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Thursday 23 - 01 - 2017


 23/01/2017

Emirates 24/7

The UAE economy could experience a contraction in gross domestic product (GDP) next year, mostly due to external factors, but the country is in a much better position in terms of meeting its obligations and driving domestic investments, said Bill O'Neill, Chief Investment Officer for Europe, Middle East and Africa (EMEA) at Merrill Lynch Wealth Management.

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Khaleej Times

The UAE and India have held the first meeting of their strategic dialogue as the two nations work together to finalise a cooperation agreement. "Pursuant to the decision to elevate their relations to a Comprehensive Strategic Partnership during the exchange of visits at the highest level between India and United Arab Emirates in August 2015 and February 2016, the two sides held the first meeting of the Strategic Dialogue between the two Foreign Offices on January 20 in New Delhi," India's Ministry of External Affairs said in a statement.

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Gulf News

President His Highness Shaikh Khalifa Bin Zayed Al Nahyan, in his capacity as Ruler of Abu Dhabi, issued a law creating the Mubadala Investment Company, comprising both the International Petroleum Investment Company (Ipic) and Mubadala Development Company and their respective assets.

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WAM

Emirates Real Estate Fund (EREF) has procured a AED700 million ($190.6 million) Shari’ah compliant finance facility with Emirates NBD, on attractive commercial terms.

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The National

The UAE is expected to lead economic growth in the Arabian Gulf this year amid higher spending that will be spurred on by recovering oil prices, according to the latest research from the National Bank of Abu Dhabi (NBAD).

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The National

The UAE’s economy is set to perform better in 2017 than the previous year, which proved to be slower and more challenging. Overall growth will reach 2.8 per cent in 2017 from 2.1 per cent in 2016. The outlook for the UAE is quite positive given its more diversified nature compared to other more oil-dependent economies of the Arabian Gulf. Oil prices are on the cusp of recovery following last year’s Opec accord, which is proving to be reassuring for the UAE as well as the rest of the Gulf economies. Dubai’s hosting of Expo 2020 will drive government spending and investment. The event will draw in a large number of visitors, boosting private consumption and services exports.

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Gulf News

Total bank deposits in the UAE increased by Dh41.7 billion in December 2016 due to a Dh25.9 billion increase in resident deposits and a Dh15.8 billion increase in non-resident deposits. According to a statement from the UAE Central Bank, gross bank assets, including bankers’ acceptances, increase by 1.6 per cent, to Dh2.6 trillion at the end of December 2016 from Dh2.57 trillion at the end of November 2016. Meanwhile, gross credit fell by 0.1 per cent to Dh1.57 trillion at the end of last month.

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Emirates 24/7

The UAE Central Bank has announced that the Money Supply aggregate 'M1' increased by 0.3% from AED472.6 billion at the end of November 2016 to AED474.0 billion at the end of December 2016. In its statement, the bank added that Money Supply aggregate

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Page last updated : 12/02/2017 1:39 PM