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Wednesday 27 - 1 - 2016


 27/01/2016

Gulf News

Abu Dhabi: A total of Dh8.2 billion in government services revenues were collected through the e-Dirham system in 2015, marking a 21 per cent increase from the Dh6.78 billion collected in 2014. According to a statement from the Ministry of Finance, the number of e-services grew by eight per cent from 33.46 million to 36.14 million in 2015, while the total number of transactions increase from 15.2 million to 16.7 million — up 10 per cent. Since the launch of the e-Dirham in 2011, a total of Dh21.7 billion were collected.

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The National

Etihad Rail, the developer and operator of the UAE’s national rail network, yesterday confirmed it has suspended the tendering process for the second stage of the project. The announcement comes a week after it said it would cut jobs, citing operations ¬efficiencies. “The company has suspended the current stage two tender process while it reviews the most appropriate options for the timing and delivery of this phase of the project,” Etihad Rail said…

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 compared with the same period in 2014.

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The National

A number of Abu Dhabi government-related entities (GREs) are said to be exploring finance options from international lenders as sources of funding at home become more expensive. Corporate borrowing costs are increasing as deposits in banks dwindle and interest rates rise amid the steepest drop in oil since 2008. The state investment firms Aabar and Mubadala, as well as the telecoms operator Etisalat, are said to each be seeking between US$2 billion and $2.5bn in loans, people familiar with the situation told The National yesterday.

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Gulf News

Dubai: The GCC debt market is expected to show signs of improvement as government tries to plug the deficit, PricewaterhouseCoopers (PwC) said in a statement. Prices of crude oil, on which most of the GCC countries derive its revenues from, have fallen 80 per cent from a high of close to $150 per barrel hit in 2008. This has prompted most of countries to issue conventional bonds and sukuks to plug in widening budget deficits.

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Emirates 24|7

As part of its diversification driver, Sharjah is looking to substantially increase contribution of retail and industrial sectors in the economy over the next few years, said a senior government official. Mariam Al Suwaidi, Deputy Director of Industrial Affairs Section at Sharjah Economic Development Department (Sedd), said the department wants to improve contribution of industrial sector due to its impact at the emirates GDP. Industrial sector now makes up more than 14% and it is predicted to go up to 25% by 2025 through expanding the innovative industries, Al Suwaidi said.

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Gulf News

Dubai: Sultan Bin Saeed Al Mansouri, Minister of Economy, and Richard Colbeck, Australian Minister for Tourism and International Education and Minister Assisting the Minister for Trade and Investment, have discussed means of boosting economic and trade cooperation between the UAE and Australia. During the meeting, which was attended by the Australian Minister’s accompanying delegation, they discussed the outstanding relations between the two countries in various economic fields and ways of enhancing them especially with regard to innovation and scientific research fields.

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Gulf Today

DUBAI: Sultan Bin Saeed Al Mansouri, Minister of Economy, and Lord Mountevans, the Lord Mayor of the City of London, have discussed the excellent relations binding the UAE and Britain and ways of boosting them to better serve the interest of both countries. The meeting, which was held at the offices of the Ministry in Dubai, was attended by Ahmed bin Abdul Aziz Al-Shehhi, Under-Secretary of Economic Affairs at the Ministry of Economy, and Philip Parham, Ambassador of the United Kingdom.

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