Daily Personal Finance Insights – Wealth creation
Emirati’s blindly sign up for loans
Speaking at the Government Summit in Dubai, the Gulf state's deputy Prime Minister Sheikh Mansour bin Zayed said Emirati nationals "blindly" sign-up for personal loans that they are unable to pay back. “A loan is a dilemma, do not get into it. You should be careful when it comes to personal loans,” Sheikh Manour urged. “The banks are taking advantage of the unawareness of some Emiratis who blindly sign on the contracts.”
This behavior has led to the government creating an AED1bn (US$410m) personal debt settlement scheme, which up to 1,600 UAE citizens have signed up for according to Sheikh Mansour.
Wealth creation meetings with DFM and Nasdaq Dubai
Dubai Financial Market (DFM) and NASDAQ Dubai have launched the first Company Focus Week, a dedicated outreach programme of activities providing investors and broker with a unique opportunity to hear first-hand from senior representatives of listed companies on their achievements, equity story and prospects. The initiative is aimed at: “enabling investors to make informed decisions about securities listed on the exchange in the interests of promoting individual and collective wealth creation.”
Stock listing for SME’s
Financing for Growth Seminar with Dubai SME100 - Dubai SME, the agency of the Department of Economic Development mandated to develop the small and medium enterprise (SME) sector, together with NASDAQ Dubai and Dubai Financial Markets (DFM) organized a seminar for Dubai SME100 companies on the various options for raising capital including taking the route of Initial Public Offering (IPO).
Ministry of Finance updating money transactions
The Ministry of Finance announced it is working on creating new methods for completing monetary transactions and allowing easy payment through mobile phones, electronic kiosks, virtual e- wallets, as well as specialised transfer and direct debit from bank accounts.
Business confidence and licenses grow in Dubai.
Key economic sectors and economic activity in Dubai remained stable and growing in 2012, according to the Department of Economic Development (DED) who issued 16,688 business licenses during the year, a 16% increase over the 14,430 licenses issued in 2011. The tourism sector, at 56%, accounted for the major share of licenses in 2012 followed by the professional (21%) commercial (14%) and industrial (13%) sectors compared to 2011.
His Excellency Sami Al Qamzi, Director General of the DED said: “Confidence in Dubai is rising, with the emirate emphasising on overall competitiveness and sustained investment in infrastructure producing rich returns. New project pipelines and growing links to new markets are attracting more investors who are leveraging the various business set up and growth options in Dubai.”