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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
 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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![]() UAE Market absorbs Dh69bn liquidity in three months
Posted on 02/10/2008
The UAE market has swallowed Dh69 billion in fresh funds that had come into the banking system just three months ago – and is already hungering for more with the Central Bank having to set up an additional Dh50 billion facility.
UAE banks received nearly Dh69bn from their investments in the Central Bank in the second quarter, the Central Bank said yesterday.
The banks recovered the funds from maturing Certificates of Deposit (CDs) issued by the Central Bank over the past year to mop up the
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 UAE Central Bank avails Dhs.50 billion for local banks
Posted on 23/09/2008
The UAE Central Bank has decided to avail facilities worth Dh 50 billion for the use of banks operating in the UAE.
In a statement, the Central Bank announced that its Board of Directors has discussed the position of inter-bank deposits, which has been affected by the liquidity constraints in international money markets.
To remedy this situation, the Central Bank it decided to set up a facility amounting to Dh 50 billion for banks operating in the UAE, to be used by these banks if so needed.
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 UAE Central bank confirms outflow of 90pc of foreign, speculative money
Posted on 16/09/2008
The Board of Directors of Central Bank discussed on Sunday the current position of liquidity at banks, and in the country in general, and confirmed that almost 90pc of foreign, speculative hot money has already flowed out of the country.
At this year's second meeting presided over by HE Khalil Mohammed Sharif Foulathi, Chairman of the Board of Directors, the Board also instructed the continuation of monitoring the situation closely.
The Board was 'assured that the Central Bank has the
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![]() Central Bank's Board of Directors discusses strategy to counter money laundering
Posted on 01/09/2008
The first meeting of the Board of Directors of the UAE Central Bank in the current year discussed its strategy and mechanism to combat money laundering and suspicious transactions. The Board was set up as per the Federal Decree No. 56 (Year 2008) issued on 13th of July this year.
A statement issued by the Central bank said that the meeting of the Board of Directors held recently was presided over by the Chairman of the Board HE Khalil Mohammed Sherif Foulathi, and discussed a number of topics
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 UAE faces consumer debt crisis
Posted on 31/08/2008
Rising inflation in the UAE is fuelling a potential debt crisis as consumers increasingly turn to borrowing to finance the soaring cost of living in the UAE. Growing levels of consumer debt are beginning to worry analysts that the situation is approaching dangerous levels.
According to UAE central bank data, loans advances and overdrafts surged to Dh43.9 billion in the year to March 2008 a 38 per cent increase over the same period in 2007.
Systemic issues such as the lack of credit data or a
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 UAE to stick with currency peg in view of rising dollar
Posted on 30/08/2008
Gulf oil producing countries are unlikely to complete monetary union by a 2010 target, but the dollar's rebound is giving them more reason to stick with their currency pegs, the UAE central bank governor said yesterday.
Sultan Al Suwaidi acknowledged there were challenges to overcome before the long-standing plan for a single regional currency could be concluded.
"Monetary union will be implemented in stages... the last of which will be the most difficult," Al Suwaidi said at a business
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 DIFC releases report on progress towards GCC monetary union
Posted on 20/08/2008
A new report assessing the progress being made by GCC countries to achieve the convergence criteria for a GCC Monetary Union (GMU) was released today by the Dubai International Financial Centre (DFIC). The said criteria were endorsed by the Supreme Council of the GCC at its 27th session held in Riyadh in 2006. The report is the first in a series of reports to be released by the Centre focussing on issues affecting the region's economy.
"An Assessment of the Progress towards GCC Monetary
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 Government deposits hit high of Dh114bn
Posted on 19/08/2008
Government deposits with the UAE's banks have more than quadrupled over the past seven years to reflect a sharp growth in overseas assets and their coverage of the country's budget deficit, official figures show. Deposits hit a record high of Dh114.6 billion at the end of March, compared with only Dh27.3bn at the end of 2001, the Central Bank figures showed.
At the end of 2002, they climbed to around Dh36.9bn and continued their rapid growth to swell to Dh93bn at the end of 2006. By the end of
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 Central Bank ups borrowing
Posted on 10/08/2008
The UAE Central Bank has kept up borrowing from local banks through the issuance of certificate of deposits (CDs) to stem swelling domestic liquidity in the absence of other effective fiscal tools, the bank's figures showed yesterday.
From around Dh173.5 billion at the end of 2007, the total value of CDs issued by the Central Bank increased to nearly Dh185.59bn at the end of the first quarter of 2008, the Central Bank said in its quarterly report. The value stood at only Dh32.3bn at the end of
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 Dirham may gain 5pc in 2009 as dollar peg goes, says CFC
Posted on 23/07/2008
The UAE dirham will appreciate 5 per cent in 2009 as faster inflation in the Gulf state forces the central bank to ditch its 30 year peg to the dollar peg next year, according to CFC Seymour Ltd. The central bank of the UAE will drop the dollar peg by June of next year, linking the dirham to a basket of currencies, including the dollar and the euro, Hong Kong-based currency analyst Carol Chan said in a phone interview yesterday.
Currency trends: The dirham will rise to 3.49 to the dollar from
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![]() Foreign currency assets of UAE hit Dh286b
Posted on 17/07/2008
The surplus foreign currency assets held by the Central Bank of the UAE reached Dh285.7 billion at the end of 2007 registering an increase of 179.3 per cent compared to the end of 2006 level and accounting for 99.9 per cent of the total assets.
Total assets/liabilities of the Central Bank of the UAE grew by Dh182.72 billion to reach Dh285.95 billion at the end of December 2007 against Dh103.23 billion at the end of 2006, according to the annual report for 2007 issued by Central Bank of the
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 President issues Federal Decree setting up board of UAE Central Bank
Posted on 15/07/2008
President HH Sheikh Khalifa bin Zayed Al Nahyan, has issued Federal Decree Number 56 of year 2008, setting up the board of Central Bank of the UAE. The decree named Khalil Mohammed Sherif Fowlazi as a Board Chairman. The board membership, whose term is four years, includes Dr Omer Mohammed Suleiman as Deputy Board Chairman and Sultan Nasser Al Suwaidi as a Governor of Central Bank of the UAE. And Younis Hajji Khoori, Mubarak Rashid Al Mansouri, Hilal Khalfan bin Dhahir Al Muhairi and Khalid
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 ICCS to speed up clearance of cheques
Posted on 14/07/2008
The UAE Central Bank yesterday started implementing a high-tech system that will greatly speed up the clearance of cheques. The image cheque clearance system (ICCS) will slash the time taken to process cheques and transfer funds between banks from several days to four hours, with a maximum of 36 hours. Its introduction was delayed because not all banks met the technical requirements in time but these problems have now been solved.
The system involves a branch of a UAE or foreign bank scanning
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