Introduction to UAE financial sector and institiute

8/2/2019 Introduction to UAE financial sector and institiute

1/18

Dated: 10th January, 2010, time: 3.49 am

Introduction to UAE

The UAE consists of seven states, termed emirates, which are Abu Dhabi, Dubai, Sharjah, Ajman,

Umm al-Quwain, Ras al-Khaimah and Fujairah. The capital and second largest city of the United

Arab Emirates is Abu Dhabi. It is also the country's center of political, industrial, and cultural

activities. The United Arab Emirates has the world's sixth largestoil reserves. and possesses one

of the most developed economies in the Middle East. The United Arab Emirates is a founding

member of the Cooperation Council for the Arab States of the Gulf, and a member state of the

Arab League. It is also a member of the United Nations,Organisation of the Islamic Conference,

and the World Trade OrganizationAlthough the United Arab Emirates is becoming less dependent

on natural resources as a source of revenue, petroleum and natural gas exports still play an

important role in the economy, especially in Abu Dhabi. A massive construction boom, an

expanding manufacturing base, and a thriving services sector are helping the UAE diversify its

economyAs a member of the Gulf Cooperation Council (GCC), the UAE participates in the wide

range of GCC activities that focus on economic issues. These include regular consultations and

development of common policies covering trade, investment, banking and finance, transportation,

telecommunications, and other technical areas, including protection ofintellectual property rights

United Arab Emirates profile

States under United Arab Emirates

Abu dhabi

Dubai

Sharjah

Ajman

Umm al-Qaiwain

Ras al-Khaimah

1

1
http://en.wikipedia.org/wiki/Emiratehttp://en.wikipedia.org/wiki/Abu_Dhabi_(emirate)http://en.wikipedia.org/wiki/Dubaihttp://en.wikipedia.org/wiki/Sharjah_(emirate)http://en.wikipedia.org/wiki/Ajmanhttp://en.wikipedia.org/wiki/Umm_al-Quwainhttp://en.wikipedia.org/wiki/Ras_al-Khaimahhttp://en.wikipedia.org/wiki/Fujairahhttp://en.wikipedia.org/wiki/Abu_Dhabihttp://en.wikipedia.org/wiki/Politicshttp://en.wikipedia.org/wiki/Industryhttp://en.wikipedia.org/wiki/Culturehttp://en.wikipedia.org/wiki/List_of_countries_by_proven_oil_reserveshttp://en.wikipedia.org/wiki/Oil_reserves_in_the_United_Arab_Emirateshttp://en.wikipedia.org/wiki/Oil_reserves_in_the_United_Arab_Emirateshttp://en.wikipedia.org/wiki/Middle_Easthttp://en.wikipedia.org/wiki/Cooperation_Council_for_the_Arab_States_of_the_Gulfhttp://en.wikipedia.org/wiki/Arab_Leaguehttp://en.wikipedia.org/wiki/United_Nationshttp://en.wikipedia.org/wiki/Organisation_of_the_Islamic_Conferencehttp://en.wikipedia.org/wiki/World_Trade_Organizationhttp://en.wikipedia.org/wiki/Natural_resourcehttp://en.wikipedia.org/wiki/Petroleumhttp://en.wikipedia.org/wiki/Natural_gashttp://en.wikipedia.org/wiki/Abu_Dhabihttp://en.wikipedia.org/wiki/Cooperation_Council_for_the_Arab_States_of_the_Gulfhttp://en.wikipedia.org/wiki/Intellectual_propertyhttp://en.wikipedia.org/wiki/Emiratehttp://en.wikipedia.org/wiki/Abu_Dhabi_(emirate)http://en.wikipedia.org/wiki/Dubaihttp://en.wikipedia.org/wiki/Sharjah_(emirate)http://en.wikipedia.org/wiki/Ajmanhttp://en.wikipedia.org/wiki/Umm_al-Quwainhttp://en.wikipedia.org/wiki/Ras_al-Khaimahhttp://en.wikipedia.org/wiki/Fujairahhttp://en.wikipedia.org/wiki/Abu_Dhabihttp://en.wikipedia.org/wiki/Politicshttp://en.wikipedia.org/wiki/Industryhttp://en.wikipedia.org/wiki/Culturehttp://en.wikipedia.org/wiki/List_of_countries_by_proven_oil_reserveshttp://en.wikipedia.org/wiki/Oil_reserves_in_the_United_Arab_Emirateshttp://en.wikipedia.org/wiki/Middle_Easthttp://en.wikipedia.org/wiki/Cooperation_Council_for_the_Arab_States_of_the_Gulfhttp://en.wikipedia.org/wiki/Arab_Leaguehttp://en.wikipedia.org/wiki/United_Nationshttp://en.wikipedia.org/wiki/Organisation_of_the_Islamic_Conferencehttp://en.wikipedia.org/wiki/World_Trade_Organizationhttp://en.wikipedia.org/wiki/Natural_resourcehttp://en.wikipedia.org/wiki/Petroleumhttp://en.wikipedia.org/wiki/Natural_gashttp://en.wikipedia.org/wiki/Abu_Dhabihttp://en.wikipedia.org/wiki/Cooperation_Council_for_the_Arab_States_of_the_Gulfhttp://en.wikipedia.org/wiki/Intellectual_property


