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Sunday 31 - 1 - 2016


 31/01/2016

Gulf News

Dubai: The UAE leaders met Saturday to take part in brain-storming sessions on the post-oil economy at Bab Al Shams Desert Resort in Dubai. During the retreat, four working groups that included ministers, experts and general managers were formed to propose ideas and discuss initiatives. The ministerial retreat was held in the presence of His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai and His Highness Shaikh Mohammad Bin Zayed Al Nahyan, Abu Dhabi Crown Prince and Deputy Supreme Commander of the UAE Armed Forces.​​​

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Gulf News

Abu Dhabi: Abu Dhabi’s Gross Domestic Product (GDP) reached Dh209 billion in the third quarter of 2015 (at current prices) and roughly Dh200 billion at constant prices. The figure marks a 5.5 per cent increase over the Dh189.6 billion recorded in the third quarter of 2014 (in constant prices). According to estimates by the Statistics Centre — Abu Dhabi (Scad), non-oil activities contributed to a growth rate of 11.8 per cent in the emirate’s GDP at current prices, and a 7.1 per cent increase at constant prices during the third quarter of 2015 compared to the same quarter in 2014.

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Arabian Business

Emirates Development Bank has signed an agreement of cooperation with Banco Nacional De Comercio Exterior (Bancomext), Mexico’s state owned development bank, to strengthen trade and economic ties between the UAE and Mexico. The agreement was signed on the sidelines of UAE-Mexico Business Forum held at Jumeirah Mina A’Salam Hotel in Dubai as part of an official visit by Government of Mexico to the UAE led by President Enrique Pena Nieto. The purpose of the agreement will be to help develop long-term friendly cooperation relationships between the banks in order to promote cooperation between the UAE and Mexico to facilitate opportunities for trade and commerce, a statement said.

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The National

The UAE and Qatar lead the Middle East in use of the yuan in direct payments with China and Hong Kong, according to the financial messaging firm Swift. Last year, the UAE’s use of renminbi or yuan comprised 74 per cent of all payments by value to China and Hong Kong, up by 52 per cent from 2014. In Qatar, it accounted for 60 per cent, up more than twofold in the same period. The yuan’s use has been boosted by a number of agreements signed last year. In 2015, Qatar became the first country in the Middle East to host a yuan clearing and settlement facility, after a deal between the Qatar Central Bank and the People’s Bank of China.

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Gulf News

Efforts to enhance transparency are paying off for the Gulf states, with no exception. Such transparency — and fighting perceived corrupt practices — is vital to entice foreign investments, deemed essential to compensate for the drop in revenues from oil. Fortunately, the recently-released 2015 Corruption Perceptions Index (CPI) assigns high scores to all Gulf countries, and notably Qatar and the UAE. Kuwait made the biggest improvement, by 12 notches, ostensibly reflecting the cooperation between the cabinet and elected assembly.

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Arabian Business

The Department of Economic Development (DED) in Dubai issued 22,691 business licences in 2015, an increase of 17.4 percent compared the total number of licenses issued in 2014. The government body said the increase is a "clear indication" that Dubai remains an attractive destination for companies and investors due to robust economic activity prevailing in key economic sectors in the emirate. The latest figures also represent a 75 percent increase in new licences issued between 2010 and 2015, at an annual average of 15 percent.

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Page last updated : 13/11/2016 9:04 AM