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| A comprehensive guide
to current and future events and exhibitions in the UAE |
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Valuable concise reference source on the UAE,
covering political system, economy, business, history and heritage,
education, women, healthcare, tourism and environment. |
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Natural history of the UAE,
covering all animals and plants recorded in the Emirates. |
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Report by National US Arab Chamber of Commerce on the UAE. Vol XV, No 3, June 2007. Includes analysis of UAE economy. |
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THE ECONOMY - CENTRAL BANK
 UAE has no liquidity problems, says Al Suweidi
Posted on 16/12/2008
The UAE has no liquidity problems, said Sultan bin Nasser Al Suweidi, Governor of the UAE Central Bank.
The UAE Central Bank chief attributed the current global credit crisis to high inter-banks lending rates.
Al Suweidi predicted a slight decline in UAE's economic growth as compared to high growth rates in the previous years.
"The impact of the current global financial crisis will be felt severely next year across the globe", Al Suweidi told reporters here today.
Al Suweidi said that the
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 UAE issues licence to three corporate banks
Posted on 16/12/2008
The UAE Central Bank said yesterday it had issued wholesale banking licences to Deutsche Bank, Bank of Tokyo-Mitsubishi UFJ and Industrial and Commercial Bank of China.
Under the new licence, the banks will be able to take deposits and provide loans to institutions.
The banks "applied for licences in the UAE several years ago. We see the licensing of these banks during current global conditions as positive," the UAE Central Bank Governor Sultan Bin Nasser Al Suwaidi said.
"They are business
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 UAE CB, Banks Assoc. discuss sector's situation
Posted on 15/12/2008
Governor of the Central Bank of the UAE Sultan Nasser Al- Suwaidi and a delegation from Emirates Banks Association led by Ahmed Humaid Al Tayer Deputy Chairman of the Association yesterday discussed the situation of the UAE's baking sector and the global economic situation, according to a press release by the Central Bank.
Al Tayer said he appreciated the steps taken by the Central Bank and the Government to support the banking sector and provide facilities to help banks to face the
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 Growth in GDP will fall to single digit, says Suwaidi
Posted on 12/12/2008
The UAE is poised for two years of slow economic growth, the Central Bank Governor said yesterday. Growth in gross domestic product (GDP) would fall to low-single-digit levels in 2009 and 2010, Sultan Nasser al Suwaidi said.
However, a slump in the Emirates' booming property sector would be limited as the country continues to adopt an expansionary fiscal policy, although the country would take steps to ring-fence its banking system, Suwaidi said.
"The present global financial crisis will
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 UAE expects inflation to dampen
Posted on 22/11/2008
The UAE, the second-largest Arab economy, expects inflation to ease to 10 per cent this year from at least 11.1 per cent in 2007, a local Arabic newspaper reported on Friday.
The daily quoted Economy Minister Sultan Bin Saeed Al Mansouri as saying that inflation, which had been driven up by soaring commodities prices and weakness in the dollar, was expected to ease next year as oil prices fall.
The UAE, the world's fifth-largest oil exporter, pegs its dirham to the greenback, which had fallen
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 Banks slash deposits with Central Bank by Dh60bn
Posted on 17/11/2008
UAE banks slashed their deposits with the Central Bank by more than Dh60 billion in the first half to quench their thirst for liquidity following a sharp growth in domestic demand for credit, the Central Bank said yesterday.
The cut was reflected in a large decline in the Central Bank's foreign assets and a steep increase in real estate loans and other credits.
From Dh231.1bn at the end of 2007, the deposits of the UAE's 24 national banks and 28 foreign units with the Central Bank tumbled to
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 Central Bank task force set up
Posted on 13/11/2008
The Central Bank has set up a task force that could help the country's financial industry deal with the global economic downturn, a person familiar with the initiative said.
The task force, known as the Financial Stability Unit, will "keep an eye" on potential threats to the financial system in the Gulf's second-largest economy after Saudi Arabia, according to the person.
