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Sunday 24 - 1 - 2016


 24/01/2016

Arabian Business

A member of Oman’s Shura economic committee has said value added tax (VAT) will be introduced in the sultanate by the middle of next year, in the latest indication that GCC states will speed up discussions on the tax and reach an agreement soon. Authorities have been in talks for some years over the possible introduction of a Gulf-wide VAT on goods and services. However, as yet, the plans are yet to be finalised. Younis Haji Al Khouri, the UAE finance minister undersecretary, said last week that the tax is expected to be introduced in 2018, at a rate of between three and five percent.

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Khaleej Times

dubai - Businesses in the UAE will adopt a cautious approach to sustain a steady growth trend in 2016 despite a slowdown in the global economy in the wake of record-low oil prices and the geopolitical situation in the region. Talking to Khaleej Times, industry experts said the UAE economy will stay resilient to headwinds posed by volatile oil and equities, tight liquidity and slowdown in Europe, China and emerging markets. They expressed confidence in the government's economic diversification policies and said the state's continued investment in infrastructure projects will keep the economy on growth trajectory in 2016.

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The National

The IMF has again cut the UAE’s growth forecast for this year on collapsing oil prices, a worsening Chinese economy and looming regional public spending cuts. The UAE will grow at 2.6 per cent this year, a cut of 0.5 of a percentage point against the fund’s October projection of 3.1 per cent growth, and the slowest growth rate the country has experienced since 2010. The UAE’s fiscal deficit is expected to widen to 7.5 per cent of GDP, the fund expects, but will depend heavily on what happens to the oil price this year. The IMF had forecast a deficit for this year of 4 per cent.

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Gulf News

SME lenders have had a nightmarish seven months. So have SMEs. The good borrowers have been swept up in the collective backlash from banks, reeling from bad and doubtful debts caused by fraudulent borrowers. Last year was an annus horribilis indeed — a deteriorating macroeconomic environment causing overleveraged and fraudulent borrowers to collapse and genuine businesses to be hit with a liquidity crunch resulting from poor market conditions.

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The National

The year 2015 marked one of the worst years for oil prices and resulting government revenues; the backbone on which most of the GCC economies ride. For the year now taking shape, three main risks loom for the GCC economies: oil’s continuing slide, the draining of liquidity, and China’s slowdown.

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The National

The tightening of government budgets as revenue declines and the continued need for infrastructure development means public-private partnership (PPP) schemes are finally coming into fruition across the region, experts said. Already, PPP is being used for a project by Dubai’s Roads and Transport Authority to redevelop Union Square and is being considered as a method for funding Route 2020 – the project to extend Dubai’s Metro from Jebel Ali to the Expo 2020 site – even though Dubai’s PPP legislation only came into force on November 19.

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Khaleej Times

We all start the year, setting out goals for the next 12 months. According to the research institute Statistic Brain, the top resolution at the start of 2015 was to lose weight. But while getting organised took second place, spending less and saving more took third position. This is no surprise; financial resolutions such as saving more, cutting back on debt and reducing credit card spend are standard - but sticking to those plans is harder than making them. With many of us likely to abandon our goals by the end of this month, here are five tips to help you stick to your New Year's financial resolutions:

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Gulf Today

DAVOS // The UAE will extend its economic diversification strategy by removing further subsidies on energy, Suhail Al Mazrouei, the UAE’s Energy Minister, told the World Economic Forum in Davos. In particular, Mr Al Mazrouei said he was planning to scrap subsidies on electricity and on gas sold to power generators. “We need to think about major reforms to make the budget less dependent on the oil price, and to build an economy that is vibrant but also taking advantage of the lower oil prices,” he said.

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