2/18

Fujairah

Real GDP growth

2

2


3/18

The following is the Gross Domestic Product of each Emirate in the U.A.E. (shown ingraph). All data is estimated from 2007. American dollar to Emirati Dirham is calculated

with 3.673 DHs to 1 USD pegged exchange rate.

Abu Dhabi - 110 billion American dollars or 404.03 billion Emirati Dirhams.

Annual Growth rate: 12%

Dubai - 54.315 billion American dollars or 199.5 billion Emirati Dirhams.

Annual Growth rate: 19.2%

Sharjah - 18.622 billion American dollars or 68.4 billion Emirati Dirhams.

Annual Growth rate: 13.2%

Ajman - 2.722 billion American dollars or 9.99 billion Emirati Dirhams. Annual

Growth rate: 27%

The three remaining Emirates (Umm al-Qaiwain, Ras al-Khaimah and

Fujairah) contribute very little to the overall Gross Domestic Product of the U.A.E. and,

therefore, their GDP is not calculated often. The difference between the GDP for the entire

United Arab Emirates and the GDP of the four Emirates listed above is about 7 billion

American dollars or 25.711 Emirati Dirhams.

Major industries Aluminum

Smelting

Cement

3

3


4/18

Fish Processing

Fish Meal

Natural Gas Liquefaction

Oil Production

Steel Milling

Major exporters Japan South

Korea

Thailand

India

Major importers United States

China

India

Germany

Japan

United Kingdom

France

Italy

Main exports and imports

Debt outstandingUAE has $184 billion debt outstanding in 2009

4

4


5/18

SPECIALIZED FINANCIAL INSTITUION

SUMMARY

Banking Equipment

OMA Emirates company

Sharjah-based company that markets banking automation equipment, custom-made

banking software products, computer stationery, and credit card accessories; products: cash

dispensers, vending machines, imprinters etc

Banks 44 BanksBanking Equipment 1 company

Bankers Training

Institutes

2 institutes

Brokerages 7 companies

Exchanges 6 companies

Financial

Organizations

2 organizations

Financial Services 55 companiesHousing Finance 4 companies

Insurance 43 companies

Investment

Companies

24 companies

Foreign

bank

28 banks

5

5


6/18

Bankers Training Institutes

i. Emirates Bank

Group

Financial group with companies in banking, insurance, financial

services, credit cards, investment banking, bankers' training, property

investment and real estate services

ii. Emirates Institute

for Banking and

Financial Studies

Organization set up to provide professional and quality training and

educational programmes, studies, and services for the banking and

financial sector and develop UAE human resources

Brokerages

i. Century Financial

Brokers LLC

UAE's leading brokers of financial instruments; based in Dubai; products:

foreign exchange trading, commodity futures, CFD stocks, Indian stocks

& mutual funds, base metals & derivatives

ii. Al Dhafra Financial

Broker LLC

Providers of online stock trading services based in Abu Dhabi; division of

the ABER Group; offers access to Dubai Financial Market (DFM), Abu

Dhabi Securities Exchange(ADX) & the Dubai Gold & Commodities

Exchange (DGCX)

iii. Al Mal Capital Diversified, multi-line investment bank, licensed & regulated by the

