Tuesday, June 2, 2020

Cleveland Clinic Abu Dhabi welcomes Cleveland Clinic US medical team for knowledge exchange

Sorry, we can't find the page you are looking for. It looks like this was the result of either: A mistyped address An out-of-date...

UAE economy to gain impetus from Expo 2020, government policies – IMF

IMF hails steps for UAE’s SME strategy, lists sustained growth and diversified economy as key priorities

The UAE’s economy is faring well, and will pick more momentum going into next year, underpinned by Expo 2020 and government policies, according to the International Monetary Fund (IMF).

In a new report, the IMF outlined sustained growth over the medium term and further diversification of the economy as key priorities for the UAE.

“Following a challenging period, the economy is recovering. Non-oil growth could exceed 1 per cent in 2019 and pick up to around 3 per cent next year, the fastest since 2016, on the back of Expo 2020 and fiscal stimulus. Overall, GDP growth would register 2.5 per cent in 2020,” it said.

The IMF team hailed the government’s efforts to implement a holistic national SME development strategy, as well as key steps such as adopting a foreign direct investment (FDI) law allowing 100 per cent foreign ownership in selected sectors, and reducing/eliminating fees.

Furthermore, the IMF recommended the establishment of a unified agency for SME promotion purposes.

“The IMF team discussed two key policy priorities with the authorities: promoting the growth of the non-oil private sector, including small and medium enterprises (SMEs); and strengthening fiscal frameworks to ensure both sufficient saving of oil wealth for future generations and smoothing of short-term fluctuations” the report said.

The mission recommended fiscal frameworks to be supported with better monitoring and review of GRE-related contingent liabilities, and the establishment of independent fiscal councils to ensure implementation of the frameworks.

Additionally, the report supported the real estate and construction exposures to be under “prudential” control and called for large noncompliant exposures to be brought within approved limits. It also recommended greater financial inclusion.

Latest Posts

ADNOC Distribution continues to deliver on national network expansion, bringing convenience closer to customers across the UAE with 16 new sites open in 2020...

Five new ‘ADNOC On the go’ stations open in Abu Dhabi in May, with 10 now open across Abu Dhabi and Al Ain in...

Dubai SME implements measures to support startups

Tuesday, June 2nd, 2020 12:56pm Supplied A comprehensive support package has been unveiled for entrepreneurs and...

Redmi Note 9 series arrives in the UAE

In an online launch yesterday, Xiaomi has officially revealed three new smartphones in its growing roster of affordable devices available in...

UAE sends medical aid to Grozny

Tuesday, June 2nd, 2020 4:43pm By Zeena Zalamea The UAE has sent an aid...

Don't Miss

UAE Research Program for Rain Enhancement Science Awardees Publish 40 Q1 Journal Articles Since Inception

The UAE Research Program for Rain Enhancement Science (UAEREP) announced that its awardees have published, to date, 40 scientific articles in 18 peer reviewed...

Arzan Wealth achieves successful exit of a US mezzanine lending transaction

Dubai, United Arab Emirates –(AETOSWire)- Arzan Wealth (DIFC) Limited (‘Arzan Wealth’), a Dubai-based advisory firm regulated by the Dubai Financial Services Authority, is pleased to...

Cove Beach Dubai launches memberships at 50% off, with fee redeemable on F&B

Cove Beach is offering its memberships at 50% off – with the entire value of the membership fee paid redeemable on F&B, which can...

Clean energy now accounts for 9 per cent of Dubai’s total output

The total installed capacity is 11,700MW of electricity Monday 01 June 2020The Dubai Electricity and Water Authority (DEWA) announced on Sunday that clean energy now...

Emirates SkyCargo marks five years of cargo flights to Columbus

Emirates SkyCargo has completed five years of cargo flights to Rickenbacker International Airport, Columbus, successfully connecting businesses and facilitating trade from the US mid-west...

Stay in touch

To be updated with all the latest news, offers and special announcements.

%d bloggers like this: