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Tuesday 26 - 1 - 2016


 26/01/2016

Gulf News

The Undersecretaries of Arab Ministries of Finance met Jan. 13 and 14 in Abu Dhabi to discuss a number of issues facing economies in the Middle East. Major topics included uniting Arab economies through financial policy, challenges facing regional and international markets and investment opportunities. Above all, the undersecretaries looked for opportunities to collaborate and support one another, in the hope of lifting the region's overall economy. "The ministry continues its efforts to strengthen ties between the UAE and various countries across the world as well as regional and international financial institutions," Undersecretary of the Ministry of Finance Younis Al Khoori said.

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Gulf Today

DUBAI: UAE Minister of Finance and Deputy Ruler of Dubai Sheikh Hamdan Bin Rashid Al Maktoum inaugurated the 41st edition of the “Arab Health Exhibition and Congress,” otherwise known as the “Arab Health Week (AHW)” on Monday morning at the Dubai World Trade Centre. Accompanied by top level officials from the UAE Ministry of Health (MoH) led by Minister Abdul Rahman Mohammed Al Owais and the health regulatory bodies, Sheikh Hamdan toured the pavilions of at least 25 participating countries. At the exhibition until Jan. 28 are booths of over 4,000 companies from various parts of the globe, consisting of healthcare industry players such as hospitals, medical and dental supply manufacturers or dealers and even uniform providers.

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CPI Financial

Capital Intelligence (CI), the international credit rating agency, today announced that it has affirmed the United Arab Emirates’ (UAE) Long-Term Foreign and Local Currency Sovereign Ratings of ‘AA-’ and its Short-Term Foreign and Local Currency Sovereign Ratings of ‘A1+’. The Outlook for the ratings is ‘Stable’. The UAE’s ratings reflect the overall strength of the country’s external position and the resultant capacity to absorb economic shocks, as well as moderate levels of public debt. The ratings also take into account the vast hydrocarbon reserves and financial assets of the government of Abu Dhabi, and CI’s expectation that the emirate would be willing to support federal institutions in the unlikely event of financial distress.

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Gulf News

Abu Dhabi: Experts are saying that financial institutions need to fully comply with anti-money laundering regulations in the wake of recent cancellation of licence of a Dubai-based money exchange centre by Central Bank of the UAE. “The recent regulatory action has reiterated the need for Financial Institutions to fully comply with Anti-Money Laundering regulations,” said Waheed Rathore, Chief Compliance Officer at Abu Dhabi Commercial Bank. “Institutions are expected to act swiftly and effectively in order to manage evolving risks in the business environment. Credibility of UAE financial sector is of paramount importance, the message is clear,” he added.

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The National

The chief of Abu Dhabi’s biggest bank said non-performing loans (NPL) in the financial system were still at low levels, despite some lenders reporting rising impairments. He also dismissed fears of rising defaults among small businesses as exaggerated. “NPLs are at very low levels at the moment,” Alex Thursby, the chief executive of National Bank of Abu Dhabi, said yesterday on the sidelines of the 10th GCC Regulators Summit in the capital. “There will be some stress in the marketplace, but I think it is going to be limited stress,” he said.

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The National

UAE banks are starting to feel the pain from tumbling oil prices and a slowing economy. While there have been indications of lower loan growth and rising defaults amid job cuts and reports of small businesses going bankrupt, the fourth-quarter results are starting to show the extent of the bad debt that has accumulated. Sharjah-based United Arab Bank (UAB) yesterday said it booked a loss of Dh166 million in 2015 as bad debts piled up after years of risky lending to SMEs unravelled in the economic downturn.

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Khaleej Times

The Arab world's wealthy families look to double investment portfolios in international markets after a record low in oil prices. It's an opportunity for private banks in the Middle East to manage their fortune abroad. Despite falling crude price, the number of millionaires in Saudi Arabia is expected to increase 70 per cent by 2020, according to Credit Suisse Group. Citigroup sees assets managed by its private banking business in the region will grow by more than 20 per cent in 2016 as the region's wealthiest families use institutions to shift more of their investments overseas amid the slump in oil prices.

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