Central Bank of the United Arab Emirates & headquartered in Dubai;

offers investment products & services for institutions, banks & wealthy

individuals

iv. Amwal International Full-service brokerage firm located on Khaleefa Street, Abu Dhabi; offers

a full range of investment products & services, including trading on the

Abu Dhabi Stock Market (ADSM), Dubai Financial Market (DFM) etc

v. Dubai International

Securities LLC

Brokerage house registered in both the Abu Dhabi & the Dubai financialsecurities markets; services include equity brokerage, mutual funddistribution, PMS, advisory & syndication of QIP / pre-IPO issues etc

vi. MAC Sharaf

Securites

Stockbrokers with licenses on all three UAE markets -- the Dubai

Financial Market (DFM), Abu Dhabi Securities Exchange (ADX) & the

6

6
http://www.emiratesbank.ae/http://www.emiratesbank.ae/http://www.eibfs.com/http://www.eibfs.com/http://www.eibfs.com/http://www.centurybrokers.com/http://www.centurybrokers.com/http://www.dhafra.ae/http://www.dhafra.ae/http://www.almalcapital.com/http://www.amwaluae.com/http://www.dis.ae/http://www.dis.ae/http://www.mac-sharaf.com/http://www.mac-sharaf.com/http://www.emiratesbank.ae/http://www.emiratesbank.ae/http://www.eibfs.com/http://www.eibfs.com/http://www.eibfs.com/http://www.centurybrokers.com/http://www.centurybrokers.com/http://www.dhafra.ae/http://www.dhafra.ae/http://www.almalcapital.com/http://www.amwaluae.com/http://www.dis.ae/http://www.dis.ae/http://www.mac-sharaf.com/http://www.mac-sharaf.com/


7/18

Dubai International Financial Exchange (DIFX); located on Sheikh Zayed

Road, Dubai

vii. Orient Financial

Brokers

Foreign exchange, commodities & money market brokerage firm based in

Dubai; offers online foreign exchange, precious metals, commodities,

treasuries, share & stock index CFDs (contracts for difference) services

Exchanges

i. Abu DhabiSecurities Exchange

(ADX)

Governmental entity set up to provide investors an opportunity to invest

capital in the market for the benefit of the national economy

ii. Dubai Financial

Market

Government entity set up to create a fair, efficient and transparent

marketplace that serves the interest of the national economy; provides a

forum for the trading of securities

iii. Dubai Gold &

Commodities

Exchange

Fully automated, screen-based online commodities exchange based in

Dubai; joint venture between the Dubai Metals and Commodities Centre

(DMCC), Government of Dubai, Financial Technologies (India) Ltd, &

Multi Commodity Exchange of India

iv. Nasdaq Dubai

(formerly DIFX)

International stock exchange between western Europe and east Asia;

opened on 26 September 2005; offers trading in equities, derivatives,Dubai gold securities, Islamic securities, debt, funds, REITs, ETFs and

structured products

v. Borse Dubai Holding company for Dubai Financial Market (DFM) & Dubai

International Financial Exchange (DIFX); DFM operates as a secondary

market for securities etc, while DIFX deals in equities, Sukuk,

conventional bonds & structured products

vi. Dubai Mercantile

Exchange (DME)

First energy futures exchange in the Middle East; set up as a 50/50 joint

venture between the New York Mercantile Exchange (NYMEX) and a

subsidiary of Dubai Holding but the equity stakes have now been more

widely dispersed

Financial Organizations

7

7
http://www.orientfinance.com/http://www.orientfinance.com/http://www.adx.ae/http://www.adx.ae/http://www.adx.ae/http://www.dfm.co.ae/http://www.dfm.co.ae/http://www.dgcx.ae/http://www.dgcx.ae/http://www.dgcx.ae/http://www.nasdaqdubai.com/http://www.nasdaqdubai.com/http://www.borsedubai.ae/http://www.dubaimerc.com/http://www.dubaimerc.com/http://www.orientfinance.com/http://www.orientfinance.com/http://www.adx.ae/http://www.adx.ae/http://www.adx.ae/http://www.dfm.co.ae/http://www.dfm.co.ae/http://www.dgcx.ae/http://www.dgcx.ae/http://www.dgcx.ae/http://www.nasdaqdubai.com/http://www.nasdaqdubai.com/http://www.borsedubai.ae/http://www.dubaimerc.com/http://www.dubaimerc.com/


8/18

Arab Monetary Fund

Establishment 1976

Member countries Member Countries (22) are: Jordan, United Arab Emirates, Bahrain, Tunisia, Algeria,

Djibouti, Saudi Arabia, Sudan, Syria, Somalia, Iraq, Oman, Palestine, Qatar, Kuwait,

Lebanon, Libya, Egypt, Morocco, Mauritania, Yemen, Comoros.

