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Wednesday 6 - 1 - 2016


Gulf News

Banks in the United Arab Emirates have been told to get dividends approved by the central bank before announcing the details of payments to markets and shareholders, four banking sources said yesterday. The demand for clearance from the regulator was aimed at safeguarding lenders’ capital base and ensuring they did not over-extend themselves as liquidity becomes scarcer, the sources said. Shareholders have become used to enjoying healthy dividend payouts in recent years as bank earnings surged in line with a strengthening local economy. But banks’ profits have begun to suffer from the impact of lower oil prices in recent months as liquidity has tightened, government deposits have fallen and some small businesses have defaulted on their debt.

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The National

The country’s banks are expected to have held their ground in the last three months of 2015, despite lower oil prices curbing economic growth. But the pace of earnings growth is slowing down even as a stream of profits from business lines other than loans acts as a buffer to dwindling deposits in the banking system. Lending is slowing as banks become more choosy about would-be borrowers amid a spate of high-profile defaults by small businesses, such as Atlas Jewellery.

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Gulf Today

ABU DHABI: Sultan Bin Saeed Al Mansouri, Minister of Economy, has reiterated the strength of the UAE’s economy, which he says has not been affected by falling oil prices, pointing out that the UAE’s strategy for 2030 is continuing without change and that there is focus on energy efficiency management and its rationalisation. In a statement issued on the sidelines of the third session of the Federal National Council meeting in Abu Dhabi on Tuesday, Al Mansouri said that the UAE economy is strong and based on policy set by the government, where dependence on oil lowers year after year.

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Khaleej Times

More support is needed for small and medium sized enterprises in the UAE, explains Hamad Ahmad Al Rahoomi, FNC member from Dubai. During Tuesday's session, held in FNC's Headquarters in the capital, Al Rahoomi pointed out that the there needs to be greater promotion and awareness for Emiratis who have established their own enterprises. "The success of a project does not lie in production, but in marketing," he pointed So far, there are approximately 300,000 small to medium sized enterprises in the UAE and Al Rahoomi believes they need stronger support and must be accessible to everyone, as they are part of the economic backbone.

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