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Sunday 10 - 1 - 2016


 10/01/2016

Gulf Today

ABU DHABI: The Ministry of Finance, MoF, has organised an introductory meeting on Gulf Economic Integration at the Ministry of Presidential Affairs in Abu Dhabi to strengthen the UAE’s strategic role in this area. The meeting was held in the presence of Hamad Abdul Rahman Al Madfaa, Secretary-General of the Supreme Council Affairs of the Federation at the Ministry of Presidential Affairs and Younis Haji Al Khoori, Under-Secretary of MoF, along with Ibrahim Al Mahmood and Dr. Ibtisam Al Ketbi, UAE representatives of the advisory committee of GCC countries in addition to being representatives from the afore-mentioned ministries.

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Arabian Business

The UAE’s non-oil private sector ended 2015 on a low note, with business conditions improving at the slowest rate in 40 months, according to a new report. Data from the Emirates NBD UAE Purchasing Managers’ Index survey showed that a key factor weighing on the sector as a whole was relatively muted growth of new work – the pace of expansion was the weakest since August 2011. The survey, sponsored by Emirates NBD and produced by Markit, also revealed that output, employment and input buying rose more slowly, while charges decreased as firms competed to secure new clients.

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CPI Financial

The meeting discussed items on the board’s agendas and made several important decisions toward them. The board has also ratified the previous meeting minutes, and looked at the actions taken by management on the implementation of resolutions and recommendations. The meeting included the authentication of the council for the bank’s budget for the year 2016. The council has also addressed the Nationalization Plan adopted by the Bank for the years 2016-2018, and stressed the importance of polarization local competencies in the overall development process that the UAE experiencing.

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Gulf News

In December, markets in the Mena (Middle East and North Africa) region performed better than developed and emerging markets. The S&P Pan Arab Large Mid Cap Index (with Saudi Arabia capped at 30 per cent) was down only 0.29 per cent for the month. Performance among the Mena markets varied widely, with Saudi Arabia seeing the largest fall and Egypt recording the strongest gain. The overriding focus for investors was the budget announcements of GCC members, which generally indicated a balanced approach between reform and reducing deficits on the one hand, and ensuring a minimal impact on low- to middle-income consumers on the other, with the aim to preserve economic growth though a GCC-wide value added tax is set to come into effect over the next few years.

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Arabian Business

2016 is set to be a year of fiscal prudence with regards to employee salary rises in the GCC with caution being the key word, according to HR agency Mercer Middle East. Its 2015 Total Remuneration Survey reveals that salary increase forecasts for 2016 in the UAE and Qatar are now recorded at 4.9 percent - a figure below 5 percent for the first time in five years. In Saudi Arabia, the country in the region most affected by the sharp decline in oil prices, increases are expected to hover around 5 percent, much lower than the traditional 6 percent seen in the last few years.

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Page last updated : 02/05/2016 10:08 PM