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Wednesday 14 - 10 - 2015


Khaleej Times

The total automatically collected amounts of revenues by the Federal Government via the eDirham system in the first nine months of 2015 was more than Dh6 billion, up 15 per cent from Dh5.1 billion in the same period of 2014. The total number of electronic services that has been completed through the eDirham system since the beginning of 2015 rose eight per cent to 27.3 million compared to around 25.1 million services in the same period last year. The total number of transactions conducted through the system during the first three quarters of 2015 increased nine per cent to more than 12.5 million transactions, compared to 11.4 transactions conducted through the system in the same period 2014. Also, the number of sold eDirham cards had increased to 1.6 million cards by the end of September 2015. Saeed Rashid AlYateem, Assistant Undersecretary for the Resources and Budget Sector at the UAE Ministry of Finance, said: "The remarkable increment in the number of transactions by eDirham reflects the up-tick of turnout to use the system as a convenient mean of making payment for public services and revenue collection by government entities, private companies as well as individuals".

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Gulf Today

DUBAI: The Department of Economic Development (DED) in Dubai has launched three new services under a ‘Hassle-Free’ initiative in order to simplify procedures for business owners. The three new services — ‘Starting a business,’ ‘Automatic renewal,’ and ‘Special advisor’ — are part of DED’s strategy to develop vital economic sectors, boost investor confidence and promote competitiveness thereby strengthening Dubai’s position as a competitive and sustainable business hub. The new services were announced at a press conference held on Tuesday in the presence of Sami Al Qamzi, Director General of DED, and Omar Bushahab, Chief Executive Officer of Business Registration & Licensing (BRL) sector in DED. Senior executives of major business groups, shopping malls and service centres in Dubai were also present.

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Arabian Business

Liquidity in the United Arab Emirates banking sector is still good and the government has adequate means to manage liquidity, the chief executive of Dubai's Mashreq bank said on Tuesday. "Our government has lots of resources to manage the liquidity," Abdul Aziz al-Ghurair, who is also chairman of the UAE Banks Federation, told reporters on the sidelines of a conference in Dubai. He said Mashreq had no immediate plans to issue bonds.

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Gulf News

Dubai: Islamic assets under management worldwide are likely to grow to $77 billion in 2019 from the current $60 billion but this remains only a tiny fraction of the $2 trillion global fund pool. “It’s a small number compared to the global size, and it demonstrates that it’s a boutique industry globally,” said Zak Hydari, chief executive officer of the European Islamic Investment Bank (EIIB)-Rasmala, adding “the aim is to take that $60 billion and grow that number.” Most of the funds are sub-scale as the $60 billion worth of managed assets are divided into hundreds of funds, with the average size of each around $20-30 million.

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The National

More than half of the family businesses in the region will split because of lax planning for successions, warned Abdul Aziz Al Ghurair yesterday. He was speaking at the launch of an inaugural study by the Gulf Family Business Council, of which he is the chairman, conducted among 25 of the largest family-owned businesses in the region. Collectively they generate US$100 billion in revenues annually. Although the 25 companies were not named, it was revealed that nine of the firms were based in Saudi Arabia, eight in the UAE with the rest spread across the GCC area. Mr Al Ghurair, who is also the chief executive of Mashreq Bank, said family businesses need to face tough realities.

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The National

A Sharia-compliant UAE pension scheme would be a major boon to the country’s Islamic asset management industry, Islamic finance experts said. The Islamic asset management industry, mostly based in Saudi Arabia and Malaysia, has about US$60.7 billion in assets under management. But the global pensions industry manages assets exceeding $30 trillion, and virtually none of this business is directed towards Sharia-compliant asset managers. A report from the European Islamic Investment Bank, or EIIB-Rasmala, yesterday claimed that about half of the funds that would otherwise be directed towards the UAE’s asset management industry went offshore instead. “Most GCC nationals lack the opportunity to choose whether their pension should be invested in a conventional or Sharia-compliant manner,” the report said. “Developing a robust pension industry in the GCC, centred around Dubai as an asset management hub, would allow substantial growth in the Islamic asset management industry.”

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Khaleej Times

Governments can start making people aware of what they are eating and think about taxing 'bad choices' to create a healthy society, a summit heard on Tuesday. In the Middle East and North Africa (Mena), non-communicable diseases account for 75 per cent of its mortality rate. Tobacco taxation and compulsory nutritional food labelling are two of the main interventions needed to decrease the number of non-communicable diseases in this region. The UAE and surrounding countries need to do a lot more in the area of applied research to meet this precarious situation, according to Dr Sameen Siddiqi, Director for Department of Health System Development at the WHO, Eastern Mediterranean Regional Office (WHO EMRO),

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Page last updated : 02/05/2016 10:18 PM