Back to all cryptocurrency news

Dubai moves to regulate crypto derivatives under new rulebook

The move comes amid rising demand for derivatives exposure in virtual asset markets, as regulators globally seek to address the risks associated with increasingly complex digital financial instruments

Rajiv Pillai
Rajiv Pillai

31 March, 2026

Dubai moves to regulate crypto derivatives under new rulebook
Image: Getty Images/Image for illustrative purpose

TT

16

Article Summary
Dubai's VARA has launched a regulatory framework for virtual asset exchange traded derivatives (ETDs). This positions Dubai as a leading jurisdiction in this area, requiring licensed VASPs to adhere to stringent compliance standards. The framework addresses risks through client suitability assessments, margin controls, and asset segregation, aiming to foster a robust and safe virtual asset market.

Dubai Virtual Assets Regulatory Authority (VARA) has introduced a comprehensive regulatory framework for exchange traded derivatives (ETDs) in virtual assets, positioning Dubai among the first jurisdictions globally to regulate such products under a dedicated rulebook.

The framework, outlined in Version 2.1 of VARA’s Exchange Services Rulebook, allows licensed Virtual Asset Service Providers (VASPs) to offer derivatives products within a defined regulatory perimeter, subject to explicit authorisation and stringent compliance requirements.

The move comes amid rising demand for derivatives exposure in virtual asset markets, as regulators globally seek to address the risks associated with increasingly complex digital financial instruments.

VARA’s framework establishes binding requirements across key areas, including client suitability and classification for higher-risk products, margin and leverage controls, and the segregation of client assets to reduce systemic and counterparty risks. It also introduces enhanced disclosure obligations aligned with existing marketing regulations, alongside regulatory intervention powers that enable the authority to act during periods of market stress or misconduct.

The provisions are designed to support the development of more sophisticated market structures while ensuring appropriate safeguards for investors and maintaining market integrity.

Ruben Bombardi, general counsel at VARA, said: “Derivatives are a natural next step in the evolution of virtual asset markets, but they demand a higher standard of governance. VARA’s framework gives licensed providers a clear path to offering these products responsibly, while giving market participants confidence that Dubai’s virtual asset ecosystem operates under rules that are rigorous, enforceable, and designed to protect them. This is the best way to build a market that will stand the test of time.”

The updated rulebook forms part of VARA’s broader strategy to ensure innovation in the virtual assets ecosystem is supported by robust governance, transparency and effective regulatory oversight.

The Exchange Services Rulebook Version 2.1 is effective immediately and applies to all VASPs licensed to conduct exchange services in Dubai.

Read: DFSA updates crypto token rules to strengthen DIFC market

UAE fuel prices rise in April: Petrol and diesel rates jump sharply

The UAE adjusts fuel prices monthly in line with international oil benchmarks

Nida Sohail
Nida Sohail

31 March, 2026

UAE fuel prices rise in April: Petrol and diesel rates jump sharply

TT

16

Listen to the article

00:00/00:00

Article Summary
UAE fuel prices are increasing sharply in April 2026, affecting all petrol and diesel categories. Super 98 will cost Dhs3.39 per litre, Special 95 Dhs3.28, and E-Plus 91 Dhs3.20. Diesel sees the biggest rise, to Dhs4.69. These significant month-on-month increases reflect pressures in global energy markets, with domestic prices tracking international benchmarks.

Fuel prices in the UAE are set to rise significantly in April 2026, with sharp increases across all petrol categories and diesel.

According to figures reported by Al Bayan, the revised rates will come into effect from April 1.

  • Super 98 petrol will increase to Dhs3.39 per litre, up from Dhs2.59 in March.
  • Special 95 petrol will rise to Dhs3.28 per litre, compared to Dhs2.48 previously.
  • E-Plus 91 petrol will cost Dhs3.20 per litre, up from Dhs2.40.
  • Diesel has recorded the steepest jump, climbing to Dhs4.69 per litre from Dhs2.72 in March.

The increases mark a sharp month-on-month rise in fuel costs, reflecting heightened pressures in global energy markets.

The UAE adjusts fuel prices monthly in line with international oil benchmarks, meaning domestic rates typically track global supply and demand dynamics.

Celestyal cancels April sailings citing Middle East situation

The cruise line continues to monitor the situation closely and will resume movement of its vessels when conditions allow

Gulf Business
Gulf Business

31 March, 2026

Celestyal cancels April sailings citing Middle East situation
Image: Supplied

TT

16

Article Summary
Celestyal has cancelled all April 2026 Arabian Gulf cruises due to regional instability and is repositioning its fleet to Athens. The vessels are operational, with passengers safely disembarked. Affected customers will receive refunds or future cruise credit. Operations are expected to resume in May with Greek Islands itineraries, pending safety assessments.

Celestyal has confirmed the cancellation of all April 2026 departures as its ships wait to reposition to Athens, Greece.

