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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
 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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![]() UAE monetary supply rises by Dh187b in 07
Posted on 13/07/2008
Central Bank data has shown a huge rise in the UAE's monetary supply with an increase of over Dh187 billion during 2007. Over this period, the figure rose from Dh505.64 billion to Dh692.4 billion, in a move considered to be the fastest monetary growth rate experienced by the country in five years.
Economics expert, Dr Ahmed M. Al Samerai, Chairman of SAHARA Group, commented: "The expansion of industrial, logistical and real estate sectors, coupled with huge economic and real estate progress in
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 DIFC signs agreement with UAE Central Bank on Real-time Automated Payments
Posted on 23/06/2008
The Dubai International Financial Centre (DIFC) yesterday announced that it has signed a Memorandum of Understanding (MoU) with the Central Bank of the United Arab Emirates (CBUAE) under which the latter becomes the lead regulator for Real-time Automated Payments in DIFC (RAPID).
RAPID is a DIFC initiative to provide a real-time gross settlement (RTGS) payment systems infrastructure from within the DIFC to financial institutions operating within the centre and throughout the wider region.
HE
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 No plans to drop peg to dollar: UAE
Posted on 05/06/2008
The UAE has no plan to drop its peg to the U.S. dollar or revalue its currency, the country's central bank governor said in remarks published yesterday. Sultan Nasser Al Suweidi said the decision was based on safeguarding the national interests of the Gulf Arab oil exporter and is under no foreign pressure to keep its link to the dollar, Al Bayan newspaper reported. "The UAE has no intention to drop the dirham's peg to the dollar or to revalue, he said.
His Highness Sheikh Mohammed bin
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 Central Bank, MoL ink MoU on e-payment system for workers
Posted on 02/06/2008
Salaries and wages of labourers in the private sector companies will be transferred through banks operating in the UAE on a monthly basis in the context of organizing the affairs of labourers working in these companies.
A Memorandum of Understanding (MoU) in this respect was signed Sunday by H.E. Saqer Ghobash, Minister of Labour (MoL) and H.E. Sultan Bin Nasser Al Suwaidi, Governor of the Central Bank, in a meeting held at the Ministry of Labour in Abu Dhabi.
Al Suwaidi has emphasized that
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 Central Bank issues new modified banknote worth Dh200
Posted on 25/05/2008
The Central Bank announced in a statement Saturday it has issued a modified banknote worth Dh200 with the latest technical specifications and security measures. It added that the new banknote will be circulated alongside current banknotes from Tuesday, May 27, 2008, indicating that the new Dh200 banknote will be advertised in the local press. Emirates News Agency, WAM
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 Al Suweidi: No short-term solution to inflation
Posted on 11/05/2008
The UAE and its Gulf neighbours intend to take more measures to curb soaring inflation but such a policy is blocked by the peg between their currencies and the US dollar, according to the Central Bank Governor. Sultan bin Nasser Al Suweidi said strong domestic demand has allied with supply shortages to stoke inflation in the Gulf Co-operation Council states and expected no solution to the problem in the short term.
Addressing a recent meeting of the International Monetary Fund (IMF) in
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 UAE money supply surges 37%
Posted on 04/05/2008
A surge in dirham savings and deposits in banks by government and other organisations boosted money supply in the UAE by nearly Dh190 billion to its highest level at the end of 2007. Broad money M3, which covers money in circulation, deposits with banks, securities, and other types of funds, increased to Dh696.2bn at the end of 2007 from Dh506.6bn at the end of 2006, a rise of 37.4 per cent, the Central Bank said.
Although swelling domestic liquidity has generally been associated with
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 Central Bank borrowed Dh141bn in 2007
Posted on 04/05/2008
The UAE Central Bank borrowed a record Dh141 billion from local banks in 2007 as it sharply boosted the issue of certificates of deposits (CDs) in a bid to stem swelling domestic liquidity. More than half the funds were borrowed in the last quarter of 2007 and the big rise in the CDs issue reflected a rush by the country's 23 national banks and 28 foreign units to invest in safe tools within the UAE, its figures showed. From Dh32.3bn at the end of 2006, the cumulative CDs issued by the Central
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