The UAE’s large financial buffers, diversified economy and robust policy responses are facilitating adjustment to the new oil-market realities while safeguarding the economy and the financial system, the IMF said today following the completion of its annual Article IV consultations…
Category: UAE
Ras al-Khaimah affirmed at A
Fitch Ratings has affirmed Ras al-Khaimah’s long-term foreign and local currency issuer default ratings (IDRs) at A with a stable outlook. The issue ratings on RAK Capital’s senior unsecured foreign- currency bonds are also affirmed at A. The UAE country Ceiling…
South Korea gets operations contract for UAE nuclear power plant
Emirates Nuclear Energy Corporation (Enec) and Korea Electric Power Corporation (Kepco) yesterday signed a joint-venture agreement for the operation of the UAE’s Barakah nuclear power plant which is due to start producing electricity next year. It will be the first nuclear…
UAE tells IMF it aims for budget balance in 2018
The government of the UAE aims to deliver a balanced budget in 2018 through a combination of measures that will involve federal government working in co-ordination with the governments of the UAE’s seven emirates, according to a statement attached to…
IMF says corporation tax possible in UAE
The statement issued by the IMF following the conclusion of its Article IV consultation with the UAE on 20 July says corporation tax is a possibility and called for further action to eliminate energy subsidies. “Directors encouraged the authorities to…
Abu Dhabi launches event licensing system
For full coverage of Middle East businss see MEED An events licensing system for the official registration of events and conferences in Abu Dhabi was launched today in a decree issued by Abu Dhabi crown prince and Abu Dhabi Executive…
UAE to cut energy subsidies
UAE Energy Minister Suhail Al Mazrouei For full coverage of Middle East business events, see MEED The UAE’s economic diversification strategy will be extended by removing further subsidies on energy, the federation’s Energy Minister Suhail Al Mazrouei told the World…
ME investment banking fees fell 16 per cent in 2015
Middle Eastern investment banking fees reached $636.4 million during full year 2015, 16 per cent less than the value recorded during full year 2014 and the lowest annual period for investment banking fees in the region since 2012, the annual…
Etihad reports 17 per cent passenger growth in 2015
For full coverage of business developments in the Middle East, see MEED Etihad Airways, the national airline of the UAE carried 17.4m passengers in 2015, 17 per cent than the figure for 2014, and operated 97,400 flights which covered 467 million…
Fitch says UAE dividend rule is prudent
For full coverage of business developments in the UAE, seem MEED By reminding banks at the outset of the year that clearance must be obtained prior to announcing dividend payments, the UAE central bank is signalling prudence in a tougher…