The line’s fleet is currently positioned in the Arabian Gulf, with Celestyal Discovery in Dubai, UAE, and Celestyal Journey in Doha, Qatar. All guests and non-operational crew have been disembarked, while both vessels remain fully operational; their departure from the region will take place in accordance with safety guidance from the relevant authorities.

Due to the ongoing situation in the Middle East, all sailings scheduled for April 2026 have been cancelled.

The next planned departures are:

  • Celestyal Discovery – May 1, 2026 (3-night Iconic Greek Islands)
  • Celestyal Journey – May 2, 2026 (7-night Heavenly Greece, Italy and Croatia)

Lee Haslett, chief commercial officer at Celestyal, said: “Our priority remains the safety and confidence of our guests, crew and partners. While we know this will be disappointing, taking this decision now provides greater clarity and flexibility for those affected.

“Our teams are working closely with guests and travel partners to support rebooking options and ensure a smooth transition, and we remain focused on returning to service in the Mediterranean as soon as it is safe to do so.”

All impacted guests have been offered a full refund or a future cruise credit, and will be supported by Celestyal’s teams, who will provide rebooking options and assistance.

The cruise line continues to monitor the situation closely and will resume movement of its vessels when conditions allow. Preparations are already under way for the return to service, with sailings set to resume from May 2026.

Drone targets Thuraya Telecommunications building in Sharjah, authorities confirm no casualties

The statement also included a public advisory urging residents and businesses not to circulate unverified information

Rajiv Pillai
Rajiv Pillai

31 March, 2026

Drone targets Thuraya Telecommunications building in Sharjah, authorities confirm no casualties
Image: Getty Images/Image for illustrative purpose

TT

16

Article Summary
Sharjah authorities reported a drone strike on a Thuraya Telecommunications facility in the Central Region, originating from Iran. No casualties occurred. Officials are managing the situation and will provide updates. The public is urged to avoid spreading unverified information and to rely on official sources for accurate news, given regional sensitivities.

Authorities in Sharjah confirmed on Monday that a drone incident targeting a telecommunications facility in the emirate’s Central Region caused no casualties, as officials moved to contain the situation and urged the public to rely on verified information.

In a statement posted on X in Arabic by the Sharjah Government Media Bureau—translated into English—the authorities said the administrative building of Thuraya Telecommunications Company had been targeted by a drone originating from Iran.

Read more: Drone attack on Kuwaiti tanker off Dubai brought under control, KPC says

“Competent authorities in the Emirate of Sharjah are dealing today, Monday, March 30, with an incident resulting from the targeting of the administrative building of Thuraya Telecommunications Company in the Central Region with a drone coming from Iran, and no injuries were recorded,” the statement said.

View post on X

Officials added that response teams are actively managing the situation and that further updates will be provided as more information becomes available.

The statement also included a public advisory urging residents and businesses not to circulate unverified information. Authorities stressed the importance of relying on official channels for updates, amid heightened regional sensitivities and the potential for misinformation during fast-moving developments.

Energy security, AI drive surge in Middle East renewables: Report

The UAE’s emergence as a regional AI hub is expected to increase demand for integrated renewable and storage systems capable of supporting compute-intensive operations

Neesha Salian
Neesha Salian

31 March, 2026

Energy security, AI drive surge in Middle East renewables: Report
Image courtesy: Ansarada

TT

16

Article Summary
A report highlights Middle East renewable energy investment surging 28% to $12.9bn in 2025, driven by rising energy demand and AI compute requirements. The region's integrated development model avoids Western grid bottlenecks. Battery storage is growing, but macroeconomic uncertainty and fragmented procurement processes remain concerns. ESG integration and transparency are crucial for project success and financing.

Investment in Middle East renewable energy projects rose 28 per cent last year as the region pushed ahead with large-scale infrastructure and grid development designed to support rising energy demand, according to a new report from Ansarada.

The 2026 Renewable Energy Infrastructure Outlook Report, produced with Infralogic, said global investment in renewable projects reached $496bn, driven in part by the surge in AI compute requirements.

Renewable energy investment in the Middle East reached $12.9bn in 2025, up from $10.1bn in 2024.

Based on a survey of 150 senior executives across APAC, EMEA and the Americas, the report shows the Middle East emerging as a strategic growth market, with 25 per cent of respondents identifying it as a top destination for renewable investment.

As Western markets contend with grid congestion and permitting delays, the report says the region’s sovereign-backed development model allows “rapid supply chain mobilisation and bankable pipelines” that avoid the grid-connection bottlenecks seen in Europe and North America.

The report highlights the region’s integrated delivery model, which develops renewables and transmission infrastructure in parallel. “The Middle East demonstrates what’s possible when projects are designed and delivered holistically,” said Justin Smith, MD at Ansarada.

“Building renewables and transmission together represents a fundamentally different approach than the fragmented delivery model common in Western markets,” Smith added.

