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Saturday, 23 July 2016

Former Qatar Investment Authority chief: Brexit uncertainty keeps investors at bay | The National

Former Qatar Investment Authority chief: Brexit uncertainty keeps investors at bay | The National:

"Investors will remain hesitant until there is more clarity on Britain’s withdrawal from the European Union, the former head of one of the Arabian Gulf’s biggest sovereign wealth funds has said.

Ahmed Al Sayed, the former chief executive of the Qatar Investment Authority and Qatar Holding – which has invested billions in the UK in assets ranging from Barclays Bank to the iconic Harrods department store – said there would be a "wait and see" approach given the uncertainty over when the ‘Brexit’ will take place.


"Investors in general need clarity, are seeking clarity," he told The National."



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Relax UAE foreign ownership rules and boost private sector role, IMF official says | The National

Relax UAE foreign ownership rules and boost private sector role, IMF official says | The National:

"The UAE should relax foreign-ownership restrictions, foster public-private partnerships and concentrate on innovation to attract more investment and cope with low oil prices, a senior IMF official has said.

While the UAE remains the most diversified economy in the region, it has to do more to continue this process, as oil prices are forecast to remain low.

"There are areas in which they [the UAE] could continue to take action," said Masood Ahmed, the IMF’s Middle East and Central Asia department director."



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Oil mood falters as market mood takes a gloomy turn | The National

Oil mood falters as market mood takes a gloomy turn | The National:

"Oil prices look vulnerable again on mounting evidence that improvements in the world oil market have stalled, at least temporarily.

World benchmark North Sea Brent crude futures on Friday dropped to their lowest level since May, with a decline of 51 US cents to $45.69 a barrel, bringing the total decline from this year’s early-June high to more than 13 per cent.

There had been a sustained recovery from early January through early June as high-cost supplies from places such as North America and the North Sea had gone into decline, which ate into the huge stockpiles that had built up during a long period of overproduction."



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UAE Ministry of Finance reviews IMF report | GulfNews.com

UAE Ministry of Finance reviews IMF report | GulfNews.com:

"The Ministry of Finance (MoF) has reviewed the International Monetary Fund’s (IMF) Article IV Mission to the UAE report, which evaluates the UAE’s economic performance in 2016. The Executive Board of the IMF discussed the report during its last meeting, praising the country for its UAE Vision 2021, government strategies and ability to achieve economic growth. The report highlighted the strength and resilience of the UAE’s economy amid low oil prices and global economic changes. The IMF Mission visited MoF in June 2016, playing a key role in identifying the Ministry’s achievements in the implementation of prudent financial policies and solid economic methodology to drive sustainable economic growth in the UAE.

During its last meeting with the IMF’s Article IV Mission, MoF highlighted the important role played by its diverse economic and financial policies in enhancing the local economy’s ability to withstand economic pressures, maintain economic stability as well as facilitate sustainable economic growth in the country. The Ministry also discussed the implementation of important reforms including the removal of fuel subsidies and laying foundations for the introduction of VAT.

The UAE’s economy is projected to grow by 2.3 per cent in 2016, with inflation set to decrease by 3.3 per cent. The country’s currency will remain stable thanks to the financial decisions, policies and reforms implemented by government entities with regards to reducing the UAE’s dependency on oil revenues, transferring the capital to government-related entities and raising water and electricity charges."



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Shurooq highlights importance of economic development in achieving sustainability | GulfNews.com

Shurooq highlights importance of economic development in achieving sustainability | GulfNews.com:

"Sharjah Investment and Development Authority (Shurooq) participated in the second edition of the GCC-British Economic Forum, which took place on July 21.

Organised by the Arab British Chamber of Commerce and hosted in London, the forum saw the attendance of senior Emirati and British officials, executives, decision-makers, investors and business persons.

Held under the banner: “Vision, Challenges and Ambitions: Integration Prospects for a Better Future,” this year’s edition of the GCC-British Economic Forum provided participants with the chance to explore emerging opportunities to forge business partnerships across industry sectors and build direct networks to facilitate business. The event was supported and sponsored by the Gulf Cooperation Council (GCC) and UK Trade & Investment — a UK government department that works with overseas investors looking to the UK as an investment destination."



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