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Monday 25 - 1 - 2016


 25/01/2016

Zawya

Another tool the GCC could call upon in 2016 to balance its books is, of course, tax. Hitherto a fiscal taboo word in the region, it is now openly considered as a viable option to bring in additional revenues. Oman's Shura Council has led the way in the region, voting for increases in corporate taxes to offset its budget deficit…

The move would have had an adverse impact on wage costs for firms as well as reduced the attractiveness of the UAE as a regional financial hub, said Obaid Humaid al Tayer, minister of state for financial affairs.

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The National

A key measure of demand for loans in the UAE has turned negative for the first time since 2014. The Central Bank said a survey that tracks demand for loans in the fourth quarter of last year moved into negative territory for the first time since the bank introduced it in 2014 amid the steepest drop in oil prices since the financial crash. Small businesses and individuals have been shying away from borrowing, and banks have also become more reluctant to lend at a time when bank deposits are dwindling amid lower government revenues from the sale of crude oil.

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Gulf News

In an article published by Gulf News last year, the Chairman of the UAE Banks Federation, AbdulAziz Al Ghurair, highlighted the skills gap as a key challenge for Islamic banks in the UAE and elsewhere. There have been many surveys done by academic and business institutions on this topic in recent years, and they all come to the same conclusion: that unless this gap is bridged, the impressive average annual growth of 15 per cent achieved by the Islamic banking industry in recent years will be undermined.

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Gulf News

Dubai: The UAE Minister of Economy Sultan Bin Saeed Al Mansouri has met with Canada’s Federal Minister of International Trade Christina Alexandra Freeland at Davos, according to a government statement on Sunday. The two ministers discussed strengthening ties between their respective countries, at a meeting on the sidelines of the World Economic Forum. In the meeting, the ministers agreed to hold the first UAE-Canada Joint Economic Committee meeting in Ottawa next September.

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