Economy

The Central Bank of UAE (CBUAE) jointly held a signing ceremony with G42 Cloud and R3 to mark the implementation of the CBUAE Central Bank Digital Currency (CBDC) Strategy, one of the nine initiatives of the CBUAE’s Financial Infrastructure Transformation (FIT) Programme. The CBUAE has engaged with G42 Cloud and …

The Central Bank of the UAE (CBUAE) has decided to raise the base rate applicable to the Overnight Deposit Facility (ODF) by 25 basis points – from 4.65% to 4.90%, effective from Thursday, 23 March 2023. This decision was taken following the US Federal Reserve Board’s announcement on 22nd March …

The US Federal Reserve on Wednesday raised interest rates by a quarter of a percentage point. In a statement on Wednesday, the FOMC said the US banking system is “sound and resilient” but that there was uncertainty about the extent to which the fallout from the banking turmoil would hit …

The Ministry of Finance (MoF) announced today the results of the preliminary government finance statistics report for Q4 2022, based on the standards of the Government Finance Statistics Manual issued by the International Monetary Fund. In line with the UAE’s open data policy, the preliminary results showed an increase in …

The Ministry of Finance (MoF) has issued Ministerial Decision No. 27 of 2023 on Implementation of Certain Provisions of Cabinet Decision No. 85 of 2022 on Determination of Tax Residency. The Ministerial Decision clarifies certain rules set out in the Cabinet Decision No. 85 of 2022 on Determination of Tax …

The Regional Director of the Gulf Cooperation Council at the World Bank, Issam Abu Suleiman, has confirmed WB’s forecast for the UAE economy to grow by 4.1%, indicating that the expected growth rate is good enough in view of the current difficult global economic conditions.“The UAE economy has secured good …

 The UAE witnessed a 32 percent year-on-year (YoY) growth in its 2022 green and sustainable finance issuing, a new report by leading consulting firm Arthur D. Little showed. Between 2019 and 2022, the UAE recorded increasing environmental, social, and corporate governance (ESG) reporting across major public and private institutions such …

The Central Bank of the UAE (CBUAE) has decided to raise the Base Rate applicable to the Overnight Deposit Facility (ODF) by 25 basis points – from 4.4% to 4.65%, effective from Thursday, 02 February 2023. This decision was taken following the US Federal Reserve Board’s announcement on 01 February …

Fuel prices for the month of February 2023: Super 98: Before: 2.78 AED/L After: 3.05 AED/L Special 95: Before: 2.67 AED/L After: 2.93 AED/L Diesel: Before: 3.29 AED/L After: 3.38 AED/L

The Ministry of Finance (MoF) signed a Memorandum of Understanding (MoU) with the Dubai Free Zones Council (DFZC) on the exchange of information for tax purposes. This comes in line with the ministry’s continuous efforts to ensure the commitment of various government entities in the UAE to the international tax …