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Rupee Rouble Roulette: India buys oil from Russia and pays back in dirhams

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Russia is banking, no pun intended, on its friends – UAE and India – to brace itself from the tightening noose of sanctions from Western countries in the trail of its continued war on Ukraine.

While India has continued to do oil imports and trade with Russia, the latter has started to route payments through the UAE dirham, according to a Reuters report.

Russia is seeking payment in dirhams for oil exports to some Indian customers, three sources said and a document showed, as Moscow moves away from the US dollar to insulate itself from sanctions by America and its allies since the invasion of Ukraine began in late February.

An invoice seen by Reuters shows the bill for supplying oil to one refiner is calculated in dollars while payment is requested in dirhams.

Russian oil major Rosneft is pushing crude through trading firms including Everest Energy and Coral Energy into India, now its second biggest oil buyer after China.

Western sanctions have prompted many oil importers to shun Moscow, pushing spot prices for Russian crude to record discounts against other grades.

That provided Indian refiners, which rarely bought Russian oil due to high freight costs, an opportunity to snap up exports at hefty discounts to Brent and Middle East staples. Moscow replaced Saudi Arabia as the second biggest oil supplier to India after Iraq for the second month in a row in June.

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Payments in rupees from India is being funneled to Russia through the UAE exchange route.

The few Indian businesses and banks are taking a leaf from an old trade playbook they had relied upon during the US embargo on Iran. At least two Indian refiners have already settled some payments in dirhams, the sources said, adding more would make such payments in coming days.

India, also maintaining a neutral position, recognises insurance cover by Russian companies and has offered classification to ships managed by a Dubai-based subsidiary of Moscow’s top shipping group to enable trade.

India’s central bank last week introduced a new mechanism for international trade settlements in rupees, which many experts see as a way to promote trade with countries that are under Western sanctions, such as Russia and Iran. The invoice showed payments to be made to Gazprombank via Mashreq Bank, its correspondent bank in Dubai.

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The UAE has maintained a neutral position with Russia and is not part of the sanctions on Moscow. Many Russians have also even lapped up property in Dubai and are driving a momentum in the real estate market in the UAE.

Russia wants to increase its use of non-Western currencies for trade with countries such as India, its foreign minister Sergi Lavrov said in April.

The country’s finance minister last month also said Moscow may start buying currencies of “friendly” countries, using such holdings to influence the exchange rate of the dollar and euro as a means of countering sharp gains in the rouble.

The Moscow currency exchange is preparing to launch trading in the Uzbek sum and the dirham.

Russia’s state oil producer is also explored the idea of creating a trading venture in Dubai just like others who have a direct connection and are trying to work around the sanctions.

In June, Bloomberg cited a S&P Global Commodity Insight report that Litasco SA, a trading unit of Russia’s Lukoil PJSC, is looking at Dubai for a new head office. Litasco declined to comment at the time but said it would ensure it complied with all applicable sanctions.

Global

Mexico City hosts spectacular start as FIFA World Cup 2026 opens with historic ceremony at Estadio Azteca

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Mexico City’s iconic Estadio Azteca was transformed into a global stage on Thursday Night as the FIFA World Cup 2026 officially got underway, marking the beginning of the biggest edition in the tournament’s history.

A vibrant opening ceremony showcased a blend of Mexican culture, music and modern spectacle, with performances from international stars including Shakira and Burna Boy. The ceremony was designed to reflect both the heritage of the host nation and the global nature of the tournament, which for the first time will be staged across three countries — Mexico, the United States and Canada.

Before the first whistle of the competition, the atmosphere inside the historic stadium reached a crescendo as thousands of fans filled the stands, waving flags and lighting up the arena in a sea of colour. The Estadio Azteca, already steeped in football history, has now become the first venue in the world to host matches across three separate FIFA World Cups, having previously staged the 1970 and 1986 finals.

In a further highlight of the ceremony, Italian tenor Andrea Bocelli performed the tournament’s official anthem, adding a classical flourish to an evening otherwise defined by high-energy performances and large-scale choreography.

FIFA officials described the opening event as a “symbolic bridge between continents”, underlining the expanded format of the 2026 tournament. For the first time, the World Cup will feature 48 teams — up from 32 — and a total of 104 matches, spread across 16 host cities across North America. The expansion is intended to increase global participation and bring the tournament to a wider range of supporters.

Immediately after the ceremony, hosts Mexico faced South Africa in the tournament’s opening match, kicking off what is expected to be a month-long football spectacle. The match began under heavy security and heightened global attention, with millions watching around the world.

The expanded format has also brought logistical challenges, with teams required to travel across vast distances between venues in multiple countries. Organisers have emphasised investments in transport infrastructure, stadium upgrades and sustainability measures aimed at reducing the environmental footprint of the tournament.

The 2026 edition also arrives at a time when football’s global profile continues to grow rapidly, with record broadcast deals, increased digital streaming access and heightened commercial interest from sponsors. Analysts expect the tournament to break previous viewership records, particularly given its tri-nation hosting model and expanded team lineup.

