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Sunday 01-11-2015


 01/11/2015

Khaleej Times

A credit survey carried out in the third quarter ended September 30 2015, showed demand growth for credit appears to have stabilised following a slowdown from recent quarters. "Overall, aggregate results are consistent with an ongoing healthy rate of demand growth within the UAE economy and with other partial indicators of economic activity, "says a credit survey carried out by the Central Bank of the UAE. On lending to corporates and small businesses, survey respondents said "demand growth for business credit stabilised in the September quarter following consecutive quarters of decline." Despite ongoing demand growth, survey results suggest a reduced willingness to extend business loans among financial institutions, with changes in credit standards suggesting a higher degree of risk aversion. This was evident in the reported tightening of credit standards pertaining to collateralisation requirements and premiums charged over riskier loans.

Arabian Business

Bank lending growth in the UAE slowed to an annual 7 percent in September, the slowest pace since at least February 2014 when the current data series began. Central bank data published by Reuters showed that the growth fell from 8.6 percent in August. It also showed that money supply shrank 0.2 percent year-on-year in September after a 1.2 percent contraction in August. Earlier this month, US lender Citibank claimed it has rejected an increasing number of loan applications since the UAE credit bureau was introduced in the country. The Al Etihad Credit Bureau has prompted a more cautious approach to lending as it allows financial institutions to check consumers’ creditworthiness before lending to them.

The National

UAE banks are becoming increasingly risk averse when weighing loans to businesses, the Central Bank said in its latest credit sentiment report. The Central Bank’s findings confirm what bank executives have been saying in recent months as well as what has been revealed in some third quarter earnings. “Despite ongoing demand growth, survey results suggest a reduced willingness to extend business loans among financial institutions, with changes in credit standards suggesting a higher degree of risk aversion,” the Central Bank said in the results of its third quarter survey, released on Thursday. “This was evident in the reported tightening of credit standards pertaining to collateralisation requirements and premiums charged over riskier loans.”

Arabian Business

The UAE and Saudi Arabia continue to witness stable economic activity despite the challenging macro environment including deflated oil prices, according to the latest Crédit Agricole Private Banking research report. The bank said that while there may be some general negativity around low oil prices and the geopolitical situation, it is yet to translate into really weaker economic activity in these two countries. It said in the UAE, the non-oil private sector has seen improved output and new orders although export orders declined slightly. On the other hand, input costs rose due to both higher costs in regards to labour and materials. As a result of subdued output price increases, company prices were more likely to decline.

Khaleej Times

The growth in financial and business services, trade and logistics, and tourism activity, over the last couple of decades, has played an important role in fuelling Dubai's emergence as a global hub, showed Knight Frank in its 2015 'The Hub Report'. The inaugural research report noted that between 2004 and 2014, manufacturing activity in the UAE increased at an annual average rate of 3.1 per cent, according to World Bank data. Even more significantly, the UAE saw cumulative growth in exports of almost 117 per cent between 2004 and 2014 - around twice as fast as Germany and Singapore. James Lewis, head of Knight Frank Middle East, noted: "Unsurprisingly the impact on real estate has been positive, with higher levels of occupier demand being generated across the office, industrial and hospitality sectors, respectively.

Khaleej Times

Dubai's foreign trade during the first half of 2015 remained stable at Dh652 billion compared to Dh654 billion in the same period last year. According to latest data issued by Dubai Customs, the emirate's exports registered double-digit growth in exports during the January-June period as it reached Dh65 billion from Dh59 billion in the same period last year. Dubai's re-exports and imports also sustained high foreign trade figures during the period despite the turmoil across global markets due to the deflation in oil and commodity prices as well as the fluctuation in the exchange rates of major global currencies. The emirate's first-half imports fell 1.47 per cent to Dh402 billion while year-on-year re-exports dropped by 1.06 per cent at Dh185 billion. Phones and automobiles contributed the lion's share in total non-oil foreign trade with Dh95 billion and Dh35 billion worth of transactions, respectively.

The National

Walking out of the office one fine evening last week as I was enjoying the onset of autumn, I spotted a banker who had managed to pin down a work colleague as he exited the building and passed the car park. The banker was getting him to fill out an application form on the bonnet of an SUV and was watching with a measure of satisfaction. I didn’t have enough time to figure out what the agent of the bank had managed to get my colleague to do, but I could see him filling out his details on an application of one of Abu Dhabi’s biggest banks. It was likely for a credit card or a personal loan, as such practices have been widely reported by residents here. I myself was propositioned by a suited banker last year, a young man who told me that he worked for an agency hired by the bank to roam the scorching streets in search of new customers. I thanked him for the offer and bade him a good day.

Gulf Today

ABU DHABI: Sultan Bin Saeed Al Mansouri, Minister of Economy of the UAE, recently held two separate meetings with his Finnish and Hungarian counterparts to discuss ways to promote economic relations and cooperation with the European two countries on agriculture, food security, small and medium-sized enterprises (SMEs) and other sectors. During his meeting in Finland with Finnish Minister of Economic Affairs, Olli Rehn, in the presence of Ambassador of Finland to the UAE, Riitta Swan, Minister Al Mansouri, noted that according to the UAE’s innovation strategy, health, education, renewable energy, transport, space industry and technology are the main sectors in which the two counties can forge new partnerships.


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