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Sunday 20 - 12 - 2015


 20/12/2015

Khaleej Times

In the short term, interest and profit rates for the banking sector are set to rise after the Central Bank of the UAE's intervention of hiking the interest rate applied to certificates of deposit by 25 basis points. "The rate hike is expected to be at small increments of 25pbs possibly twice during 2016," says Alp Eke, a senior economist at National Bank of Abu Dhabi. "Most of the customers are aware of possible future hikes and would prefer short term deposits, instead of long term."

Gulf News

Dubai: GCC States including the UAE, Saudi Arabia, Kuwait and Bahrain have raised interest rates on Thursday by 25 basis points following the Fed rate on Wednesday. While GCC countries such as Saudi Arabia, Bahrain, Qatar, Oman and the UAE have their currencies pegged to the US dollar, Kuwait’s dinar is linked to a basket of major currencies dominated (about 70 per cent) by the dollar. GCC central banks follow the Fed lead in interest rates despite the sharp decline in oil prices and forecasts of a sluggish economic growth.

CPI Financial

Farhad Irani, Executive Vice President, Head of Retail Banking Group, Mashreq discusses the UAE’s financial situation and the challenges and opportunities ahead for banks. Banks in the UAE are having to tighten their belts, according to Farhad Irani, Executive Vice President and Head of Retail Banking Group, Mashreq, as the entire UAE economy begins to head into a consolidation phase. One of the largest areas of risk is in the SME fold, with Mashreq CEO Abdul Aziz Al Ghurair reported as saying at the UAE Banks Forum in November, that there will be $5 billion worth of skips in 2015, according to Reuters.

Khaleej Times

The significant fall in oil prices and the rate hike by the US Fed have once again highlighted the concerns of liquidity in the banking sector. The UAE banking sector had witnessed a loan growth of more than seven per cent YTD in the first 10 months of 2015. There was improvement in demand growth among large firms for conventional loans. An improvement for resident loans was also evident among both expats and locals. Demand growth within the SME segment softened while demand for credit from non-resident and government-related enterprises (GREs) also fell.

Arabian Business

Dubai's private sector saw a modest rebound in business conditions during November, with output, new orders and employment all expanding at a faster pace than in the previous month, according to a new report. The headline seasonally adjusted Emirates NBD Dubai Economy Tracker Index of the non-oil economy picked up from 51.9 in October to 53.4 in November. The latest reading was comfortably above the neutral 50.0 value, but signalled a slower pace of improvement than the average of 55.3 since the series began in 2010.

Gulf News

Sultan Much has been written about the limited sources of finance for SMEs. Basically, except for banks and some finance companies, there are no meaningful sources of debt capital in the UAE. The SME sector is still severely under-banked in the appropriate manner; structured working capital facilities are still in short supply. And there was no shortage, until now, of unsecured, simple business loans given away freely.

Khaleej Times

Bond bankers are scrambling to secure business from Gulf sovereigns, which are expected to engage in record breaking fundraising next year to cover widening fiscal deficits. Countries in the Gulf Cooperation Council are tipped to need more than $250 billion over the next two years, through a variety of means, as they seek to combat the effects of sliding oil prices. "We now estimate that the aggregate fiscal deficit of the GCC in 2015-2016 will be close to $265 billion, higher than previously estimated," Mathias Angonin, an analyst in Moody's sovereign risk group, told IFR. "This does not include debt that needs to be refinanced, so the financing needs will likely be higher than that."

Gulf News

Dubai: The value of mergers and acquisitions in the Middle and North Africa region is expected to fall to $19.9 billion (Dh73 billion) in 2015, from $27.07 billion in 2014, Andrew Schoorlemmer, Middle East head of corporate at international law firm Allen and Overy, said on Thursday. The region has seen 168 deals so far this year compared to 220 in 2014, with the majority in the health care, technology, media and telecommunication sectors. Despite geopolitical and economic problems faced by the region, such as lower oil prices, the mergers and acquisitions market has not been under pressure, according to the firm.

Gulf News

Abu Dhabi: Statistics Centre — Abu Dhabi on Sunday issued its monthly report on the consumer price index (CPI) and the inflation rate in the Emirate of Abu Dhabi for November 2015, compared with the previous month. The report analyses the CPI calculations for the period under review, with the year 2007 fixed as the base year. It also details CPI results by welfare levels, household types and geographical region. As monthly price data reveal, consumer prices nudged down 0.2 per cent in November 2015 compared with October 2015.

Gulf News

Dubai: Three new decrees, which go into effect beginning of next year, will promote the transition to a knowledge-based economy while meeting international labour standards, the Minister of Labour, Saqr Ghobash, revealed on Saturday. Ghobash said that the stability the “Labour market is a reflection of the stability of the working relationship between both employers and employees, something which is expected to be reinforced by the transparency of the unified contracts.

Gulf News

Some of the Gulf economies have been quick to benefit from the implementation of the common market, which commenced in 2008 after its formal adoption at the GCC Summit in Doha in 2007. are faster than other member states with regards to benefiting from implementation of the Gulf Common Market (GCM) project. Strong statistics released in conjunction with convening of the 36th GCC summit held in Riyadh support this assertion.

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Page last updated : 02/05/2016 10:25 PM