Welcome to the Ministry of Finance Website
Last Login
  • عربي
  • Accessibility
  • Help
  • Contact Us
  • Sitemap
  • Communication Channels
  • Text to Speech

Wednesday 4 - 11 - 2015


 04/11/2015

Gulf News

Abu Dhabi: The Department of Finance - Abu Dhabi, participated today in the Flag Day celebrations, which coincided with the anniversary of President His Highness Shaikh Khalifa Bin Zayed Al Nahyan’s accession as president of the country. Hamad Al Hurr Al Suwaidi, chairman of the Department of Finance, said, “Flag Day has become an annual celebration that marks pride, loyalty and a sense of belonging to the country and trust in its wise leadership. This day also represents UAE institutions’ commitment to develop the nation and strengthen its position as a beacon of civilisational humanity, pride and glory. The UAE flag will always remain in the hearts of the people and fluttering in our sky, reflecting our nation’s pride and the wise leadership of His Highness Shaikh Khalifa Bin Zayed Al Nahyan.”

Read More

Khaleej Times

The UAE non-oil private sector lost further growth momentum at the start of the fourth quarter with business conditions improving at the least-marked pace in two-and-a-half years, according to a key indicator released on Tuesday. Along with the UAE, Saudi Arabia and Egypt, two of the region's largest economies, registered continued declines. For the UAE, underpinning the slowdown were weaker expansions in output and new orders, but the respective rates of increase were nevertheless robust overall. Employment rose only modestly, as did stocks of purchases. On the price front, total input costs continued to increase solidly, while charges rose only marginally amid reports of competitive pressures, according to Emirates NBD, a leading Dubai-based lender. The Emirates NBD Purchasing Managers' Index for the UAE fell to 54 from 56 in September, the lowest since April 2013, the bank said.

Read More

Reuters

DUBAI - A softening in the United Arab Emirates' economy has led to a surge in small and medium-sized businesses defaulting on debt, dragging on banks' performance and highlighting the need for a new bankruptcy law. In a country where a bounced cheque risks landing the issuer in jail, there have been hundreds of recent cases of expatriate business owners fleeing the country, or "skipping", with unpaid debts, banking sources say. Others who remain have defaulted on debt and in some cases been arrested. Bankers estimate the total amount of defaults in the past three to four months at 3 billion-4 billion dirhams ($817 million-$1 billion), up significantly from a year ago. SMEs contribute 60 percent of UAE's gross domestic product but banks have long seen them as risky, partly because of their sometimes poor accounting standards.

Read More

Gulf News

Kuala Lumpur: About 35 per cent of the Small and Medium Enterprises (SMEs) in the Middle East and North Africa are excluded from the formal banking sector, with an Islamic financing gap of $13 billion (Dh47.73 billion), Malaysian Prime Minister Najib Razak said on Tuesday. Addressing more than 3,000 delegates at the Kuala Lumpur Convention Centre, Razak stressed on the importance of SMEs, and the role they play in the Malaysian economy, contributing more than 36 per cent of the country’s GDP (Gross Domestic Product) and nearly a fifth of its exports. Across the Islamic world, there exist millions of small and medium enterprises, and they a lack of funding is among their majory challenges, Razak said. “Given their size, SMEs require greater assistance in terms of financial and other resources.

Read More

Gulf News

Abu Dhabi: Almost 134,000 fine payment transactions have been conducted via the Ministry of Interior smart application and its website between October 2014 and September this year. “Customers have several channels to pay their traffic obligations without needing to visit a service centre,” said Lt Col Faisal Mohammad Al Shimmari, Executive Director of the ministry’s Smart Government Programme. “Customers are able to access their inquiries regarding traffic fines or traffic files for individuals and businesses.”

Read More

Khaleej Times

UAE consumer confidence decreased in the third quarter, marking the second consecutive quarterly drop. At 107, this is the lowest score for the country since 2013, according to the Nielsen Consumer Confidence Index. The Index measures perceptions of local job prospects, personal finances and immediate spending intentions among more than 30,000 respondents in 61 countries. Consumer confidence levels above and below a baseline of 100 indicate degrees of optimism and pessimism, respectively. "The UAE's economy is showing signs of softening," said Arslan Ashraf, managing director, Nielsen Arabian Peninsula. Lower oil prices and weaker macroeconomic fundamentals regionally as well as globally have impacted the sentiments of UAE's consumer confidence.

Read More


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