Posts Tagged ‘economy’

No Salary raise be expected by EXPATs

There will be no increase in salaries to cope with the levying of the value added tax (VAT), Obaid Humaid Al Tayer, State Minister for Financial Affairs, told the Federal National Council on Tuesday.
Al Tayer said the tax will have minimal socio-economic impact on people and investments. “The Impact on current, future investments in the country is expected at 0.68%,” Al Tayer said, adding VAT aimed at “achieving financial sustainability” for government. read here &  more is here

 

 

UAE – Most networked economy

 

Strong support and priority by the UAE government to the information and communication technology (ICT) sector raised the UAE’s ranking among the world’s most networked economies globally by four positions to 23rd place in a latest study. According to the World Economic Forum’s latest The Global Information Technology Report 2009-10, the UAE’s impressive performance in recent years has been driven by a strong and consistent government focus on ICT – second and 29th for government readiness and usage, respectively — as a key factor for its vision for the future.

The government has not only been quite successful in promoting ICT diffusion, but is widely using it to improve its efficiency, albeit government online services and e-participation remain low, said the report.

Among the country’s many other strengths are its outstanding individual preparation and ICT usage together with its ICT-conducive market environment.

Situation in UAE / DFC

Situation worsens on Gulf exchanges

The Dubai Financial Market on Tuesday lost 182.64 points, or 5.14%, to close on 3,369. Among the day’s big losers were Arabtec, down 12.09%, and Tamweel, which dipped 10.48%. The Abu Dhabi Securities Exchange also fell sharply, down 162.87 points, or 4.58%, to end the day on 3,395.
Also consider reading:

For third consecutive post-Eid session, Gulf bourses continued to post heavy losses after pressure from the international crisis and selling by foreign portfolios. Despite international markets closing up yesterday, local markets refused to follow same pattern. Muscat was the biggest loser going down 7.2% followed by Tadawul 7%, Dubai 5.1%, ADX 4.5%, Kuwait 2.7%, Doha 1.5% while Bahrain lost the least, only going down by 1.5%.

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