Oil prices remain a key risk to the outlook, which is based on average prices of $56.0 and $61.6 per barrel in 2015 and 2016 respectively
Power Assets said it sold a 16.53 per cent stake in HK Electric but will remain as the controlling shareholder of the power supplier
The minister expects the rate for international firms to fall and the levy on local companies to rise
The government currently takes most decisions regarding the UAE’s monetary policy.
The UAE’s consolidated fiscal balance is expected to swing to a deficit of 2.3 per cent of gross domestic product in 2015 from a 5.0 per cent surplus last year, the IMF said.
EFG-Hermes says nearly a third of its $3 billion of assets under management is in Saudi Arabia, with $265 million managed by its Saudi unit.
The joint venture was studying options in the wake of the U.S. conglomerate’s decision to exit most of its GE Capital operations.
Regulatory obstacles and uncertainty about the size of fund inflows are deterring foreign firms from undertaking any quick build-up in their staffing and office space in Riyadh.
The flotation will involve 600 million shares, equivalent to 12.99 per cent of the company, offered at a price between 3.5 pounds and 4.25 pounds.
A new survey found a large quarter-on-quarter dip in UAE hiring during Q1 2015.
Bond issues are being considered after global oil prices plunged last year.
Oil price volatility is not expected to impact Emirates NBD’s retail growth estimates, a senior official said.
Output growth rose to a three-month high index reading of 62.8 points in May but the increase in new orders fell.
The Capital Markets Authority did not specify the reason for these stocks to be off-limits to foreign investors.
The kingdom’s foreign reserves fell to $683 billion in April, from $732 billion at the end of 2014, a new report shows.
Economic growth is expected to slow in 2016 as lower oil revenues hit state spending, the IMF said.
The proportion of its assets managed by external fund managers fell to 65 per cent last year from 75 per cent in 2013, the authority said.
The market opening could lead to a flurry of foreign funds, paving way for more partnerships among local and international firms.
The company had previously aimed to price the shares at 4.70 Egyptian pounds.
Stocks and precious metals were the other favoured asset classes among UAE investors, a Franklin Templeton survey found.
Assets dropped 6.8 per cent from a year earlier to their lowest level since May 2013, central bank data showed.
The lender acquired 87.15 million shares at a total value of Dhs317.2 million ($86.37 million), it said in a bourse filing on Thursday.
The bank will convene shareholders soon to vote on a rights issue worth Dhs504 million and raise its sukuk limit to $3 billion from the existing $2 billion ceiling.
The Doha index dropped 2.3 per cent to a one-month low of 12,123 points in a broad sell-off.
Pandtle, who previously worked at Eagle Asset Management, will oversee the management of US-focused equity portfolios run by the fund.
The fund holds stakes in Bahraini companies including Aluminium Bahrain (Alba), Gulf Air and Batelco.
The terms of the transaction were not disclosed but earlier reports hinted that the sale was worth at least $1.8 billion.
Spending on “participation and support”, which includes subsidies, fell 48 per cent to OMR189.0 million in the first quarter of this year.
The company is looking to close deals in the UAE’s hospitality and retail sectors, officials said.
The government will redirect subsidy policies to benefit local citizens only, an official said.