Loans extended to industrial companies and other businesses in the first two months of this year recorded a 1 per cent year-on-year rise to Dh7.4 billion as strengthening oil prices helped economic recovery, the UAE Central Bank data shows.
“The significant credit growth reflects an overall uptick in economic activities recorded across the industrial and business sectors in early 2018 in continuation of the upswing recorded in 2017,” the state-run news agency Wam said, citing statistics from the central bank.
The money lent to the industrial and business sectors until the end of February accounts for 68 per cent of total loans extended by the UAE banks to the private sector in the same period and comprises 51.5 per cent of total funding to all entities, including those from government and the public sector.
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UAE Banks Federation chief sees higher loan growth, profitability in 2018
UAE Central Bank raises interest rates by 25 basis points
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The funds provided to the industrial and business sectors rose to around Dh2.8bn in January and Dh4.6bn in February, bringing the total amount of loans and advances to the two sectors to Dh755bn, the report said, without specifying the time period over which the cumulative funding has been extended.
The UAE has stepped up efforts in recent years to bolster industries such as aluminium and petrochemical products in its attempt to lessen reliance on revenues from hydrocarbons.
At the same time, companies are increasingly tapping the debt market amid signs of economic improvement on the back of the oil prices recovering from a three-year slump. Abdulaziz Al Ghurair, the head of the UAE Banks Federation, last month forecast loan growth of 5 per cent to 6 per cent on aggregate for lenders in the UAE this year compared to 4 per cent growth recorded in 2017.
Citadel: Honey Bunny first episode
Directors: Raj & DK
Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon
Rating: 4/5
Overview
What: The Arab Women’s Sports Tournament is a biennial multisport event exclusively for Arab women athletes.
When: From Sunday, February 2, to Wednesday, February 12.
Where: At 13 different centres across Sharjah.
Disciplines: Athletics, archery, basketball, fencing, Karate, table tennis, shooting (rifle and pistol), show jumping and volleyball.
Participating countries: Algeria, Bahrain, Comoros, Egypt, Iraq, Jordan, Kuwait, Lebanon, Libya, Morocco, Oman, Palestine, Saudi Arabia, Sudan, Syria, Tunisia, Qatar and UAE.
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Disclaimer
Director: Alfonso Cuaron
Stars: Cate Blanchett, Kevin Kline, Lesley Manville
Rating: 4/5
Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
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The five pillars of Islam
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Countdown to Zero exhibition will show how disease can be beaten
Countdown to Zero: Defeating Disease, an international multimedia exhibition created by the American Museum of National History in collaboration with The Carter Center, will open in Abu Dhabi a month before Reaching the Last Mile.
Opening on October 15 and running until November 15, the free exhibition opens at The Galleria mall on Al Maryah Island, and has already been seen at the Jimmy Carter Presidential Library and Museum in Atlanta, the American Museum of Natural History in New York, and the London School of Hygiene and Tropical Medicine.
THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,000
On sale: Available for preorder now
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Business Insights
- As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
- SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
- Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
The specs
Engine: Dual 180kW and 300kW front and rear motors
Power: 480kW
Torque: 850Nm
Transmission: Single-speed automatic
Price: From Dh359,900 ($98,000)
On sale: Now
Nayanthara: Beyond The Fairy Tale
Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni
Director: Amith Krishnan
Rating: 3.5/5