The central bank, however, revised down its growth forecast for this year by 0.6 percentage points to 3.3%
Oil economy
Latest in Oil economy
Crude exporter
UAE starts shipping oil cargoes as Europe buyers avoid Russian crude
Prior to its war in Ukraine, Russia was Europe’s largest external supplier of crude, but many of the cargoes that once got delivered to the continent are instead being transported to Asia
DIFC
Can Dubai compete as a global trading hub?
Dubai needs a fully transparent regime, the availability of trusted brokers and trading platforms, easy and straightforward funding and withdrawal pathways, as well as sophisticated technological infrastructure to allow for faster execution
diversify economy
UAE oil reliance at multi-year high despite lower production
Oil accounted for about 29 percent of gross domestic product in 2020, compared with 25 percent during the previous year
carbon footprint
Video: Why demand for oil is not just about cars and planes
Cutting oil consumption is essential to reducing our carbon footprint. But switching to electric transport and cutting air travel won’t end our dependency. Here’s a look at how oil is also used to make plastic packaging, clothes, cosmetics and even medicines.