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Sunday 3 - 1 - 2016


 03/01/2016

Gulf Times

The Ministry of Finance(MoF), has announced that 80 percent of users have expressed their satisfaction with the e-Dirham payment system, an electronic payment method, instead of using cash. This comes in a study which was conducted in collaboration with the National Bank of Abu Dhabi and Nielsen Marketing Research Company. The study aimed to determine the extent of adoption and customer satisfaction of the e-Dirham system as a non-cash payment and collection method by government entities, banks and individuals, A survey was conducted during the study, which included 1,003 telephone interviews with system users, 163 one-on-one interviews with service providers and 155 customers.

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Gulf News

RIYADH: Saudi Arabian finance minister Ebrahim Al Assaf said the kingdom expects to introduce value-added tax in two years, aiming for a tax rate of around 5 per cent, the Saudi-owned Al-Hayat newspaper reported on Wednesday.“VAT will be introduced gradually and be completed within two years, which is the time set for application in GCC [Gulf Cooperation Council] countries in 2018. It will be around 5 per cent, which is the lowest worldwide,” Alassaf was quoted as saying. In its 2016 state budget announcement earlier this week, the ministry said it planned to introduce VAT in coordination with other countries in the region.Younis Haji Al Khoury, undersecretary at the United Arab Emirates ministry of finance, told reporters earlier this month that the target for introducing the tax in the region was three years. The International Monetary Fund has suggested the UAE consider imposing VAT at a 5 per cent rate.

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Khaleej Times

The government deposits rose to five months high in November by registering 8.57 per cent month-on-month growth, said the UAE Central Bank. However, the deposits fell 18.8 per cent if compared to September 2014 when it rose to Dh208.142 billion. The UAE's government deposits surged 1.2 per cent to Dh492.384 billion in November from Dh486.552 billion in October 2015. Total deposit growth has slowed markedly in the last 12-months with a growth rate of two per cent, according to the central bank data. The private sector deposits grew by a healthy 5.4 per cent in year-to-date period while government sector experienced a negative growth of 6.3 per cent, the data showed.

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Khaleej Times

Dubai: Dubai's non-oil foreign trade sustained a steady trend despite a downturn in oil and precious metal prices, including gold, as it reached Dh966 billion during the first nine months of 2015, reflecting a slight decline of 2.2 per cent. Imports in the first nine months of 2015 accounted for the biggest share of overall trade with a value of Dh597 billion, falling 3.86 per cent compared to the figures recorded during the same time in 2014. Exports during the first nine months of 2015 rose 18 per cent over the 2014 period to total Dh100 billion, while re-exports fell 3.92 per cent to total Dh269 billion.

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Gulf News

Last week’s decision by Saudi Arabia and Oman to cut energy subsidies on petrol shouldn’t have caught anyone by surprise. Every country in the GCC has been discussing ways of cutting costs since it became clear that lower oil prices are here to stay. Kuwait is expected to announce similar measures soon. The shale boom combined with a global call to reduce fossil fuels has changed the oil economies, perhaps permanently. Diversification is the way forward, but some countries are further ahead on that path than others and a period of adjustment is going to be necessary.

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Mubasher

GCC non-oil sectors will likely continue rising despite challenges and pressures, said Crescent Petroleum Co. in its weekly report. It added that the economic strategies and plans of GCC region focus on the private sector through boosting production, away from the direct government support. The current time is suitable for testing the private sector's capabilities, especially as the governments are still able to continue spending on the comprehensive development.

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Arabian Business

More than 80 percent of business leaders across the Gulf region identify corruption as a problem but only just over half of those have anti-corruption policies in place, according to a new report. The study, released by Pearl Initiative, the independent private sector-led, not-for-profit organisation, also says that 21 percent of regional companies have fallen victim of an economic crime.

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