Latest news with #Dh
Al Etihad
4 days ago
- Business
- Al Etihad
Central Bank of UAE suspends onboarding of new customers in Islamic Window of bank for six months, imposes financial sanction
25 June 2025 17:07 ABU DHABI (WAM)The Central Bank of the UAE (CBUAE) has suspended the onboarding of new customers on the Islamic Window of a bank operating in the UAE, for six months and imposed a financial sanction of Dh 3,502,214, pursuant to Article 137 of the Decretal Federal Law No. (14) of 2018 Regarding the Central Bank and Organisation of Financial Institutions and Activities, and its sanctions result from the CBUAE's Sharia supervision examinations, which revealed the bank's non-compliance with the instructions related to Sharia' Governance of the Islamic Window and the provisions of the Decretal Federal Law No. (14) of 2018 Regarding the Central Bank and Organisation of Financial Institutions and Activities, and its amendments. The CBUAE, through its supervisory and regulatory mandates, endeavors to ensure that all banks and their staff, abide by the UAE laws, regulations and standards established by the CBUAE to maintain transparency and integrity of the banking sector and safeguard the UAE financial system.
Al Etihad
20-06-2025
- Business
- Al Etihad
Gross banks' assets up by 1.9% to Dh 4,719.4 billion at end of March: CBUAE
20 June 2025 18:15 ABU DHABI (WAM) The Central Bank of the UAE (CBUAE) announced the increase in money supply aggregate M1 by 0.4%, from Dh982.4 billion at the end of February 2025 to Dh986.2 billion at the end of March increase was due to the Dh5.1 billion growth in currency in circulation outside banks, overriding the Dh1.4 billion decrease in monetary money supply aggregate M2 increased by 3.3%, increasing from Dh 2,360.3 billion at the end of February 2025 to Dh 2,437.7 billion at the end of March 2025. M2 increased because of an elevated M1, and Dh73.8 billion increase in Quasi-Monetary money supply aggregate M3 also increased by 2.9%, from Dh 2,811.7 billion at the end of February 2025 to Dh 2,893.7 billion at the end of March 2025. M3 increased due to the growth in M2, and Dh 4.5 billion increase in government monetary base increased by 2.0%, from Dh 816.6 billion at the end of February 2025 to Dh 833.1 billion at the end of March 2025. The growth in the monetary base was driven by increases in currency issued by 4.1% and in reserve account by 62.0%, overriding the decrease in banks & OFCs' current accounts & overnight deposits of banks at CBUAE by 64.2% and in monetary bills & Islamic certificates of deposit by 6.3%.Gross banks' assets, including bankers' acceptances, increased by 1.9% from Dh 4,632.2 billion at the end of February 2025 to Dh 4,719.4 billion at the end of March credit increased by 1.6% from Dh 2,204.3 billion at the end of February 2025 to Dh 2,240.0 billion at the end of March 2025. Gross credit increased due to the combined growth in domestic credit by Dh 19.5 billion and foreign credit by Dh 16.2 billion. The growth in domestic credit was due to increases in credit to the; public sector (government-related entities) by 0.2%, private sector by 1.4% and non-banking financial institutions by 1.9%, while credit to the government sector decreased by 0.3%.Banks' deposits increased by 2.3%, from Dh 2,871.5 billion at the end of February 2025 to Dh 2,936.4 billion at the end of March 2025. The increase in bank deposits was driven by the shared growth in resident deposits by 2.4%, settling at Dh 2,687.8 billion and in non-resident deposits by 0.4%, reaching Dh 248.6 billion. Within the resident deposits; government-related entities deposits increased by 4.3%, private sector deposits increased by 3.1% and non-banking financial institutions deposits increased by 5.1%, while deposits to the government sector decreased by 2.3%, by the end of March 2025.
