a store in India because it wasn’t prepared to meet the 30% requirement

NEW DELHI: Apple Inc. has welcomed India’s decision to relax rules on foreign direct investment and says it is eager to open its first retail store in the country.
The California-based company said in a statement Thursday that it appreciates Indian Prime Minister Narendra Modi’s support for the new rules, which ease a 30% local sourcing requirement for single-brand retailing and permit online sales without the prior opening of brick-and-mortar stores.

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READ MORE: Apple likely to unveil latest iPhone on Sept. 10 at event in California

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Apple couldn’t open a store in India because it wasn’t prepared to meet the 30% requirement.
It said it will take some time, but it looks forward to welcoming customers to India’s first Apple Store. Apple products are presently sold in India through franchise stores with tough competition from South Korean and Chinese smartphone makers.


Mubadala has invested $100bn in US, eyes China

Updated 3 min 31 sec ago

Mubadala has invested $100bn in US, eyes China

Abu Dhabi: Abu Dhabi state investor Mubadala Investment Co. has invested $100 billion in the US, more than 40 percent of its roughly $240 billion portfolio, Deputy CEO Waleed Al-Muhairi said on Tuesday.

“What that tells you is that from our perspective the risk reward equation works in the US,” he said at the SALT conference in Abu Dhabi, adding that most of the investments are direct, with a small portion indirectly invested through funds.
He said the remaining part of the portfolio is almost equally split between three regions — the UAE, Europe and Asia.
Muhairi said Mubadala has invested $2 billion in China in 15-16 sectors from its $10 billion UAE China fund and could step up investments in the mainland.
“China is the UAE’s largest trading partner, it is an important economic relationship for us,” he said.
Mubadala would want to participate in some “shape, way or form” in the growth of China, which could become the largest economy in the world, Muhairi said.
Technology is a focus for Mubadala, he added.
Mubadala has invested $15 billion in Softbank’s Vision Fund I and recently announced plans to invest $250 million through two funds in technology firms in the Middle East and North Africa.