Objective Regional Arab organization set up to correct disequilibria in the balance

of payments of member states, strive for the removal of restrictions on

current payments between member states, etc; based in Abu Dhabi

management Top management of the AMF consists of the Board of Governors (General Assembly), and the

board of executive directors chaired by the Director General Chairman of the board

location Arab Monetary Fund Head Office is located in the city of Abu Dhabi, United Arab Emirates.The Fund is hosted by the government of UAE.

Arab trade financing program

establishment 1989

shareholders 44 including Arab financial org.,regional monitory fund, central bank

etc

Paid up capital USD 500 million

objective Specialized financial institution whose mission is to contribute to the

development of Arab trade and to the increase of the competitive

capabilities of Arab producers and exporters

Housing Finance

Amlak Finance Finance company majority owned by Emaar, a property developer in

Dubai; provides real estate finance for land purchase, construction,

development of existing properties and purchase or construction of

commercial properties; also provides auto finance

8

8
http://www.amlakfinance.com/http://www.amlakfinance.com/


9/18

Private Housing Finance

Scheme (PHFS)

Scheme by the Emirates Bank group that aims to support UAE nationals

to have an appropriate residential property, by granting housing loans to

establish, buy or refurbish residential properties without interest up to 25

years for Dubai nationals

Real Estate Bank Bank that provides real estate credit to UAE nationals, companies &

cooperative societies; based in Abu Dhabi, with offices in Dubai; offers

loans for real estate projects, manages real estate, manages funds of the

Sheikh Zayed Housing Programmed etc

Tamweel Home Finance Housing finance company based in Dubai; has a variety of home finance

options

Financial investment banks

Arab emirates investment bank

Establishment February 1976

Authorized capital 340.9 millionPaid up capital 80.00 million

Directors and Management Omar Abdulla Al Futtaim - Chairman

Butti Obaid Al Mulla - Vice Chairman

Marwan Anthony Shehadeh - Director

Chief Executive Officer Khaled Sifri

Auditors M/s. Ernst & Young, Dubai

Solicitors

M/s. Afridi & Angell, Dubai

objective AEI Bank's Investment Management Team has a proven track recordand is ideally equipped to help its customers benefit from the potentialof the world's major financial markets

9

9
http://www.mrhe.gov.ae/http://www.mrhe.gov.ae/http://www.realestatebank.ae/http://www.tamweel.ae/http://www.mrhe.gov.ae/http://www.mrhe.gov.ae/http://www.realestatebank.ae/http://www.tamweel.ae/


10/18

Licensed Licensed by the Central Bank of the U.A.E. as an Investment Bankaccording to Article 113 of Union Law No.10

Performance of sectors

Industry SectorIndustry is a mega sector which contributes most in UAE GDP.

Within its function theMinistry of Finance and Industry is accountable forsupervising the organization of the Industry affairs, furthermore, to urge therevenues within the rules and principles of the provisions of the Federal Law No. 1for 1979. The Ministry shall exercise its functions through the industrialdevelopment department, which runs as follows:

Prepare studies and researches, and initiates the necessary policies and

procedures to organize and develop the industrial activities, and the existingindustries, and provide the necessary tools of success.

Prepare and evaluate the pre-feasibility studies for the industrial projects, as wellas the studies of expansion in the existing factories.

Licensing and registration of the industrial projects in the state, and the issue ofpreliminary approvals to set up the projects, and the licenses for manufacturingproduction.

10

10


11/18

Perform the industrial surveys in the state, and furnish information and data orrelevancy, disseminate the industrial awareness by issues or Industrial Affairsnewspapers, participate in holding of exhibitions, and convening of industrialseminars and conferences.

