ArabianBusiness.com - Middle East Business News
Saturday, 11 October 2008 | 16:49 UAE time

YOUR DIRECTORY /

Central Bank of UAE

Main Category: Central Bank
First Address : PO Box 854
City : Abu Dhabi
Country : United Arab Emirates
Phone: 971 2 6652220
Fax: 971 2 6667494
Website: www.centralbank.ae


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ALL STORIES LIST


UAE central bank chief in US for crisis talks

Governor in Washington for IMF, World Bank meetings regarding global financial turmoil.

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UAE, Kuwait follow suit and cut rates

UPDATE 1: Central banks around the world slash interest rates as financial crisis escalates.

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UAE Central Bank launches ATM fraud probe

Investigation into crisis that affected thousands of customers across the country.

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Gulf interbank lending rates rise amid tensions

Saudi Arabia, UAE rates increase ahead of a possible final US bailout agreement.

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Interbank rates continue to climb

Uncertainty over UAE central bank's $13.6bn emergency fund sees one- and three-month rates rise.

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Banks left guessing over emergency fund

UPDATE 1: Two days after UAE announcement, details of $13.6bn facility still to be revealed.

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UAE interbank lending rates rise

UPDATE 2: One- and three-month EIBOR up on news of $13.6bn central bank emergency fund.

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UAE central bank to pump $13.6bn into banking sector

UPDATE 2: Move aimed at preventing global credit crunch spreading to UAE.

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43% believe Gulf is facing more market turmoil

Arabian Business poll reveals mixed views on region's battered stock exchanges.

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UAE banks 'safe from Lehman crisis fallout'

Central Bank governor says UAE institutions have little or no exposure to collapsed US giant.

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Banks ordered to report Lehman exposure

UAE central bank issues directive for lenders to report exposure to bankrupted investment bank.

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90% of hot money has left UAE - central bank

Announcement suggests worst of pressure on Gulf currencies and assets has passed.

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87% say dollar peg must be stopped now

Arabian Business poll reveals opposition to continuation of Gulf region's link to US currency.

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Consumer loans in UAE soar by 46%

Latest Central Bank data reveals sharp increase in outstanding loans, doubled in last four years.

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UAE bank H1 profits rise by almost 40%

Central Bank figures reveals banking industry is in good shape, despite credit crunch.

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Gulf not immune to global slowdown - UAE bank chief

UPDATE 1: More reason to maintain currency peg now US dollar strengthening.

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UAE's tough anti-money laundering rules target wire payments

Move will affect transactions as low as $544, including remittance payments.

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UAE mulls personal loan curbs

Central bank concerned about use of loans by individuals and small firms as leverage in property deals.

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Banks in credit risk warning

Analysts warn that UAE banks face becoming overexposed to bad debt as people flee the region.

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UAE central bank chief confirmed for new term

UPDATE 1: Al-Suweidi's reappointment for four years ends months of speculation.

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UAE cheques to be cleared in hours

New banking system set to reduce cheque-clearing time from five days to only four hours.

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UAE mortgage lending soars

Home loans almost double between 2002 and 2007, driven by the Gulf state's building boom.

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UAE population grew 6.1% in 2007

Population of emirates reaches 4.49mn, led by influx of residents into Dubai, says central bank.

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Inflation stabilising, claims Al-Suweidi

UAE Central Bank governor also says likely US interest rate hikes will lift ailing greenback.

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UAE to tighten anti-money laundering controls

UAE central banks notifies banks, exchange houses of 13 new regulations.

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UAE trade surplus jumps as oil prices surge

UAE surplus increases 59% in 2007 as crude exports shoot up 69%, central bank says.

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Consumer loans surge $1.36bn during Q1

Loans in UAE reach $13.18 billion as Gulf state struggles to contain record inflation.

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UAE money supply hits 5-year peak

Growth in amount of money in circulation hits almost 40% in March, fastest rate of growth since 2003.

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The governor

Sara Hamdan discusses currency pegs, inflation and works of art with Sultan Bin Nasser Al Suwaidi.

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Gulf monetary union deal 'more or less final'

UPDATE 1: Central bank governor Al-Suweidi says draft agreement is nearly finished.

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Gulf to miss 2010 single currency deadline

States agree to create joint cbank next year, but admit Gulf currency will not reach deadline.

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Inflation may delay Gulf currency - UAE

Differences of opinion emerging among Gulf states on how to tackle problem, cbank governor says.

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Al Suwaidi dismisses Greenspan depeg remarks

UAE cbank governor says former Fed chief just wants to make 'interesting speeches'.

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Gulf inflation threat mounts as oil hurdles to $150

Record oil prices placing more pressure on Gulf states to revalue currencies - analysts.

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Cbank steps in to deal with dollar shortage

UAE to allow Islamic banks to borrow up to $200mn per day against certificates of deposit.

