Welcome to the Ministry of Finance Website
Last Login
  • عربي
  • Accessibility
  • Help
  • Contact Us
  • Sitemap
  • Communication Channels
  • Text to Speech

Monday 18 - 1 - 2016


 18/01/2016

The National

Etihad Rail said it is streamlining operations including a number of job cuts as it seeks greater efficiencies. The operator, which is developing the country’s Dh40 billion, 1,200-kilometre rail network,has completed the 266km first stage, with freight trains transporting sulphur from Shah and Habshan to Ruwais for export. The tenders for the 628km second stage, which links Khalifa and Jebel Ali ports to the Saudi and Omani borders, are expected to be awarded soon…

In October, the UAE announced a trimmed federal budget for this year and last month Ministry of Finance data showed that government spending fell by 21.6 per cent in the three months to September against the same period in 2014. And Saudi Arabia will this year cut spending on transport and infrastructure by 63 per cent in a bid to reduce its deficit.

Read More

AMO Info

The Central Bank of the United Arab Emirates said dirham-denominated deposits continue to report strong growth, especially in the past two years. The bank said deposits in the local currency amounted to AED906.4 billion at the end of November 2015, comprising 72.5 per cent of the total value of deposits with the local banking system, which stood at AED1.25 trillion. According to central bank’s data, deposits denominated in the local currency picked up by 2.7 per cent in the first eleven months of the current year and by 0.9 per cent in November.

Read More

Gulf News

Dubai: Starting this week, the UAE’s banking sector will start reporting their annual results showing signs of strains on profitability and weakening asset quality as a result of the prolonged slump in oil prices and declining asset prices. The third-quarter results reported by leading UAE banks had indications of a gradual slowdown in lending, profit growth and some signs of weakening credit quality. While nine month figures show continued growth in earnings supported by both interest and non-interest income, a closer look at the quarterly performance points to challenges in the banking sector.

Read More

Gulf News

Dubai: Iran’s economy has entered a new era of sanctions-free trade and economic relations with global economies, opening its doors to new business opportunities. Despite the current diplomatic tensions between Iran and the GCC, the GCC countries in general and the UAE in particular is expected to benefit immensely from a sanctions-free Iran. Analysts expect a number of non-oil sectors to benefit, including transportation and logistics, banking, tourism and trade, which should benefit particularly from any strengthening in Iranian demand.

Read More

Gulf News

The UAE economy today is better prepared for the new world order of lower oil prices versus the previous oil price shock in 2008-09. To withstand this shock better, not only has it built in sufficient economic buffers (IMF estimates low external debt level of 49 per cent of GDP in 2014 and reserves exceeding standard adequacy levels) but has also taken decisive steps towards diversifying its economy. High capital expenditure towards building infrastructure to promote trade, tourism and construction has had a multiplier effect on growth.

Read More

Gulf News

As the price of oil continues to fall, those nations whose gross domestic product (GDP) has relied on its revenues are being forced to diversify their economies. Naturally, the only real way to fill the void left by lost oil revenue is taxation. But how will the implementation of value-added tax (VAT) affect you? Guides has picked through this Gulf News report and highlighted the important facts that you need to know.

Read More

Gulf News

Dubai: Collapse of global oil prices and the bleak outlook for recovery in the near future has given rise to wide speculation in the forex markets that at least some GCC countries may not be able to hold on to their currencies pegs to the dollar for very long. The weakness of oil prices combined with the strength of the US dollar has given rise to speculation in the forwards market that Saudi Arabia in particular may adjust or abandon its long-standing currency peg against the dollar.

Read More

Gulf News

Dubai: Dubai’s inflation rate for 2015 was at 3.99 per cent compared to 3.37 in 2014, according to a report from the Dubai Statistics Centre on Sunday. This was due to a year-on-year increase in the prices of furnishings, household equipment and routine household maintenance by 7.64 per cent. Prices of housing, water, electricity, gas, and other fuels rose by 7 per cent, tobacco by 4.67 per cent, and clothing and footwear by 4.14 per cent.

Read More


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