The IMF advises the country to stand firm against pressure and 'remain with the peg'.
Reuters, Sunday, 13 May 2007, ArabianBusiness/News
IMF's review of Middle East and Central Asia economies praises the two areas' forward-thinking policies.
Daniel Stanton, Sunday, 13 May 2007, ArabianBusiness/News
IMF official says most Gulf countries are now looking at indirect taxation.
Lynne Roberts, Tuesday, 15 May 2007, ArabianBusiness/News
Gulf News says that the nation is being stalked by stagnation fears, but is the newspaper scare mongering?
Rob Corder, Wednesday, 16 May 2007, ArabianBusiness/Comment
A GCC goods tax doesn't precursor a charge on income - but could hit inflation hard, says Ben Flanagan.
Ben Flanagan, Wednesday, 16 May 2007, ArabianBusiness/Comment
The UAE is moving closer to the introduction of a value added tax (VAT), according to Mohsin Khan, Middle East and Central Asia director of the International Monetary Fund (IMF).
ArabianBusiness.com staff writer , Sunday, 20 May 2007, ArabianBusiness/News
Just how truly robust the real estate sector in the gulf is clearly evident on the astronomical projects currently at hand. Barry Mansfield looks on the future of real estate in the GCC region.
Barry Mansfield, Sunday, 20 May 2007, ArabianBusiness/Features
Government admits that the country's current political stalemate could jeopardise economic reforms.
Dylan Bowman, Monday, 21 May 2007, ArabianBusiness/News
Jordan's Dead Sea coast has become a popular choice for conference organisers
ArabianBusiness.com staff writer , Tuesday, 22 May 2007, ArabianBusiness/Features
Finance minister says the country is looking to start privatisation of the state-dominated sector in a 'few months'.
Reuters, Tuesday, 22 May 2007, ArabianBusiness/News
The emirate has been ranked the 14th most expensive city for tenants.
Dylan Bowman, Wednesday, 23 May 2007, ArabianBusiness/News
Lucie Mboto Fouda of the IMF on Algeria's promising future in the energy sector.
James Buckley, Wednesday, 30 May 2007, ArabianBusiness/Interviews
Being at the crossroads is a second nature for Turkey.
Gilles Valentin, Yaz Yazicioglu and Emmanuelle Berthemet, Saturday, 02 June 2007, ArabianBusiness/Features
Central bank says currency will shift to the IMF's Special Drawing Right.
Reuters, Tuesday, 05 June 2007, ArabianBusiness/News
With the cost of living increasing all the time, how high a price are people paying to live in Dubai?
Diana Milne, Sunday, 08 July 2007, ArabianBusiness/Features
Arabian Business asks the experts if the markets are poised for a resurrection.
Preparations for the introduction of VAT across the UAE have been backed by the International Monetary Fund (IMF).
UAE admits repegging of dirham will have a sizable financial cost to country, IMF reveals.
Revenue could reach $49bn in five years as country sees returns on investment, IMF says.
Reuters, Monday, 22 October 2007, ArabianBusiness/News
Turkey's burgeoning real estate market is starting to attract international developers encouraged by changes in legislation.
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Comments 1-3 of 3
Posted by Zulqarnain Abidy, Dubai, UAE on 20 May 2007 at 12:41 UAE time
There are no official statistics available, or at least I have not seen, for the percentage of population of various income groups vis-à-vis their spending on various accounts. However, it could be safely estimated that house rents accounts for approx 40% of the income for the median population. And with 40-50% increase in the house rents, the inflation in Dubai should be we well over 10%. With VAT within sight, currency pegged with dollar which is depreciating, and inflation which is rising, how growth could be anticipated?
Posted by Rohinton Bilimoria, Dubai, UAE on 14 May 2007 at 12:12 UAE time
I am in total agreement with the IMF report, which I believe is still an underestimated one.
A 2 BR appt rent was priced in Dubai @ AED 70K (in Feb '07) is now tagged @ AED 120K is unbelievable and unrealistic. Eversince the rents have been capped, the brokers have come up with add ons like maintainance charges of 5%; Parking charges of 5% ++. Is it an eyewash or a day light robbery???
This leads to corresponding increase on the general commodities. Prices here too have gone up by 25% during the course of time.
USD is pegged to our currency. USD has depriciated by almost 12% hence our earnings in this country have depreciated too. Therefore it is really high time, the controls are set in place.
Economies in India and China are booming. Even after paying a high Income Tax, an average Indian in India today saves better than an expat Indian here.
Certainly not only the Indian expats, but also the expats from UK, Australia and New Zealand would consider the alternative options.
While UAE Government has given the best to the UAE Nationals and Expats it is too dearer a price people are paying to enjoy the best given by the government.
Price control and review of Labour law in terms of salaries and wages is called for to avoid sky rocketing inflation, which will otherwise ruin the national economy.
Posted by ali fakha, dubai, UAE on 14 May 2007 at 08:32 UAE time
I completely agree that inflation would slow the growth of any country specially if this country having more than 50% expatriate who will look for an alternative country to go when they are unable to save any more money.
The other very important point is the real inflation in UAe . Why no one saying the real figures. How can be 10% if the rent still increasing from 25% onwards. consumer products increased more than 20% and so on.
Imagine with all suich increase the salaries does not increase even by 1% and the government leaving it open as what they believe FREE ECONOMY. But in my opinion the free economy should be with limits. Even in USA , it is free economy but there are minimum wages that everone must follow it. These wages been revised many and many times.
I think this will build up unhealthy economy on the long period and create many financial problems for every one citizen and expatriate.
thanks