Conferment of privileges for the industrial projects in accordance with the law,

issue of price preference certificates, and rehabilitation of the national industrialestablishments, according to the rules and conditions followed.

co-ordinate and cooperate with the official entities responsible for the industrialdevelopment, and organize the communication and collaboration with the gulf,Arab and international organizations and institution

Main industries of UAE

Aluminum

Smelting

Cement

Fish Processing

Fish Meal

Natural Gas Liquefaction

Oil Production

Steel Milling

Mega industry of UAE

Thegas and oil industry is still the basic and most important of the UAE's industries. Inthe Emirate of Abu Dhabi, it is run and controlled by the Supreme Petroleum Councilunder the chairmanship of UAE President His Highness Sheikh Khalifa Bin Zayed Al-Nahyan, . Abu Dhabi National Oil Company (ADNOC), which was established in 1971,controls the gas and oil affairs in the Emirate. ADNOC is fully owned by the Governmentof Abu Dhabi, and is the parent company, or owner of all or majority of the shares, of 15companies known as the "ADNOC Group of Companies". These companies are involvedin oil and gas exploration and production, petrochemical industries, marine transportation,distribution of petroleum products, exploration and production services and facilities, andnatural gas processing

EMIRATES INDUSTRIAL BANK

Goals and

objective

The Bank aims both to aid the establishment of new industries andconsolidate and strengthen the existing ones

11

11


12/18

shareholders Government of United Arab Emirates 51.0000%

Abu Dhabi Commercial Bank 8.6465%

Abu Dhabi National Insurance Co. 8.2925%

Meshreq Bank 8.2925%Emirates Bank International 7.4755%

National Bank of Abu Dhabi 4.1465%

National Bank of Dubai 4.1465%

National Bank of Sharjah 2.5000%

Middle East Bank 2.5000%

Al Ain Ahlia Insurance Co. 1.0000%

Oman Insurance Co. 1.0000%

Dubai Insurance Co. 0.5000%

Al Dhafra Insurance Co. 0.2500%

Arab Emirates Investment Bank 0.2500%

Board of dirctors H.E. Dr. Mohammed K. Bin Kharbash ChairmanH.H. Sh. Ahmed Bin Zayed Al Nahyan Vice Chairman8 members

Management

team

10 members

Head office 6

th

Floor, Arab Monetary Fund BuildingCorniche Road, Abu DhabiP.O. Box 2722, Abu Dhabi

Branch office 20th Floor, ARBIFT TowerBaniyas Street, DubaiP.O. Box 5454, Dubai

website http://www.emiratesindustrialbank.net/

Performance of industrial sector

The UAE industrial sector includes food, beverages and tobacco, metals, chemicals, fertiliers,cement, and paper and packaging firms as well as industrial services manufacturers, among others.

12

12


13/18

The overall industrial sector weathered the second half of 2008s economic slowdown well on the back of a strong export and re-exports market.

However, 2009 remains a challenging year with the manufacturing climate expected to weaken.

Heightening the concern is a financing and credit environment that is currently in turmoil.

Increased competition and weakened domestic demand will limit manufacterers' ability to pass oncosts to end consumers.

In addition, it is increasingly difficult to obtain financing amid a tightened credit market which islimiting companies' plans for expansion and putting increased pressure on managing workingcapital. Whats' more, employment levels, inventories and manufacturers' order backlogs are alsosinking

Agriculture sector

Agriculture sector contribute very little in UAE GDP.Ministry of agriculture and fisheries assist the agricultural sector

Minister of Agriculture and Fisheries:Saeed Mohammed Al Ragabani

Ministry's Responsibilities and Tasks

Ministry of Agriculture and Fisheries is aiming to achievement of agricultural development

plans & programs, formulation of the agricultural policies and initiation of relevantlegislations for the

Areas of responsibilities:

Creation of condusive environment for citizens to work in agricultural activities (Cropping, livestock & fishing)

Cooperation with local government agents to spread vegetation and combat desertification and land degradation.

Encourage private sector to contribute to plant & livestock development endeavors.

Application of pests & epidemics control programs & strategies.

Supply support to marketing of national production on an economical framework basis.

