The island nation, home to the US Navy’s Fifth Fleet, Bahrain, on Sunday became the first Arab country to accuse Iran of a drone attack that resulted in “material damage” to a desalination plant during the nine-day conflict in the Middle East. “Iranian aggression indiscriminately attacked civilian targets and caused material damage to a water…
The Middle East has now found itself in the middle of a renewed and wider military confrontation after the United States and Israel launched strikes at Iran and targeted the latter’s military and naval forces, killing several Iranian leaders, including the Supreme Leader Ayatollah Ali Khamenei. Iran retaliated to the US-Israel strikes by launching drones…
Consequently, Indian firms with meaningful exposure to the Middle East are facing heightened near-term volatility. The impact is particularly acute for the engineering, procurement and construction (EPC) sector, alongside oil & gas services, power transmission, and infrastructure. According to a PL Capital note, the extent of the damage will depend on project concentration, contract terms,…
Ace investor Shankar Sharma had his first try with the fallout from the Iran war when a kamikaze or suicide drone skimmed over his villa in Ras Al-Khaimah, one of the seven Emirates of the UAE, late Sunday night. “This is the first time we find ourselves in such a situation …it’s serious and nobody…
