Daily Personal Finance Insights – Show me the money
UAE graduates prefer public sector jobs
UAE graduates prefer to work for government organisations rather than UAE private sector firms and multinational companies, according to a research study conducted by online recruiting firm, GulfTalent.com, in association with ten leading universities in the UAE.
The study, entitled “Recruiting Top Emirati Graduates," found that 86% of Emirati male graduates and 66% of females prefer to work in the government sector after graduation. Multinationals were second in popularity, with UAE private sector firms being the last choice, preferred by just 4% of males and 10% of females.
As for salary expectations, male graduates said they expect to receive a minimum of Dhs 27,000 per month (including allowances) and Dhs 19,000 for females.
Growing economy, setting records
Washington-based Institute for International Finance (IIF) predicted the UAE economy is expected to continue achieving new records and cross the Dh1.5 trillion mark next year.
The UAE has remained the second largest Arab economy after Saudi Arabia for more than 10 years because of a steady and rapid growth in its GDP as a result of high public spending, a surge in oil prices and a steady increase in private sector investment. The report by IIF showed the UAE’s GDP grew to its highest ever level of around US$ 375 billion in current prices last year from US$ 352 billion in 2011, an increase of about 6.5%.
Waha Capital Board recommends 6% dividend to shareholders
Waha Capital PJSC (ADX: WAHA), board of directors has recommended distribution of a dividend to shareholders of 6% of its paid-up share capital (i.e. 6 fils per share).
Waha Capital reported earlier a net profit of AED 214.44 million for the 2012 financial year, with a net profit of AED 183.47 million in the fourth-quarter, a 97.3 per cent increase over the same period in 2011. The value of Waha Capital's assets stood at AED 4.44 billion as at 31 December 2012, compared with AED 4.20 billion a year earlier.
Growing sukuk in Dubai
H.H. Sheikh Maktoum bin Mohammed Bin Rashid Al Maktoum, Deputy Ruler of Dubai and President of Dubai International Financial Centre, praised the listing of Dubai Electricity and Water Authority's sukuk worth US$ 1 billion on Nasdaq Dubai.
Sheikh Maktoum said: “Dubai has a market that provides a leading, integrated platform in the world in terms of regulatory and operational aspects and enjoys increasing trust of investors from around the world .... we are ready to issue or list Islamic bonds with high rates of success and efficiency.” The issuance of the DEWA sukuk was met positively by regional and global investors, leading to an increase in the value of sukuk listed on Nasdaq to US$ 6.24 billion, while the value of sukuk listed in Dubai bourses rose to US$ 10.173 billion.
Avoiding double taxation
The Ministry of Finance (MoF) on behalf of the UAE has signed two agreements for the avoidance of double taxation on income and protection and promotion of investments with the Republic of Benin.