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Sunday 8 - 11 - 2015


 08/11/2015

Gulf News

Abu Dhabi: Obaid Humaid Al Tayer, Minister of State for Financial Affairs, is heading the UAE delegation to the meeting of the financial and economic cooperation committee of the Cooperation Council for the Arab States of the Gulf (GCC) and the joint meeting of finance ministers with the Board of Governors and the Managing Director of the International Monetary Fund (IMF), to be held on November 8 in Doha, Qatar. The UAE delegation includes Mubarak Rashid Khamis Al Mansouri, UAE Central Bank Governor; Younis Haji Al Khoori, Undersecretary of the Ministry of Finance (MoF); Khalid Ali Al Bustani, Assistant Undersecretary of International Financial Relations at MoF, along with a number of experts from MoF, Ministry of Foreign Affairs, Ministry of Economy, Federal Customs Authority and UAE Central Bank.

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Gulf News

Stockholm: The UAE and Sweden signed an agreement on the exchange of information for tax purposes today in Stockholm, which was the last stop in the weeklong tour of Scandinavian countries by a UAE delegation. The agreement was signed by Obaid Humaid Al Tayer, Minister of State for Financial Affairs, who is heading the UAE delegation on a visit to the Scandinavian countries, and Per Bolund, Swedish Minister for Financial Markets and Consumer Affairs. Present during the signing were the UAE Ambassador to Sweden, Eashid Sultan Al Kaitoub Al Nuaimi, and a number of UAE and Swedish officials. Al Tayer stressed that this visit reflects the UAE government’s commitment to strengthen and expand its trade relations with various countries across the world, especially Scandinavian countries.

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Khaleej Times

The UAE and Denmark signed an agreement on Thursday on the exchange of information for tax purposes during the UAE delegation tour to Scandinavian countries. As part of its strategy to enhance the UAE's relations with different trade partners, the Ministry of Finance's (MoF) delegation, headed by Obaid Humaid Al Tayer, Minister of State for Financial Affairs, began on Wednesday its official visit to the Capital of Denmark, Copenhagen. The agreement was signed by Obaid Humaid Al Tayer and Karsten Lauritzen, Danish Minister for Taxation, in the presence of Rashid Al Suwaidi, Charge d'Affaires of the UAE Embassy in Sweden, Morten Lynge, consul-general and Regional Trade Coordinator in the Middle East, and a number of the ministry's senior officials.

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Khaleej Times

The non-resident deposits at the banks in the country rose 19.6 per cent year-on-year in the third quarter of the year ended September 30, to benefit from the tax-free interest rates. Non-resident deposits increased by 19.6 per cent year-on-year, to Dh158.5 billion, at the end of the third quarter of 2014. Non-resident deposits have been on an increasing trend," said Alp Eke senior economist at National Bank of Abu Dhabi. "In my opinion higher number of UAE located, non-residents are choosing to deposit funds here because of tax free interest rates offered by the local banks," the economist said. Commercial institutions account for the highest share of non-residents deposits, he said. Customer deposits of resident and non-resident customers also increased by 1.6 per cent, reaching Dh1.44 trillion.

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Khaleej Times

The GCC region in 2016 will generate a modest economic rebound for most countries at 3.7 per cent after facing tough year in 2015 - GDP growth of three per cent, said Paris headquartered Euler Hermes on Thursday. The optimism is supported by its claim that there might be a slight rebound in oil prices - forecast to reach $60/barrel and supported by strong financial assets - as four of the top 10 sovereign wealth funds globally are based in the GCC. "The current economic situation is an opportunity for GCC countries to press ahead with diversification - not just away from energy, but also within the energy sector itself. Given climatic and meteorological conditions, and the current appetite for policies promoting the green economy, solar energy is high on the list such as Solar GCC Alliance.

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Khaleej Times

It is important when assessing GCC banks' risk profile, to recognise its dependence on developments on oil sector. Its dependence on oil led to credit portfolios that have large correlations with government expenditures, which in turn are correlated with oil developments. As a result, banks' portfolios do not benefit as much from the potential diversification that lending to different sectors of the economy would usually provide. Rather, most sectors are ultimately driven by government spending. The contract financing risks on projects may increase if there are delay in funding by government. The geographic distribution of banks' credit exposures is also concentrated in the GCC region contributing to the oil exposure of banks. Consequently, GCC banks' net income is highly correlated with oil-driven fiscal developments. This implies that the oil price is a significant risk factor driving credit default and with low oil prices the risk of credit default by counterparties has increased.

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Khaleej Times

Living in a city where a moment sitting at home on the sofa feels like a moment wasted, it's all too easy to experience debt. The cost of socialising in the UAE is relatively high - most of us think nothing of paying around Dh500 for brunch - and that's without throwing in the general cost of living and the ever-increasing rent prices. Dewa, phone bills, running a car and the ongoing need to buy the latest gadgets and gizmos are all costs which quickly add up and, as a consequence, more and more people are falling into the trap of borrowing money thinking it's a 'quick fix' to help them get back afloat. Whether it's from a credit card, bank loan or even family or friends, borrowed money always needs to be paid back and all too frequently, despite best efforts, this 'paying back' can quickly become a problem and a struggle. Missing payments on credit cards and loans leads to fees and charges being added to the debt, which only worsens the original problem.

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Gulf News

Dubai: An estimated $1 trillion in assets will be transferred to the next generation of family owned companies over the next decade in the Middle East. The handover from the first to the second generation, and increasingly, the second to third generation will have tremendous implications on the sustainability and growth of these companies. Management consultants and experts in family business say the region’s businesses need to incorporate a legal structure that best fits their succession plan, unique family dynamics, and goals. “Empowering different generations within the family are a key factor determining the confidence and, ultimately, the success of a family business,” said Richard Jolly, Adjunct Professor of Organisational Behaviour at London Business School.

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Gulf News

Abu Dhabi: UAE Economy Minister, Sultan Bin Saeed Al Mansouri, the Minister of Industry and Trade of the Czech Republic Jan Mladek and his accompanying delegation. During the meeting, they discussed bilateral relations between the two countries in the light of the results of the recent visit by the UAE delegation to Czech Republic. The two sides discussed the joint cooperation agreement between the two countries which includes outlining frameworks identification of partnership in the economic fields of interest. They also reviewed prospects of development of bilateral relations.

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