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    Global energy sector looks to ADIPEC2015 awards for achieving sustainability through innovation

    As regional and global oil and gas companies continue to submit their nominations for the prestigious ADIPEC 2015 Awards ahead of the 30 July deadline, members of the Regional Select Jury (RSJ), which is comprised of senior professionals from across the industry, emphasised the pivotal role that developments in technology play in creating and harnessing sustainable energy resources.


    "With eight categories"...

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    UAE banks extend AED17.4bn in personal loans in 5 monthsJuly 6, 2015

    Banks operating in the United Arab Emirates extended a total of AED17.4 billion in personal loans in the first five months of the current year, new figures reveal.


    Citing figures released by the UAE Central Bank, Al-Ittihad daily reports that banks’ personal loans portfolio is now at AED317.2bn, up 5.8 per cent from AED300bn at the end of December 2014.


    According to the data, personal loans comprise 22.1 per"...

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    UAE to finish drafting corporate tax, VAT laws this quarterJuly 6, 2015

    The United Arab Emirates, seeking to bolster state revenues, is likely to complete the drafting of laws introducing corporate tax and value-added tax in the third quarter of this year, a senior Ministry of Finance official said on Thursday.


    “The draft of the corporate tax law and the value-added tax law has been discussed with the local and federal governments,” Younis Haji al-Khouri, under-secretary at the ministry, told Reuters.


    He"...

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    Microsoft to launch Surface 3 with 4G LTE in UAE in September

    The newest addition to Microsoft’s Surface products, the Surface 3 (4G LTE), which – as of last weekend – is being released around the world, will hit the UAE markets in September of this year according to Alpha Data, the official resellers of Surface in the country.


    “The only indication Microsoft has given regarding the price for this tablet is that it is $100 more than the Surface 3 [the previous version of Surface 3 4G LTE]. However, how much the UAE price will differ from the US price we cannot say for certain at the moment,” says Ram"...

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    Money transfer, exchange up 15 per cent in UAE in Ramadan

    Money transfer and exchange activity picked up by 15 per cent during the Holy Month of Ramadan, according to industry sources.


    The rise is driven by additional transfers of expatriates, especially those from Arab and Muslim countries, who seek to send more money to their families back home to meet the expenses of the Holy Month of Ramadan and Eid.


    While the uptick in currency exchange is mainly a result of the summer"...

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    Dubai free zones trade forecast at AED515bn in 2015

    The value of trade at Dubai’s free zones is projected to grow by five per cent in 2015 to reach AED515 billion from AED489bn reported last year.


    Sources from the Dubai Customs and the Chamber of Commerce say the value of trade at the emirate’s free zones could even soar by seven per cent this year.


    Currently, free zones trade comprises 37 per cent of the total value of the emirate’s overall trade,"...

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    Prices drop for 15 groups of building materials in Abu Dhabi in May

    Fifteen groups of Abu Dhabi building materials recorded a decline in average prices during May 2015 compared with May 2014.


    The percentages of the declines ranged between 0.4 per cent for transportation equipment to17.2 per cent for insulation materials, according to a report by the Statistics Centre – Abu Dhabi (SCAD).


    The report says that the average prices of insulation materials decreased by 17.2 per cent"...

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