Al Etihad
19-06-2025
- Business
- Al Etihad
UAE cements its position as global destination for attracting FDI with total inflows of Dh167.6 billion in 2024
19 June 2025 20:35 DUBAI (WAM) The UAE ranked 10th globally as a leading destination for inbound foreign direct investment (FDI) in 2024, achieving an unprecedented Dh 167.6 billion ($45.6 billion in FDI inflows, according to the United Nations Conference on Trade and Development (UNCTAD) World Investment Report UAE Foreign Direct Investment Report 2025, issued by the Ministry of Investment, highlights the country's exceptional performance and unmatched success in attracting capital across strategic sectors, reinforcing its status as a premier global investment destination despite an unstable global Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE, and Ruler of Dubai, declared that under the visionary leadership of His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, the UAE's tenth global ranking in FDI inflows for 2024 confirms its status as a land of boundless opportunities and the premier destination for innovative businesses and bold Highness Sheikh Mohammed bin Rashid Al Maktoum said: 'In an international vote of confidence in the UAE's economy, the latest report by the United Nations Conference on Trade and Development (UNCTAD) revealed that the UAE attracted Dh 167 billion ($45 billion) in foreign direct investment over the past year, marking a 48% growth compared to the previous year.'His Highness added: 'The UAE accounted for 37% of all foreign direct investment inflows into the region. Out of every $100 invested in the region, $37 comes to the UAE. The country also ranked second globally, after the United States, in the number of newly announced foreign direct investment projects. Our next goal is to attract Dh 1.3 trillion in foreign direct investment over the next six years, God willing.'His Highness continued: 'Our foundation is strong, our future is promising, and our focus on our goals is crystal clear. Our message is simple: development is the key to stability, and the economy is the most important policy.'Despite a global slowdown in greenfield FDI project growth to 0.8%, the UAE achieved a remarkable 2.8% growth, solidifying its position as a key destination for investment flows. Total capital for announced greenfield FDI projects in 2024 reached Dh53.3 billion ($ 14.5 billion).The UAE ranked second globally, after the United States, in attracting greenfield FDI projects, with 1,369 new projects announced in Ministry of Investment leads these efforts by enabling investment in key sectors, providing a flexible and competitive environment for global capital, and acting as a trusted partner for international investors. The ministry continues close collaboration with federal and local government entities, investment promotion agencies, private sector companies, and international partners to develop innovative policies, enhance the UAE's investment value proposition, and unlock new avenues for long-term economic FDI inflows rose from Dh31.6 billion ($8.6 billion) in 2015 to Dh167.6 billion ($45.6 billion) in 2024, with cumulative FDI stock reaching $270.6 billion, reflecting a 10.5% compound annual growth rate from 2015 to Hassan Alsuwaidi, Minister of Investment, stated: 'Recording this unprecedented level of FDI inflows to the UAE is an achievement that reflects the strategic choices made by our wise leadership and its long-term vision to establish the UAE as a leading global investment destination. The Ministry of Investment is committed to developing a comprehensive regulatory and legislative framework aligned with our national priorities, meeting investors' needs, and providing a competitive business environment that attracts global capital.'He added: 'The UAE's investment ecosystem has become a global model, thanks to its stability, transparency, trade openness, and ease of doing business. Through the National Investment Strategy 2031, we continue to set ambitious goals to cement the UAE's position as a leading global FDI destination. We provide a clear pathway to drive sustainable growth, double investment opportunities, diversify priority sectors, and open new horizons for global companies seeking innovation and expansion in future markets.'The strong performance of key economic sectors boosted the upward trajectory of announced greenfield FDI projects in the UAE. Software and IT services led announced FDI greenfield project values (11.5%), followed by business services (9.7%), renewable energy (9.3%), coal, oil, and gas (9%), and real estate (7.8%).The energy sector attracted Dh4.8 billion $1.3 billion in greenfield FDI, advancing the UAE's national goal to triple renewable energy production capacity by UAE's supportive investment policies and robust strategic partnerships have solidified its position as a primary destination for foreign capital in the region, capturing approximately 37% of the region's FDI inflows in UAE continues to attract top global talent, driven by policies supporting its investment strategy, including full foreign ownership in mainland companies, a competitive 9% corporate tax rate, streamlined licensing procedures, and enhanced legal policies have fostered a favourable investment climate, while strong legal frameworks, such as the Dubai International Arbitration Centre, have bolstered investor confidence and safeguarded their UAE ranks fifth globally in attracting highly skilled talent (per the 2024 Global Talent Competitiveness Index by INSEAD) and third in attracting AI talent (per Stanford University's 2024 AI Index), reinforcing its status as a leading hub for professionals, entrepreneurs, and partnerships are another key driver of investment attraction, with 21 Comprehensive Economic Partnership Agreements and 120 bilateral investment treaties supporting the investment momentum is underpinned by the UAE's significant investments in digital transformation, exemplified by the $ 1.5 billion joint venture between Microsoft and Abu Dhabi-based G42 to advance AI capabilities and set new standards for National Investment Strategy 2031 aims to double annual FDI inflows by 2031, targeting Dh 2.2 trillion cumulative FDI by 2031, as per the National Investment Strategy (NIS). The strategy focuses on priority sectors such as advanced manufacturing, renewable energy, financial services, and IT, emphasising sustainability and innovation. Initiatives under this strategy aim to cement the UAE's global leadership in economic diversification and technological advancement.