AI-driven power demand to contribute to growth in the renewables sector

AI-driven power demand is adding to the pressure. With more than $500bn in AI infrastructure capital expenditure forecast for 2026 and US data centre energy use projected to reach 409 TWh by 2030, 37 per cent of global respondents and 36 per cent in EMEA cited AI compute requirements as the main driver of new renewable development.

The UAE’s emergence as a regional AI hub is expected to increase demand for integrated renewable and storage systems capable of supporting compute-intensive operations.

“AI compute demand is the single biggest driver of new renewables development,” Smith said.

The report shows battery storage becoming core infrastructure, with 34 per cent of EMEA respondents expecting strong growth in large-scale systems. But it also points to operational and financial pressures, with 44 per cent of respondents in EMEA citing macroeconomic uncertainty and high interest rates as key concerns.

Despite high adoption of procurement technology, the report identifies persistent fragmentation in project delivery. While 91 per cent of respondents use purpose-built procurement software, organisations still rely on an average of three to four disconnected systems, and 55 per cent continue to use email for sensitive bidder communication. “Organisations think they’ve digitised, but they’ve actually created a ‘Frankenstack’ of disconnected tools,” Smith said.

Only 37 per cent of respondents globally said their most recent procurement process was “very efficient”, falling to 8 per cent in EMEA and 29 per cent among government agencies. Although most said their internal processes were transparent, 43 per cent acknowledged limited clarity for external stakeholders, raising the risk of disputes.

ESG requirements are becoming more embedded in procurement across the region. In EMEA, 80 per cent of respondents said ESG is deeply integrated into their processes, and 90 per cent rated transparency and auditability as very important. Without auditable ESG data, the report warns that some projects may not qualify for tendering or financing. “That integrated approach, combined with proper digital infrastructure for procurement, separates projects that deliver from those that stall,” Smith said.

Flexible payments, AI now shape how Gulf shoppers buy, finds Tabby survey

Tabby, headquartered in Riyadh, operates in Saudi Arabia, the UAE and Kuwait. It works with more than 40,000 brands

Neesha Salian
Neesha Salian

31 March, 2026

Flexible payments, AI now shape how Gulf shoppers buy, finds Tabby survey
Image: Getty Images/ For illustrative purposes

TT

16

Article Summary
Tabby's survey reveals that AI influences purchasing decisions for nearly half of Saudi Arabian and UAE shoppers, although trust remains tentative. Digital channels, particularly social media, dominate product discovery. Flexible payment options are crucial; 70% avoid retailers lacking them. These insights aim to assist businesses navigating current regional challenges. The survey incorporates data from over 20,000 shoppers.

Nearly half of shoppers in Saudi Arabia and the UAE are now using artificial intelligence to help decide what to buy, although most remain unsure about fully trusting it, according to a new survey by Tabby.

The financial services app said 43 per cent of respondents reported using AI for purchase decisions, while only 30 per cent said they fully trust the recommendations.

Another 43 per cent said they might trust them, suggesting shoppers are still weighing up how much confidence to place in the technology.

The findings come from Tabby’s third annual Ultimate Middle East Shopping Survey, which drew responses from more than 20,000 shoppers across both markets.

The data suggests AI adoption is rising fastest among younger shoppers. Tabby said 51.8 per cent of respondents aged 18 to 29 have used AI in their shopping experience. While willingness to experiment is high, trust appears conditional. Shoppers said they are most comfortable with AI when it helps compare products or speed up decisions, and pulls back when the rationale behind recommendations is unclear.

The report also highlights changes in how consumers discover products. Tabby said 77 per cent of discovery now happens through digital channels, even when the final purchase is made in stores. Social media is the top source of product discovery, followed by online browsing. By the time 68 per cent of shoppers enter a physical store, they already know what they plan to buy.

Flexible payments have also become a key factor in retailer choice. Seventy per cent of respondents said they avoid retailers that do not offer flexible payment options, and one in five said they walk away from stores that do not provide them. Tabby said this trend holds across all income levels.

Tabby findings can help retailers navigate this difficult time: Hosam Arab

Hosam Arab, CEO and co-founder of Tabby, said many businesses in the region are facing a difficult moment. “We wish we were sharing this at an easier moment for the region. Many of the businesses we work with are navigating a difficult period right now, trying to plan with limited visibility. If this research helps even some of them make better decisions in the months ahead, it feels worth sharing.”

Responses were collected in November 2025 across Saudi Arabia and the UAE, spanning six nationalities, four age groups and income brackets from low to super high. The survey covers product discovery, hybrid shopping, in-store behaviour, payments, AI use and financial confidence.

The buy now pay later platform, headquartered in Riyadh, operates in Saudi Arabia, the UAE and Kuwait. It works with more than 40,000 brands, including SHEIN, Amazon, Adidas, IKEA, H&M, Samsung and Noon.

More news in cryptocurrency