Tighten control on quality and health safety measures of food and seed products in coordination with the other

competent organizations and institutions.

Establishment and management of research and applied studies centers and extension fields.

Cooperation and coordination with the Gulf Cooperation Council states with respect to the agricultural and

environmental issues.

13

13


14/18

Performance

Although highly arid, the United Arab Emirates has been able to develop a thriving

agricultural industry. Despite rapid population growth, it is now self-sufficient in some

vegetable crops throughout the year. Small-scale farming based upon exploitation of

underground water resources began in desert oases and mountain valleys at least 5000

years ago, but the lack of rainfall made large scale agriculture impossible.

Now, modern irrigation techniques and water from deep artesian aquifers and from

desalination has made it possible for large areas to be cultivated. There are now more than

100,000 hectares of cultivated land, producing a range of crops, including salad vegetables,

potatoes, fruit and fodder, as well as flowers, grown mainly for export to Europe. In

traditional mountain farms, production of tropical fruits like papaya and citrus as well as

tobacco continues. The Government supports agriculture through preparation of land for

farms which are distributed free to citizens, and follows this up with a free agricultural

extension service. Farmers are also offered a guaranteed price for produce and subsidized

machinery and fertilizers

Financial service sector

Performance of insurance sector

The UAE insurance industry is projected to grow between 5% and 8% this year despite

negative impact of the financial crisis on the industry

The sector is expected to stabilize this year with the dampening of economic slowdown.Insurance premiums surged from Dh14.59 Billion in 2007 to Dh18.3 Billion last year(2008), resulting in overall industry growth of 25.42%. Property insurance premiums alsoposted growth of 31.1%, taking premium revenue from Dh11.9 Billion in 2007 to Dh15.6billion in 2008.Domestic insurers total premiums for property and liability insurance stood at Dh14.5Billion last year. Claims ratio (excluding re-insurance share) for property and liability

insurance declined in 2008 to 57.6% against 62.2% in its previous year (2007)

Performance of banking sector

The UAE's banking sector has weathered the international financial crisis and now stands

on solid ground, says Sheikh Nahyan bin Mubarak Al Nahyan, Minister of Higher

Education and Scientific Research.

14

14


15/18

"The outlook for all the UAE's banks is very positive," he added. "Without government

support the banks would not have weathered the crisis, especially during the difficult first

phase. Today, we confirm that the banks have regained the full confidence of their clients.

Their performance has improved and sufficient liquidity is available. All of this confirms

that the UAE's economy is sound."

He pointed out that crises in the banking sector were not new.

"There have been crises, the latest of which was the international financial crisis. But

undoubtedly we got through them by virtue of wise political leadership, which does not

limit the support it gives to the state's institutions, including economic institutions and

banks(30 nov)

Performance of stock exchange

due to global financial crisis and Dubai debt crisis ,there was a visible fall in stock

exchange market .but now recovery has been seen in the stock exchange market. and every

thing is going to be normal now.

Dubai financial crisis

Summary

Dubai world has taken loans from any institution for developing Dubai. it spent lots of money on real

estate and now there are no enough buyers to buy property because of global crises. due to this company

is not able to repay its loan installments. Since all the loans are guaranteed by Dubai government Dubai

has requested his investors to extend his time limit .the total liabilities are almost 80 $ billion. it is not

such a big amount to impact on economy but it has a great impact on banking and real estate sector.

Debt does matter eventually

What are the crisis

Dubai crisis called by economists a result of real estate bubble blast when on November 2009, Dubaiproposed to delay payment of its debt installment which include

Liabilities on DUBAI WORLD $59 billion

Liabilities on NAKEEL $26 billion

Total debt $80 billion

15

15


16/18

All the debts are guaranteed by Dubai government.Dubai World is an investment company that manages and supervises a portfolio of businesses andprojects for the Dubai government across a wide range of industry segments and projects that promoteDubai as a hub for commerce and trading andNakheel, its property arm, which built The Palm Islandsand The World developments

Reasons of crisis

Due to global financial crisis 2009, dubai real estate market experienced slowdown

By early 2009,the situation had worsen with global financial crisis taking heavy tollof on the property value,construction and e,ployment.

ducbai state is more debt,less eqity.

