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UAE markets end higher
The Dubai Financial Market ended slightly higher on Tuesday, gaining 2.50 points, or 0.05%, to close on 5,014. Market heavyweight Emaar dipped 0.41%. Meanwhile, the Abu Dhabi Securities Exchange also had a slight gain, rising 7.80 points, or 0.17%, to end on 4,565.
United Arab Emirates: Tuesday, August 19 - 2008 at 14:32

Inflation poses threat to Gulf monetary union
Nasser Saidi, chief economist at the Dubai International Financial Centre, has issued a new report saying that lowering inflation should be the top priority for Gulf Cooperation Council states if they are to complete monetary union by 2010, reported Bloomberg. The Gulf states meet all six criteria for monetary union except for inflation, which must be within 2 percentage points of the average of the six GCC states. Inflation in the UAE and Qatar was higher than allowed in 2007.
Middle East: Tuesday, August 19 - 2008 at 14:19

GCC to revise customs system
The GCC plans to end its system of charging import duty for the country of final destination and may replace it with a simpler mechanism, reported Bloomberg. Saeed Khalifa Saeed Al Marri, deputy director general of the UAE's federal customs authority, said the new system will be in place and all issues concerning a GCC customs union will be completed by the end of this year.
Middle East: Tuesday, August 19 - 2008 at 10:35

UAE vows to fight corruption
The UAE's Minister of Interior said the government is committed to fighting corruption, ensuring accountability and making business dealings as transparent as possible, reported Gulf News. Lieutenant General Shaikh Saif Bin Zayed Al Nahyan's comments came a day after the government issued a statement in which it pledged to deal harshly with any officials accused of taking payoffs in deals or those who exploit their positions for financial gains.
United Arab Emirates: Tuesday, August 19 - 2008 at 07:52

UAE markets jump back
The Dubai Financial Market has gone up by 0.47%, to end the day, Monday at 5,012.31. Tamweel and Ajman Bank led the rise, gaining more than 3%. The Abu Dhabi Securities Exchange also climbed by 0.53%, ending the day at 4,558.04. The real estate and energy sector pushed the markets up, gaining 1.85% and 1.20%, respectively.
United Arab Emirates: Monday, August 18 - 2008 at 14:30

Kuwait invests $27bn in Asia
Kuwait has inked more than $27bn of investment agreements with nine Asian countries, including Brunei and the Philippines during its Asian tour, Reuters has reported. The agreements involve the economic, oil, health and foreign affairs sectors. The country is looking into investments in South Korea, Thailand and the Philippines in the health sector.
Kuwait: Monday, August 18 - 2008 at 10:52

VAT to wait until 2010
A UAE government official said the UAE is not introducing a value-added tax until at least 2010, Bloomberg has reported. The UAE is looking into the adoption of VAT to replace customs duties in compliance to free-trade agreements.
United Arab Emirates: Monday, August 18 - 2008 at 09:22

UAE markets end slightly down
The Dubai Financial Market has dipped by 0.57%, ending the day Sunday at 4,988.82. Tamweel suffered the biggest loss by 4.09% while Emaar and Arabtec slightly gained ground by more than 0.30%. Meanwhile, the Abu Dhabi Securities Exchange slightly went down by 0.02%, to end the day at 4,533.83.
United Arab Emirates: Sunday, August 17 - 2008 at 14:19