The central bank also issued a statement yesterday saying that its board is studying proposals with the Ministry of
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 UAE lays down adequate framework to fight money laundering: Al Suweidi
Posted on 11/11/2008
Money laundering and financing of terrorism have seen drastic transformations by use of modern technology, producing therefore new challenges, UAE Central Bank governor admitted yesterday.
'We should realise that abuse of modern technology by criminals and terrorists is possible ....we believe exchange of information in this regards will bolster joint efforts and provide a better ground for work,' Sultan Nasser Al Suweidi said at the opening of the 8th meeting of the Middle East and North
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 UAE sells dollars at same-day value
Posted on 08/11/2008
The UAE Central Bank said on Thursday it had begun selling dollars to banks at the same day value in a move aimed at easing tensions in the interbank market.
The central bank previously sold dollars at spot value, meaning the deal was settled two days later in line with international norms.
The new rules would improve banks' access to dollars after the government's decision to inject emergency funds into the financial system to ease the effects of the global credit squeeze left the banks
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 Al Suwaidi says crisis is transitional
Posted on 29/10/2008
The Governor of the UAE Central Bank yesterday blamed foreign investors and panicking small dealers for persistent turbulence in the Gulf stock markets but played down the upheaval as a transitional reaction to the global fiscal crisis.
Sultan bin Nassir Al Suwaidi said the UAE and its partners in the six-nation Gulf Co-operation Council (GCC) should not underestimate the international financial crisis and urged them to be careful despite its minimal impact on the region.
Suwaidi said this as
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 Banking system confidence boosted by government measures: CB Governor
Posted on 28/10/2008
The Central Bank Governor, Sultan bin Nasir Al-Suwaidi, has said that banks in the UAE used only 15% of the first tranche of the total facility of Dh50 billion bailout facility provided by the Central Bank, and this, he added, shows that the banks do not need more liquidity.
He pointed out that the measures taken by the government to pump in Dh70 billion more into the economy and to provide guarantee for assets had boosted the confidence of the banking system in the country. He warned that the
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 UAE opens liquidity taps
Posted on 24/10/2008
The UAE Ministry of Finance on Thursday set the terms of emergency funding for local banks to enable them to tide over the inter-bank liquidity squeeze, but warned them not to use the cash being made available under a multi-billion package for speculative activity.
The Government said it will make funds available on the basis of interest payable every three months calculated on the prevailing interest rate for five-year US Treasury bonds, plus 120 basis points or 4 per cent, whichever is
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![]() Finance ministry injects Dh25 billion first tranche in support of national banks
Posted on 22/10/2008
The Finance ministry has injected a first tranche of Dh25 billion to boost liquidity and capitals of national banks. Each bank will receive support on the basis of its loan account, its percentage from the grand total of the loan by the Dh25 billion, the ministry explained.
The finance ministry solicited assistance from the Mackenzie and Associates, a consultancy company and Central Bank experts to come up with the details of the facilities, requirements and conditions to be met by the
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 Banks in UAE enjoy strong financial position - UAE Central Bank
Posted on 12/10/2008
The Governor of the UAE Central Bank HE Sultan Bin Nasser Al Suwaidi asserted that the national and foreign banks in UAE enjoy a strong financial position.
In press statement, the Central Bank said that the ownership of deposits is distributed in such a way that the citizens own 75pc of the depostis, while the Arab nationals and the other nationalities own 8pc and 17pc respectively.
Also banks financing from the European Commercial Paper issues (ECP) and Medium-Term Notes (MTN) to the total
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 UAE Central bank cuts rates
Posted on 09/10/2008
The UAE Central Bank announced yesterday that it has lowered the lending rate to banks from 5pc to 3pc. It also slashed the rate on its re-purchase of Certificate of Deposit (REPO) from 2pc to 1.5pc with effect from Wednesday.
Chairman of the Board of Directors of UAE Central Bank HE Khalil Mohammed Sherif Folathi said that the move is in line with the new level of interest rate on the US Dollar Federal Funds.
The REPO operation, conducted by the Central Bank with banks operating in the
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