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Gulf laws may need to be unified - Al Suwaidi

EXCLUSIVE: GCC company laws may have to be unified before 2010 union.

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Inflation, dollar peg to overshadow Gulf cbank summit

Central bank governors meeting to try and pick up pace of monetary union.

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No intention of dropping dollar peg - UAE cbank

Al-Suweidi says decision based on safeguarding national interests, no foreign pressure.

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Amlak applies for banking licence

Islamic home finance provider Amlak has reapplied for a banking licence to the UAE Central Bank.

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Oman bus stop theory

Finalising a regulatory framework early on may be best, but could increase financial institutions' time to market.

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UAE inflation hits 'alarming' levels

Inflation in 2007 accelerated to 14% on back of rising fuel, food and housing costs, official data shows.

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UAE bank bows to Fed pressure

Central bank lowers rates as the US Federal Reserve cuts again, mounting persistent inflation pressure.

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UAE drafts new Islamic finance law

Emirates plans to to establish higher Sharia Council to supervise industry, replacing 1985 federal law.

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UAE policymakers insist on keeping dollar peg

Central bank governor says no plans to drop or revalue its currency peg to dollar.

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Central bankers eye shift in single currency deadline

Bankers also expected to discuss how to control record inflation at bi-annual meeting.

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Housing supply boost to ease inflation

Lower inflation to also ease pressure to revalue dollar-pegged currency, UAE central bank governor says.

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Central bank calls on UAE to curb spending

Governor Al-Suweidi says gov't must rein in spending to control record inflation in the Emirates.

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UAE will only ditch dollar peg with other Gulf states

Any change must happen at GCC level, Central Bank Governor Al-Suweidi says.

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UAE money supply skyrockets

Supply growth surges at second-fastest pace in five years, up more than a third at end of December.

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Gulf states must ditch dollar peg - Emirates NBD

Chairman of the Gulf's biggest bank urges central banks to act to tackle record inflation.

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UAE no plans to revalue 'at this time'

Central bank governor rules out monetary policy shift following another round of US rate cuts.

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Gulf states cut rates, further fuel inflation

Saudi, Bahrain and UAE follow US and lower rates, Kuwait leaves benchmark rate unchanged.

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UAE task force to review dollar peg

Central bank sets up currency committee to report on possible depegging or revaluation of dirham.

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UAE sets bank borrowing limit

Lenders can borrow up to $200mn per day against certificates of deposit, central bank says.

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The Ostrich Approach

Why the financial sector in the region needs a more mature approach to security incidents following the recent ATM card fraud.

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UAE bank card details stolen from hacked ATM

Cash machine 'skimming' fraud steals user's bank details over seven day period

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Thousands hit by card fraud

UPDATE: Gang of fraudsters hack ATM in UAE, stealing card details and pin numbers.

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ADCB urges UAE to ditch dollar peg

Gov't should reconsider peg in light of long-term growth prospects in region, chief executive says.

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There’s no fun in facing the facts

UAE plans to update its CPI to reflect price trends more accurately could make for pretty gruesome reading for the masses.

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Gulf currencies surge as dollar nears record low

Investors bet on central banks revaluing currencies against dollar.

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UAE to keep dollar peg, reiterates Al-Suweidi

Emirates committed to keeping dirham tied to US currency, central bank governor says.

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Bets on revaluation grow on Greenspan remarks

Forwards show investors betting on 3% appreciation in UAE dirham in a year.

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Saudi real estate giant calls on UAE to drop dollar peg

Depegging from US currency will help fight inflation, Rakaa Properties CEO says.

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UAE being held back by dollar peg

Dirham's peg to dollar no longer viable as US economy spirals into recession, economist warns.

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UAE inflation 11% in 2007 - NBAD

National Bank of Abu Dhabi revises forecast up by almost three percentage points on rising rents.

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Single currency 'long-term' objective - UAE

Central bank governor says implementation of monetary union should be in stages.

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UAE economy in 'good shape', may grow 6.6%

Central bank governor says strong demand for oil and gas will support growth this year.

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UAE risks massive inflation surge

Annual money supply, an indicator of future inflation, jumps by more than one-third - central bank.

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UAE poised to set up single financial regulator

Move to leave central bank sole mandate of setting monetary policy, report says.

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Gulf central banks face uphill battle

WEF: More future US rate cuts will increase pressure on banks to revalue, says Saudi economist.

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Gulf slashes rates to keep pace with US

Kuwait cuts benchmark interest rate for first time in 18 months, Saudi, Bahrain and UAE also lower rates.

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Al-Suweidi calls for united effort to tackle inflation

UAE Central Bank governor says problem cannot be solved with monetary policy alone.

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Dollar peg will stay despite soaring inflation

UAE says dollar peg will remain for 2008, so interest rates cannot rise to curb inflation.