Al Etihad
17-06-2025
- Business
- Al Etihad
Sharjah Ruler chairs meeting on higher education strategy
17 June 2025 19:36 SHARJAH (WAM)His Highness Sheikh Dr. Sultan bin Mohammed Al Qasimi, Supreme Council Member and Ruler of Sharjah, chaired the second meeting of the permanent executive committee of the Sharjah Higher Council for Higher Education and Scientific Research on Tuesday at the University Highness Sheikh Dr. Sultan Al Qasimi welcomed the committee members and emphasised the council's role in the coming years, following his directives to correct administrative concepts, improve university governance, and implement strategic committee discussed various topics and future plans, including the council's work report, organisational structure, strategy, subcommittees, academic staff promotion and evaluation criteria, as well as research and innovation committee also reviewed university admission conditions, the diversity of academic programmes, and main and specialised fields to ensure they meet labour market demands and students' Highness Sheikh Dr. Sultan Al Qasimi approved the preliminary budget for the remaining period of the year, amounting to Dh 18 million, alongside endorsing the council's new logo and headquarters at the University Highness directed the committee to oversee scholarship affairs in Sharjah's higher education institutions, adopting governance frameworks and coordinating between universities and scholarship providers—governmental, semi-governmental, and scholarship standards for postgraduate studies were approved, similar to those for bachelor's degrees. Sharjah students registered with the emirate and with a monthly income below Dh50,000 will receive full scholarships, while those with higher incomes will benefit from 50% fee scholarships will continue for groups such as children of imams and students with disabilities, funded by the Emiri Diwan. Universities and academies will offer special discounts to other categories like high achievers in academics, sports, research, and other fields. The meeting was attended by Dr Mansour bin Nasar, Head of the Sharjah Government Legal Department and committee rapporteur; Dr. Muhadditha Al Hashemi, Chairperson of the Sharjah Private Education Authority; Professor Hamid Majoul Al Nuaimi, Chancellor of the University of Sharjah and Director of Sharjah Academy for Space Sciences and Astronomy; and Dr Mohammed Yousuf Baniyas, Adviser for Higher Education at Sharjah Private Education Authority.
