Daily Personal Finance Insights – Sustainable growth
Building a long-term, sustainable economy remains the priority
The Abu Dhabi Government is working to diversify its economy and increase labour productivity as it embarks on the second of its five-year-plans. National Security Advisor and Abu Dhabi Executive Council Vice-Chairman Shaikh Hazza bin Zayed Al Nahyan said building a “sustainable, diversified economy” was the long-term aim of the government. The government had completed its first five-year-plan last year, and was in the “final stages” of developing the second such plan, Shaikh Hazza said in an interview.
The new plan would help change short-term priorities of building a “long-term sustainable economy.” The emirate was diversifying in the eight different areas of cultural tourism, aviation, manufacturing, media, healthcare, petrochemicals, financial servies and renewable energy, he said. “One of the areas that needs particular focus if we are to achieve our economic vision is the development of a highly skilled and productive labour force capable of adding significant value within a knowledge-based economy.”
DIFC aims to double
The Dubai International Financial Centre (DIFC), a business zone, says it aims to double the number of companies there over five years by serving as a base for business with China, south Asia and Africa, not merely the Gulf.
The DIFC, opened in 2004, is one of the United Arab Emirates' "free zones," offering foreign investors 100% ownership of their ventures and business-friendly regulation. In January 2013 the number of registered firms operating in the DIFC rose 7% last year to 912, while workers at those firms jumped 16 percent to 14,000.
Trade in yuan jumps
Trade in the Chinese yuan by banks in Dubai has been increasing; Industrial & Commercial Bank of China's (ICBC) said it conducted US$ 2.1 billion of yuan transactions in the interbank money market in the first half of 2012, up 58%. Emirates NBD, Dubai's largest bank, announced it had started offering yuan accounts.
Insurance Companies Ordered to Disclose Reasons of Rejecting Accidents Claims in Writing
The Insurance Authority ordered all insurance companies operating in the State to disclose in writing the reasons in case of rejecting all sorts of insurance. Additionally, it’s prohibited that such rejection be stated in unclear expressions and be merely because the claimant refuses to do certain procedures or to provide particular information unless these procedures or information are necessary to authenticate occurrence of the accident.