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Currency confusion hits GCC states

Revaluation or switch to currency basket both possible.

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UAE steps up inflation battle

Emirates to form special body to monitor cost of living, central bank governor Al-Suweidin says.

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UAE bank profit grows 25%

Banks' income increases to $6.75bn in 2007 as lending businesses grew, says central bank governor.

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UAE will not tighten lending curbs

Central bank governor Al-Suweidi says UAE will not follow Saudi and Qatar in raising reserve requirement.

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July revaluation likely for UAE

Dollar-pegged dirham is 60% likely to be revalued in the first half of next year, report says.

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Pegged off

Speculation is rife that a move towards the unpegging of the dirham from the dollar is imminent and research indicates that such a move would be welcomed. Diana Milne explains the impact of the dollar peg and explores the likelihood of it being removed.

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Al-Suweidi wants to step down after monetary union

UAE central bank governor looking to keep job till at least 2010, report says.

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UAE reveals Gulf revaluations on cards

Revaluation 'an option', but decision not to depeg 'final', central bank's Al-Suweidi says.

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Subprime crisis will not hit UAE bank profits

Central bank governor Al-Suweidi says banks' exposure will be 'marginal'.

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UAE trains sights on terror funding

Central bank says public-private partnership the way forward in fight against money laundering.

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Gulf states move to limit currency speculation

Qatar tightens lending curbs while matching Fed cut along UAE, Saudi and Bahrain.

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Fed cuts rates, pressure on dirham mounts

UAE will likely change its monetary policy early next year, EFG-Hermes predicts.

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UAE central bank governor denies he is to quit

Al-Suwaidi says report is 'totally incorrect, baseless and without any merit'.

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Bankers on edge over revaluations

Prospect of Gulf currency revaluations discouraging sales of dollar-denominated Islamic bonds.

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Gulf currency talks due 'in days'

Bahraini foreign minister says revaluations under discussion after rulers backed dollar pegs.

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UAE trims interest rates ahead of expected US cut

Central bank cuts main interest rate by 15 basis points to 4.5%, in line with Fed benchmark.

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Still playing the waiting game

We've had denials, disappointment and debate - but as the dollar continues to dip, still no firm single currency decisions.

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UAE insists dollar peg here to stay

Central bank governor Al-Suweidi says dollar peg to remain unchanged for 'foreseeable future'.

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Depegging - 'just do it'

The question is not if to depeg or revalue, but when and how. And the answers are to a basket of currencies - and now.

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UAE threatens foreign exchanges

Central bank to reimburse customers overcharged by moneychangers ignoring official rate.

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Gulf currencies weaken as Saudi backs peg

Bids on riyal and dirham drop off highs after minister rules out dropping link to dollar.

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Gulf states set for currency showdown

UAE, Saudi raise stakes in currency debate but ministers say reform won't be on Doha summit agenda.

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Speculators ahead of summit

Markets warned against betting on dirham revaluation as investors pile pressure on region's dollar pegs.

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UAE revaluation as early as Sunday

EXCLUSIVE: Sources close to central bank suggest 3-5% revaluation of dirham to dollar is on cards.

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UAE raises expectations it will drop dollar peg

Central bank revamps monetary policy tools, take first euro deposits from local banks.

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UAE follows US with interest rate cut

Gulf Arab state cuts rates to deter market bets that it will let its currency rise against sinking dollar.

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UAE consumer loans soar

Total loans grew by almost a third in the first nine months of this year to $11bn.

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Dirham at five year high - depegging 'inevitable'

The dirham has hit a five-year high with speculation the UAE will move to depeg its currency.

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Labourers win 20% wage hike

Dubai contractors raise salaries with immediate effect following construction strikes earlier this month.

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Bankers to discuss Maghreb currency union

Single currency project for Algeria, Morocco and Tunisia up for discussion.

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UAE central bank on dollar peg knife-edge

UAE central bank governor al-Suweidi says UAE faces a turning point due to the dollar's slide.

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Cheque please!

The long awaited digital cheque clearing process instigated by the UAE's Central Bank is a requirement all UAE banks must fulfill. Compliance is usually a dirty word in IT circles, so Brid-Aine Conway looks at whether the new system will benefit businesses along with customers and how it was implemented.

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Homeowner boost as Gulf states cut rates

Move follows US cut in interest rates, sending dollar to new lows and piling pressure on expat salaries.

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Gulf could unite to drop dollar peg

States could switch together to currency basket to buy time for troubled monetary union project.

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Threat of 'financial loss' keeps UAE pegged

UAE admits repegging of dirham will have a sizable financial cost to country, IMF reveals.

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No single reason to merge

Given UAE and Qatar are among world's strongest economies, risks of a GCC currency are just too great to take.

