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Thursday 21 - 1 - 2016


 21/01/2016

Gulf News

Dubai: The UAE Central Bank has removed waivers given to foreign banks allowing them to use their group’s capital reserves to calculate lending to the government and state-owned entities, sources aware of the matter told Reuters. The change, related to 2012 legislation to counter dangers to the country’s banking system from lenders accumulating large exposures to single borrowers, means foreign banks can only use the reserves of their locally-registered units to calculate lending limits.

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Gulf Today

DUBAI: The assets of the UAE banking sector grew by 7 per cent to Dhs2.47 trillion last year, up from Dhs2.31 trillion by the end of 2014. The data of the UAE Central Bank showed that the total bank assets rose by 1.2 per cent last month from Dhs2.45 trillion by the end of November 2015. Bank deposits grew by around 3.5 per cent or Dhs49 billion last year to Dhs1.47 trillion by the end of December, up from Dhs1.42 trillion by the end of 2014.

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Arabian Business

Cutting government spending and reducing subsidies are necessary steps for oil-rich Gulf nations to adjust to the “new reality” of lower crude prices, though they will also squeeze economic growth in the short-term, according to the International Monetary Fund. The IMF warned in October that Saudi Arabia, Oman and Bahrain risked draining financial assets within five years if governments maintained their existing spending.

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Gulf News

Oil price volatility has put a spotlight on governments’ fiscal management across the Gulf. Governments are faced with the reality of reduced budgets and the task of tightening their grip on finances. Ordinarily, this would translate into a substantial scaling back of public sector spending. However, the political and social imperative of demographic changes that necessitate investment in critical infrastructure (roads, cities, health care and education) and the push for diversification means GCC governments will continue to spend.

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Gulf News

Dubai: The overall creditworthiness of Middle East and North Africa (MENA) sovereigns, including the GCC sovereigns has deteriorated over past six months with Saudi Arabia, Oman and Bahrain facing negative rating outlook in the context of rising fiscal pressures, according to rating agency Standard & Poor’s. Assuming average crude prices of $45 (Dh165) for the current year, S&P expects current ratings and outlooks to hold for GCC countries as many of them continue to retain substantial government reserves and have initiated fiscal reforms to balance budgets and contain reserve erosion.

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The National

Arabian Gulf nations whose currencies are pegged to the US dollar are unlikely to abandon them as oil hits 12-year lows, says a top ratings agency. They will instead focus on reducing spending, according to Standard & Poor’s. At the same time, S&P said that the overall creditworthiness of Middle East sovereigns had deteriorated in the past six months as fiscal deficits rise and countries in the region burn through cash reserves as deposits from oil dwindle.

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Khaleej Times

The UAE has ranked first in the world in public trust in government, according to the report published by the New York-based Edelman Trust Barometer for this year. "I'm very happy again that the UAE has secured the first place worldwide in public trust in the government," His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, said on his Twitter page on Tuesday.

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Gulf Today

SHARJAH: Business leaders from the Middle East North Africa Region gathering at the World Economic Forum in Davos this year are calling for greater economic reforms in the Arab World in order to lower dependence on oil, reduce the burden on government budgets, and unlock stronger economic growth and job creation through private sector investments. This comes as the IMF reports average economic growth slowing to below 3 per cent in the Middle East, with fiscal deficits close to 15 per cent.

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