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Sunday 4 - 1 - 2015


The National

The government of Dubai has unveiled a 2015 public expenditure plan for growth and jobs in a deficit-free budget that hits levels not seen since the global financial crisis. The budget was approved by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai. It will lead to the creation of 2,530 jobs for citizens in the emirate. “The human being is the wealth of the nation,” Sheikh Mohammed said. At Dh41 billion, up 9 per cent from last year, the budget will see the biggest public expenditure since 2009. It aims to continue to stimulate economic growth, while “strict financial policies” are expected to produce an operating surplus of Dh3.6bn. The budget comes against the background of falling oil prices which has forced policymakers across the GCC region to rethink their financial forecasts. Oil will account for only 4 per cent of Dubai government revenues, the budget revealed, down 5 per cent from last year. “The budget accordingly does not rely on oil revenues,” a statement from WAM, the government news agency, said.

Khaleej Times

An increasing momentum across all non-oil sectors catapulted the UAE economy into a higher growth trajectory in 2014 in spite of the fallouts of the regional political turbulence and tumbling oil prices on its fiscal and external current account positions. The Arab world’s second largest economy cruised to a better-than-expected 4.8 per cent growth in 2014 on the back of stronger performance by the country’s vibrant sectors including tourism and hospitality, trade and services, aviation, banking and finance, manufacturing and real estate. The International Monetary Fund, or IMF, which revised upward its growth projections for the UAE, Qatar and Saudi Arabia, forecast that irrespective of oil price dip, the UAE’s economy is on track to grow a further 4.5 per cent in 2015, underpinned by its accelerated non-oil diversification, increased government spending and rising foreign direct investment flow.

Emirates 24|7

Islamic banking and finance industry is set for a major growth in 2015, growing by nearly 19 per cent to $2.5 trillion (Dh9.175trn) compared to $2.1trn (Dh7.707trn) in 2014, according to a forecast released on Wednesday by AlHuda Centre of Islamic Banking and Economics (CIBE). Muhammad Zubair Mughal, CEO of CIBE, said Islamic banking share will make up 86%, followed by sukuk at 6%, Islamic fund 4%, Takaful 2% and Islamic microfinance 1%. “2014 proved to be tremendous for Islamic banking and finance industry. It not only exceeded the limit of $2 trillion assets but it also got access to the new markets including various new destinations of European region, Korea, Australia, Brazil, Malta, Argentine, China and many more. “Islamic banking and finance gained the popularity in its traditional markets of e.g. Malaysia, Pakistan and Middle East as well. There are various countries which recently stepped into Islamic banking and finance showed very good progress i.e. Morocco, Tunis, Azerbaijan, Kazakhstan, Libya, Oman and non-Muslim countries including Nigeria, Tanzania and South Africa,” Mughal added.

Gulf News

Dubai: “DubaiFirst” remains the abiding policy for multinational companies when setting up base for the regional headquarters. If anything, this mindset has only been reinforced in recent times. “Which other country [apart from UAE] can you recommend to set up a base?” asks D.Y. Kim, President of LG Gulf. “The country itself is growing, transport and logistics are better and well-placed here. “Saudi Arabia is a very large country but it is difficult to get a visa and business regulations are not as easy as Dubai. Dubai is the easiest place to set up a business,” he said. For Google, too, the UAE is central to the company’s business in the Middle East and North Africa region. “We are seeing more people transfer from other Google offices to Dubai, as it provides an attractive place for them to work in,” according to Joyce Baz, Google’s spokesperson for the Mena (Middle East and North Africa) territory.

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