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The biggest contributing factor to the rise in inflation was transport freight and fares, which rose 10.63 per cent during the month.

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Oil exporters in the region including Saudi Arabia and the UAE have shackled their currencies to the dollar.

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Agreement is aimed at encouraging and protecting bilateral investments

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The report is commissioned and supported by the Dubai Islamic Economy Development Centre in partnership with Thomson Reuters, and in collaboration with DinarStandard.

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Exposure, however, is indirect; mining to be most affected

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150 million Muslim visitors to spend $200b: Dubai Chamber

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It also warned central banks to prepare for an expected Federal Reserve interest rate rise, with many nations already seeing huge capital outflows as dealers look for safer investments in the US.

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Slowdown perceptions 'divorced from facts'

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Weaker operating field beckons as govts cut spending due to lower oil

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