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Sunday 17 - 1 - 2016


 17/01/2016

Gulf Today

ABU DHABI: The first annual meeting of the Undersecretaries of Arab Ministries of Finance, which took place over two consecutive days, concluded today in Abu Dhabi. The meeting covered a number of economic topics in the Arab region, including financial policy coordination between Arab countries, economic, regional and international challenges and future steps to support economic growth in the region, as well as strengthen investment opportunities. The meeting, which was headed by Dr Sulaiman Bin Mohammed Al Turki, Undersecretary of the Saudi Ministry of Finance for International Financial Affairs; witnessed a large participation from undersecretaries and directors of Arab Ministries of Finance. The agenda for the second day included the exchange of experiences and expertise between Arab countries on tax policies and reforms, as well as the latest developments on the forthcoming Arab Fiscal Forum. Commenting on the meeting, Younis Haji Al Khoori, Undersecretary of the Ministry of Finance (MoF) said:

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Gulf News

Abu Dhabi: The introduction of Value-Added Tax (VAT) in the UAE is a step in the right direction for the country’s economy and an inevitable transition, analysts said. Alp Eke, senior economist at the National Bank of Abu Dhabi, said that such initiatives like implementing taxes are becoming “necessary” especially at a time when plunging oil prices highlight the importance of diversification. “The UAE is expected to register a budget deficit of 5-6 per cent of [gross domestic product] in 2015, and revenue-increasing measures such as subsidy removal and taxes are necessary. The UAE must diversify its revenue resources,” he told Gulf News…

In late December, Younis Al Khouri, undersecretary at the UAE’s Ministry of Finance, said that GCC countries have agreed on key issues for implementing VAT in the region.

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Khaleej Times

As the UAE develops its role as a regional hub for trade, finance, transport and tourism, it should intensify policy initiatives to promote diversification amid the current environment of low oil prices and fiscal constraints, the largest Lebanese bank said in its latest economic report. "The UAE continues to benefit from a perceived safe haven status and large fundamental buffers that have helped restrict the adverse spillovers from contracting oil prices, sluggish global growth and volatility in emerging market economies," Bank Audi said.

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Gulf News

Dubai: His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, Satuday announced an upcoming ministerial retreat to look at ways to move the UAE’s economy beyond oil. Posting on his Twitter account, Shaikh Mohammad said that the UAE’s national economy does not now depend on oil, with 70 per cent of GDP coming from non-oil sectors, and that the government will look towards building an economy that is not affected by market fluctuations.

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Gulf Today

ABU DHABI: The Federal National Council (FNC) will hold a Parliamentary Retreat from Jan.23 to 25 to discuss the council’s strategy during the 16th legislative chapter 2015-2019. The Parliamentary Retreat, to be held for the first time under the chairmanship of Dr Amal Abdullah Al Qubaisi, Speaker of the FNC, also aims to outline the vision and the general orientation of the house’s future work. Dr Qubaisi emphasised that for the first time since the establishment of the FNC, an overall strategy will be prepared.

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Gulf News

Dubai: Dubai is increasingly being considered as a safe haven for the world’s growing millionaire or high-net-worth population. The emirate’s local tax regime, robust foreign trade, international fiscal relations and legal framework that allows foreigners 100 per cent business ownership are just some of the reasons that make Dubai an ideal destination for the super-rich, according to analysts.

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Gulf News

Dubai: The impact of low oil prices would remain muted on UAE more than for other GCC countries, Bank of America Merrill Lynch said in a recent report. “The indirect impact through lower regional and domestic liquidity, real estate, external sector and indebtedness would be more pronounced if oil prices remain low for long. In the near-term, we think Dubai should be able to tackle refinancing challenges,” Jean-Michel Saliba, Mena economist, of BofA Merrill Lynch said in a report.

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The National

Amid the strain that UAE banks are likely to face this year as the price of oil falls to its lowest level in more than 13 years, project finance may be one of the brighter spots for lenders. Despite the massive oil decline, state governments in the country are still committed to spending on infrastructure projects as populations keep growing and ahead of Expo 2020 in Dubai, bankers say. “This is a very bright spot,” said Kumar Mahapatra, head of corporate finance at Dubai-based Commercial Bank International.

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Arabian Business

New research has suggested that GCC governments can raise extra revenues worth at least 10 percent of GDP without the need to introduce taxation in the region. Research by Oxford Strategic Consulting for GCC governments found that it is possible to diversify government revenues without taxation even in the face of significant falls in domestic energy prices.

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Arabian Business

The rate of growth in Dubai's non-oil private sector economy slowed significantly in December to its weakest rate since July 2010, according to a new survey. The headline seasonally adjusted Emirates NBD Dubai Economy Tracker Index posted at 51.8 in December, down from 53.4 in November, and signalled only a modest improvement in overall operating conditions.

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Gulf News

The six nations of the Gulf Cooperation Council (GCC) have all agreed that they want to seek closer economic congruity, even if this has not been a major priority and they have not made this target the defining issue of the GCC. Nonetheless, there have been notable economic successes as the six nations have brought their economic and fiscal policies closer, and all GCC member states have benefited economically from the larger market that these steps have created.

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Gulf News

Dubai: Lifting of economic sanctions on Iran could be a boon for the UAE banks that have close ties with businesses in Iran according to the Institute of International Finance (IIF). “The UAE and Lebanon would benefit from the economic rebound in Iran. Given Lebanon’s financial skills and regional ties, it could play an important role in the future financing and channelling of investment needed by the Iranian economy. More foreign companies could be based in Dubai to do business in Iran,” said Garbis Iradian, Chief Economist, Africa/Middle East of Institute of International Finance (IIF).

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