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UAE Bank Deposits at All-Time High

Middle East : 23 August

Source: Emirates 24|7

Deposits with UAE banks climbed to an all-time high at the end of the first half of 2013 while assets also peaked at their highest level and loans picked up sharply.

Official data showed the UAE’s 23 national banks and 28 foreign units are pushing ahead with a provisioning drive to bolster their financial base in the wake of the 2008 global fiscal distress, with allocations for loan loss provisions gaining around Dh500 million to reach their highest level of nearly Dh72.9 billion at the end of June.

The figures by the Central Bank showed the combined deposits with the 51 banks swelled by around Dh9 billion to peak at Dh1,255.6 billion at the end of June, recording growth of 7.5 per cent in the first half and 0.7 per cent in June.

Loans surged by nearly Dh16 billion in June to one of their highest levels of about Dh1,147.4 billion, their highest monthly growth in nearly a year.

Personal loans increased by around Dh4 billion in June to Dh276.2 billion at the end of the month, recording growth of 4.4 per cent in the first half of 2013.

The report showed the combined assets of the banks hit an all time high of around Dh1,878.1 billion at the end of June, maintaining their position as having the largest bank asset base in the Middle East.

The assets at the end of June were nearly Dhfive billion higher than their level at the end of May and Dh87 billion above the assets of Dh1,791 billion at the end of 2012.

The figures showed banks’ shareholders equity, covering capital and reserves, dipped by around Dh5 billion to Dh267.9 billion at the end of June from Dh272.9 billion at the end of May after hitting their highest level of Dh300.1 billion in January.

16 August

Abu Dhabi Development Fund Doubles While Saudi Fund Creates Over 6,000 Jobs and Economic Diversification Spurs More Growth in Qatar

Development Capital Doubles in Abu Dhabi
The available capital in the ADFD (or Abu Dhabi Fund for Development) has been increased to AED 16 billion (or $4.3 billion), with a focus extending across the entire UAE.
Besides the ADFD’s main role of promoting economic development within developing nations, the fund will also include the UAE in their [...]

16 August

Saudi University Plans $799m Expansion Project

Jazan University in Saudi Arabia is undergoing a SR3bn ($799m) expansion project to include a number of new colleges.
According to the Saudi Press Agency, the university is currently implementing 20 projects.
Dr Ibrahim Abu Hadi, the supervisor of the university’s public relations and information, said work includes the establishment of four medical colleges, a college [...]

16 August

UAE Workplace: 6 Simple Ways to be Happy at Work

Source: Emirates 24|7
Your mind can be programmed to be happy
Career experts and those in the recruitment industry believe happiness at the workplace doesn’t come easily to many but is definitely worth a try. Here are six simple steps that can help you in attaining happiness at office, even if it may not be your dream [...]

16 August

Saudi Arabia’s Construction Projects Valued at USD875bn

Source: Arab News
The total value of ongoing projects in the GCC region currently stands at $2.62 trillion, with the Kingdom accounting for $875 billion.
The Kingdom’s strong construction market is being driven by government spending and high oil prices, according to a recent Global Investment House report.
For 2013, the Kingdom budgeted $219 billion for spending, up [...]

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