Al Etihad
16-06-2025
- Business
- Al Etihad
Mohammed bin Rashid launches phase 2 of Zero Bureaucracy Programme
16 June 2025 17:45 DUBAI (ALETIHAD)His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, affirmed that under the leadership of President His Highness Sheikh Mohamed bin Zayed Al Nahyan, the UAE is building a world-leading model for government model prioritises efficiency, quality, and impact, aiming to simplify and enhance the lives of its citizens. By integrating best practices, leveraging expertise and technology, the UAE government strives to deliver streamlined services that meet the needs of its people with minimal effort and maximum Highness Sheikh Mohammed bin Rashid Al Maktoum said: 'Today we launch the second phase of the Zero Government Bureaucracy programme, a national project designed to create simpler, faster, and more impactful government services. In its first phase, the programme reduced service delivery time by over 70%, eliminated more than 4,000 unnecessary procedures, and saved customers over 12 million hours.'His Highness Sheikh Mohammed added: 'We are grateful to the over 30 government entities and 690 teams involved in streamlining government procedures. Today we expand these efforts, focusing on eliminating digital bureaucracy to realize our goal: a government without complexity, services without waiting times, and results that tangibly improve people's lives.'His Highness Sheikh Mohammed announced the launch of the second phase of the Zero Bureaucracy programme, at an event that detailed the next phase of the programme and its objectives. The launch event, held in Dubai, was attended by over 200 ministers, deputy ministers, and directors general of federal programme serves as a comprehensive national framework for Zero Bureaucracy projects and initiatives, uniting the efforts of all ministries and government entities. Its strategic objective is to establish the UAE government as the global leader in service delivery, ultimately achieving zero Al Gergawi, Minister of Cabinet Affairs, stated that the achievements of the Zero Bureaucracy Programme's first phase align with the UAE leadership's vision to prioritize citizen services and continuously improve and simplify his opening remarks at the launch of the second phase, Al Gergawi highlighted the collaborative efforts of '30 government entities and 690 teams, which successfully eliminated over 4,000 unnecessary procedures, reduced service delivery time by over 70%, and removed 1,600 redundant requirements. The UAE Government has recognized and celebrated the top three performing government entities in implementing Zero Bureaucracy.'Al Gergawi said: 'The results of the previous phase represent a new, more effective model for government operations, by leveraging internal teams to re-engineer processes and enhance service efficiency. More importantly, this translated to over 12 million hours and Dh 1.12 billion saved annually for the public, customers, businesses, and investors.'Al Gergawei stated that the next phase will focus on further reducing unnecessary procedures, streamlining digital applications by achieving zero digital bureaucracy, and ensuring a 24-hour uptime for digital systems, strengthening digital integration between government entities, and enhancing the overall digital customer its first phase, the Zero Bureaucracy programme achieved significant results, establishing a new model for government operations. Over 690 teams from 30 government entities eliminated over 4,000 unnecessary procedures, reducing service times by over 70%. This streamlined 200 million annual transactions, saving customers and businesses 12 million hours and Dh 1.12 billion annually. Top-performing teams received awards valued at Dh 7 million in recognition of their second phase of the programme will expand its scope to fully eliminate digital bureaucracy, streamlining online processes and applications. This involves modernizing all government digital systems and effectively integrating programme will also continue to eliminate unnecessary government procedures and services, remove redundancies between entities, and abolish all non-essential burdens and the launch event for the Zero Bureaucracy Programme's second phase, His Excellency Abdullah bin Sultan bin Awad Al Nuaimi, Minister of Justice, highlighted the Ministry's achievements and journey in eliminating bureaucracy. He showcased several initiatives that contributed to the Ministry winning first place as the Zero Bureaucracy Awards' Best Government bin Taliah, Chief of Government Services in the UAE Government, outlined the second phase of the programme, which aims to further eliminate unnecessary procedures and requirements, eradicate digital bureaucracy, and remove redundant or unnecessary requirements. He explained that the next phase will focus on enhancing government integration, data sharing, developing innovative joint solutions, and adopting leading business government workshop concluded with an interactive dialogue session titled " Zero Bureaucracy and the Private Sector." Participants included Marwan Ibrahim Haji Nasser, Chairman and CEO of Tadawi Healthcare Group, and Fouad Mansoor Sharaf, Fuad Mansoor Sharaf, Managing Director of the UAE Shopping Malls at MAF Properties. The session explored the speakers' insights and perspectives on how eliminating bureaucracy impacts the private sector's efficiency, performance quality, and service excellence. Launched in November 2023, the UAE Zero Government Bureaucracy programme simplifies and streamlines procedures, eliminating unnecessary requirements. The first phase targeted a reduction of 2,000 government procedures and a 50% decrease in processing times, reflecting the leadership's commitment to creating a leading future-forward experience that enhances lives, fosters a pro-business environment, and attracts talent.