Estadio Azteca itself remains one of football’s most storied venues. It famously hosted Brazil’s Pelé lifting the trophy in 1970 and Diego Maradona’s “Hand of God” and “Goal of the Century” performances in 1986. Its role in opening the 2026 tournament has been widely seen as a nod to football’s rich history in Mexico, while also signalling a new era for the sport.

As fireworks lit up the Mexico City skyline following the ceremony, attention now turns to the next phase of the tournament’s opening schedule, with matches set to continue across North America in what promises to be the most geographically expansive World Cup ever staged.

For fans, players and organisers alike, the message from Mexico City was clear: the world’s biggest sporting event has begun, and it is set to be bigger, broader and more ambitious than ever before.

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Business

IT services spend in mena set to reach up to 28% of total it budgets as services-led transformation accelerates

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The Middle East and North Africa (MENA) is entering a decisive, services-led growth phase in its IT sector, as enterprises and governments accelerate large-scale digital transformation initiatives. Investments in cloud computing, artificial intelligence (AI), data centres, and cybersecurity are reshaping technology priorities, with implementation, integration, and managed services gaining prominence over traditional software-led models.

Industry analysis by Grand View Research (GVR) reveals that IT services currently account for around 21–22% of total IT spending across MENA, a share expected to rise to between 26 and 28% by the end of the decade. The region’s professional IT services market, valued at USD 33.9 billion (Dh124.5 billion) in 2024, is forecast to grow to nearly USD 58.3 billion (Dh214 billion) by 2030, registering a compound annual growth rate (CAGR) of approximately 9.5%.

Sourav Bhanja, Middle East Head of GVR, said: “Many B2B IT services firms in the region continue to underinvest in digital engagement. Professional platforms such as LinkedIn remain underutilised, while company websites often lack strong case studies, sector-specific storytelling, and clear positioning.”

Government-led digitalisation programmes, sovereign cloud deployments, smart city initiatives, and national data strategies, coupled with rising enterprise adoption across sectors such as banking and financial services, healthcare, energy, logistics, and public infrastructure, are driving this shift. As hyperscalers and global technology firms expand their regional footprint, demand for localised integration, migration, and managed services continues to accelerate.

Bhanja also emphasised the importance of leadership visibility in the region’s competitive IT market: “Technical capability alone is no longer enough. Firms that combine deep technical expertise with consistent marketing, strong leadership visibility, and clear communication of value are the ones most likely to succeed in the MENA market.”

The analysis highlights that with growing competition among IT services providers, market visibility and differentiation have emerged as critical growth drivers. Integrated, always-on digital marketing strategies are increasingly vital, as many B2B IT services firms underutilise channels such as LinkedIn, websites, thought leadership content, newsletters, blogs, infographics, and short-form video to engage decision-makers.

Market data also indicates a broader shift towards digital-first engagement. Digital advertising spend in the Middle East, estimated at USD 32 billion (Dh117 billion) in 2024, is projected to rise sharply to USD 81.4 billion (Dh298.9 billion) by 2030, growing at a CAGR of 16.7%. In contrast, the regional events and conferences market is expected to expand at a more modest 7.1% CAGR, reflecting changing enterprise marketing priorities.

Grand View Research concluded that IT services firms combining technical depth with strong market communication, data-driven marketing, and visible leadership will be best positioned to capture the next phase of growth across MENA.

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From top chefs to food tech, why Gulfood 2025 is a must-visit

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The 30th edition of Gulfood, the world’s largest annual F&B event, is underway at the Dubai World Trade Centre until February 21, 2025. Under the theme The Next Frontier in Food, this global gathering brings together industry pioneers, top chefs, and leading food brands for an unparalleled showcase of innovation, networking, and, of course, incredible flavours.
Here’s what you can experience at the festival:
A Feast for the senses
Over 150,000 new products from more than 190 countries on display.
Discover the latest trends in beverages, dairy, meat and poultry, pulses and grains, fats and oils, brands, and international cuisine.
Whether you’re an industry professional or a passionate foodie, expect to see cutting-edge developments that will shape the future of food.

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Unmissable highlights
Gulfood Top Table – The world’s biggest live culinary showcase featuring Michelin-starred chefs, tastings, and masterclasses.
YouthX Young Chef Challenge – Witness rising stars compete for culinary glory.
Gulfood Innovation Awards – Recognizing groundbreaking advancements in food and beverage.
Dubai World Cuisine – A celebration of homegrown talent as top chefs collaborate on unforgettable dining experiences.

After hours events
The excitement just doesn’t end when the exhibition doors close. Gulfood After Hours takes visitors on an exciting journey to explore Dubai’s buzzing culinary scene with exclusive restaurant offers and discounts — just flash your Gulfood ticket and you’re in for a treat. To secure a seat at these must-visit hotspots, it would be wise to book in advance.
Witness food trends
From manufacturers and chefs to restaurant owners and industry experts, This is where food trends will be set, deals will ne made, and the future of the F&B industry will get shaped. This is your chance to bd part of this extraordinary food revolution

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