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Abu Dhabi inflation hits 11.3%

Emirate's annual inflation in June increased from 8.3% at end of 2006, driven by rents and fuel costs.

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Indians face ruin as rupee soars against Gulf currencies

Value of Gulf currencies has slumped by 22% against the rupee over past five years.

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Value of UAE mortgage market doubles

Market grew to $12.5bn in six month to June as lenders tap booming property market.

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UAE money supply continues to accelerate

Money supply grew to $163.5bn by end of June, up 11.2% in Q2 on previous quarter.

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UAE concedes defeat on GCC currency deadline

Single currency unlikely by 2015, let alone by 2010 deadline, central bank governor says.

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UAE mortgage lowered

Mortgages in the UAE are set to become cheaper as UAE banks get ready to follow the lead of the Central Bank which has cut domestic rates by 15bps.

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UAE reaffirms commitment to dollar peg

Dollar's decline against the world's major currencies temporary, UAE still behind peg, says central bank.

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More respite for homeowners as rates cut again

UAE lowers interest rates a second time, taking cuts to 0.25 of a percentage point.

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UAE, Kuwait slash interest rates as US makes effort to ease credit woes

The UAE and Kuwait have slashed interest rates in line with the US Federal Reserve's recent move to cut its rates by half a percentage point, in an effort to protect the world's largest economy from the current global credit market crunch.

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Dollar peg-legged

Why the UAE is handicapped by its continuing adherence to the dirham's dollar peg.

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Homeowner joy, expat pain as interest rates slashed

Kuwait and UAE act on US decision to cut federal funds rate.

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The collapse of the single currency?

The latest meeting between GCC central bankers could spell the end for Gulf's 2010 single currency plans.

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UAE, Qatar reiterate support for dollar peg

Central bank governors say no plans to depeg currencies, expect rising inflation to decline.

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UAE dirham at 6-week high

Emirates' dollar-pegged currency pushed up after Gulf monetary union plan talks failed last week.

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Fear of the dark

Britain's Prime Minister claims that London's finance sector is not transparent about risk - what about the Middle East?

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Banks slash provisions for non-performing loans

Official data shows UAE banks made cuts of around 40% in the second quarter.

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UAE money supply accelerates

Cash in circulation rises 5.6% as investors put more funds in interest bearing bank deposits, says central bank.

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Over the limit

With readiness of banks to grant residents loans, will we ever be free of the debt doldrums?

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Like it or lump it, we're staying pegged

Every industry is on the up and targets within these sectors are getting grander by the hour, says James Bennett.

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Gulf Capital to launch new services

Abu Dhabi-based private equity firm licensed to offer asset management and investment banking services.

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UAE, Spain in money laundering talks

The two countries discuss ways to combat money laundering and financing of terrorism.

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Gulf states still back the greenback

Most Gulf central banks look set to ride out dollar weakness, although Kuwait may opt for a second revaluation.

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Gulf expats feel dollar pinch

Don't bother sending money home... the dollar crash hits expatriates' pockets.

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NBB gets Dubai licence

National Bank of Bahrain receives UAE licence as part of its Gulf expansion plan.

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UAE won't rule out dropping dollar peg

Central bank governor says country would only do so with support of other GCC nations.

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Getting heavy with the bouncers

Emcredit, the UAE's first credit bureau aims to put a stop to bad debt.

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Sharia-compliant banking looks north

Islamic banking and insurance is expanding in the UAE's northern emirates.

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Gulf single currency unlikely by 2010

Delay in monetary union is likely, but the UAE won't drop the dollar peg yet, says Central Bank.

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Oman rules out single currency

'Time is short' on a 2010 monetary union as Oman confirms it is out following Kuwait's move to drop the dollar peg.

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Gulf nations say monetary union still stands

Analysts doubtful, but Gulf nations insist they are committed to a single currency.

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UAE to keep US dollar peg

Update: The Emirates' central bank is set to maintain its currency pegged to the dollar, ending speculation.

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Property shortage hits cost of living

The UAE central bank blames lack of housing, rather than the declining dollar, on rising inflation.

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BUSINESS FEATURES

Brighter days ahead

The founder of Australia's Sunland Group says the Gulf market may be in better shape than most.

Back in fashion

After years of enforced isolation Libya is back in the fold and Gulf investors are among the first arrivals.

Vanishing act

Customers of UK building society Bradford and Bingley ask where's safest as banks continue to vanish.

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BUSINESS INTERVIEWS

On cruise control in the Gulf

Michael Horrigan, chief executive of Island Global Yachting on the firm's recent tie-up with Nakheel.

Holding back the tide

Nakheel's CEO faces his toughest challenge yet in protecting the firm from cooling global real estate demand.

Talk sport

Sport organiser and promoter Barry Hearn has set his sights on the Middle East and is aiming for a bullseye.

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