As feburary 2009,dubai foreign debt was estimated approx. 90$billion.it contributesfailure of key business of dubai.

Impacts of cisis banks

There is meaningfull impact on banking across ASIA e.g: standard chartardbank,HSBC,singapor etc beacuase they are most exposed in thet region.

Those banks who are providing financial assistance in project are seeing their fuurein danger.

Their share prices are falling.

Currency market

Dubai debt fear continues to drive investors away from risk. So market is shapely slow.

Lay off

Due to major fall in construction business the labor is asked to go home.

Depreciation of dirham

Valuation of AED saw a drop.

Commodity market

The Dubai debt crisis seems to be hitting gold prices as investors are shifting their focus to the US dollarfrom yellow metal. During all major global credit problems, US dollar has been the safe bet -basedbullion

16

16
http://en.wikipedia.org/wiki/Investment_companyhttp://en.wikipedia.org/wiki/Dubaihttp://en.wikipedia.org/wiki/Nakheelhttp://en.wikipedia.org/wiki/Nakheelhttp://en.wikipedia.org/wiki/The_Palm_Islandshttp://en.wikipedia.org/wiki/The_World_(archipelago)http://en.wikipedia.org/wiki/Investment_companyhttp://en.wikipedia.org/wiki/Dubaihttp://en.wikipedia.org/wiki/Nakheelhttp://en.wikipedia.org/wiki/The_Palm_Islandshttp://en.wikipedia.org/wiki/The_World_(archipelago)


17/18

UAE.

Central bank supporting

Central board has already discussed that its board has discussed pals to facilitate for supporting real

estate lending in Dubai as well as rest of UAE.

The United Arab Emirates Central Back announced that it would stand behind the foreign and domestic

banks in Dubai and also offered additional money in a move to calm the regional markets .The Asian

stock markets which had s great fall, rebounded back after the United Arab Emirates moved to contain

the fallout from Dubais debt crisis.

Conclusion and findings

Dubai expects financial support from ABU DHABI because it is oil Rich County. And central bank of80 $ billion. it is not such a big amount to impact on economy but it has a great impact on banking andreal estate sector.

Retrieved from

1. http://www.mapsofworld.com/dubai/insurance-in-dubai.html2. http://www.tradingeconomics.com/Economics/GDP-Growth.aspx?Symbol=AED3. http://uaeinteract.com/news/default.asp?ID=184. http://www.fao.org/fishery/countrysector/naso_uae/en5. http://www.state.gov/r/pa/ei/bgn/5444.htm6. http://www.moew.gov.ae/En/InformationCenter/Pages/Statistics.aspx

internationalbusiness.wikia.com/wiki/U.A.E._G...7. http://www.uae.gov.ae/Government/industry.htm8. http://admi.net/world/ae/#agr9. http://www.indexuae.com/Top/Business_and_Economy/Finance/Insurance/510. http://www.atfp.org.ae/11. http://www.emiratesindustrialbank.net/highlights.htm#12. http://www.datadubai.com/directory/agricultural_research_companies.html13. http://www.uae.gov.ae/mofi/english/industry/e_inddev_sector.htm14. http://www.atlapedia.com/online/countries/unitedar.htm15. http://www.amf.org.ae/aboutamf

17

17


18/18

16. www.docstoc.com/docs/19420543/Dubai-crisis -17. http://www.news-relay.com/18. www.dailystar.com.19. blog.mises.org/archives/011119.asp20. www.youtube.com

21. www.telegraph.co.uk22. www.expatexchange.com23. www.araboo.com24. musicandyou.com/news/uae-exchange-&-financial-services.html25. musicandyou.com/news/uae-exchange-&-financial-services.html26. www.arabianbusiness.com27. www.uaeinteract.com28. www.ameinfo.com29. www.bi-me.com/

18

18
http://www.news-relay.com/http://www.expatexchange.com/http://www.araboo.com/http://www.arabianbusiness.com/http://www.uaeinteract.com/http://www.uaeinteract.com/http://www.uaeinteract.com/http://www.ameinfo.com/http://www.news-relay.com/http://www.expatexchange.com/http://www.araboo.com/http://www.arabianbusiness.com/http://www.uaeinteract.com/http://www.ameinfo.com/

Documents

Introduction to UAE financial sector and institiute