US Congress targets foreign accounts used by US taxpayers as the subject of the new compliance The Finance Ministry of the UAE has established the new Foreign Account Tax Compliance Act (Fatca) with a joint venture with the US. In Abu Dhabi, it was ratified by Younis Haji Al Khoori and Barbara A. Leaf, the[...]

The ever-increasing expenditure of the e-commerce businesses is encouraging the government to increase the opportunities for online transactions, by introducing tens of their customers to smart payment methods. The UAE consumers have been using cash over cards for many years now. However, the highly convenient methods of purchasing products through the various online e-com shops[...]

The gulf countries will face loss of $240 billion in 2015 including KSA and UAE if the price of the oil does not rise. The average price of barrel is 55 dollars, if it stays that way the GCC will definitely face a loss, says a local bank economist. The gulf countries are forced to[...]

The new Emirates Development Bank of the government now exists for the working citizens of the UAE UAE citizens now have a bank to invest their savings, especially those related to finance and housing. This newly opened bank is owned by the state, and is backed up by the UAE government to increase interest in[...]

After Egypt, Saudi Arabia will be focused upon too As stated by Nilesh Khalkao, the CEO of Sharaf DG, a well-known electronics retailer in Dubai, the company has planned to establish their first Egyptian branch, with the expected time somewhere around the latter half of 2016. He continued by saying that the store will take[...]

A steady weakening of economic conditions for the GCC sovereigns, which stemmed from the steep decline of oil prices in the past year, is expected to show on the deposit and credit growth, cost-effectiveness, and asset value of local banks this year, according the one of the credit rating agencies, Standard & Poor’s. Standard &[...]

According to a new survey conducted by Mercer, Abu Dhabi and Dubai have been ranked as two of the most expensive cities for expats to live in within the Middle East. According to the research firm, Mercer, Dubai ranked as the 23rd most expensive and Abu Dhabi ranked as the 33rd. These two rankings have[...]

Last year, a GDP growth of 4.5% took place in Dubai. In addition to that, favorable conditions for the investment and the development of infrastructure for the Emirate led to an increased employment percentage of 6.5. This promising statistical information was quoted by Hafeez Abdullah, chairman of the front-running investment firm in Dubai- H Holding[...]