Middle East
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Energy
Middle East pushes toward renewables to reduce dependency on oil-economy
Many Middle Eastern economies rely on fossil fuels to finance their budgets and sustain economic activity. The Middle East produces…
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Finance
Non-oil foreign trade rises 15% in Abu Dhabi to $16.74 billion
In the first quarter of 2022, Abu Dhabi’s non-oil international trade was $16.74 billion (AED 61.522 billion), up 15% over…
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Energy
Amid concerns, OPEC signs deal to increase monthly oil output
As global markets tighten due to the EU’s consideration of barring Russian supply, OPEC (Organization of the Petroleum Exporting Countries)…
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Banking
Central Bank of the UAE and other Gulf banks raise rates following the US Federal Reserve
Following the US Federal Reserve’s decision to increase rates, the Central Bank of the UAE (CBUAE) has decided to raise…
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Technology
Dubai’s VARA becomes world’s first regulating body in Metaverse
With the opening of its Metaverse HQ in the dynamic virtual world of ‘The Sandbox,’ Dubai’s Virtual Assets Regulatory Authority…
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Energy
Sharjah’s Waste to Energy Facility begins operations
The construction of the first Waste-to-Energy facility is completed in Sharjah, UAE. The project, Emirates Waste to Energy Company, is…
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Banking
First Abu Dhabi Bank records highest ever profit in the first quarter of 2022
First Abu Dhabi Bank (FAB), the UAE’s largest lender by assets, recorded a net profit of $1.38 billion (AED 5.1…
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Energy
Oil inflation might be a boon to the Middle East, but leaves other countries to deal with social unrest
Energy costs have risen faster than projected, and certain supply chain disruptions caused by the pandemic were expected to last…
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Energy
India will continue to buy cheap Russian oil, citing national interest despite western pressure
The majority of India’s oil imports come from the Middle East, with Iraq and Saudi Arabia being the top two…
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Finance
New digital laws put Dubai on top of the global market for digital assets
Dubai’s government authorities are now mandated by law to provide digital services to their citizens. Law No. (9) of 2022…
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