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Central Bank Of The United Arab Emirates
The Central Bank of the United Arab Emirates ( ar, مصرف الإمارات العربية المتحدة المركزي) (also known as Central Bank of the UAE or simply CBUAE) is the state institution responsible for managing the currency, monetary policy and banking regulation in the United Arab Emirates. History The predecessor of the central bank was the Currency Board which was established on 19 May 1973. This followed the creation of the UAE as an independent state in 1971. The original purpose of the UAE Currency Board was to issue an independent currency for the new state to replace the existing currencies in use: the Qatari riyal and the Bahraini Dinar. The new UAE dirham entered circulation on the same day the Currency Board was established. At this time, the Currency Board of the UAE did not have full central bank powers. It was mandated to manage the currency and the country's gold and foreign exchange reserves, but did not have regulatory authority and was not ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Abu Dhabi
Abu Dhabi (, ; ar, أَبُو ظَبْيٍ ' ) is the capital and second-most populous city (after Dubai) of the United Arab Emirates. It is also the capital of the Emirate of Abu Dhabi and the centre of the Abu Dhabi Metropolitan Area. The city of Abu Dhabi is located on an island in the Persian Gulf, off the Central West Coast. Most of the city and the Emirate reside on the mainland connected to the rest of the country. , Abu Dhabi's urban area had an estimated population of 1.5 million, out of 2.9 million in the emirate of Abu Dhabi, as of 2016. The Abu Dhabi Investment Authority is headquartered in the city, and was the world's 5th largest sovereign wealth fund in 2021. Abu Dhabi itself has over a trillion US dollars worth of assets under management in a combination of various sovereign wealth funds headquartered there. Abu Dhabi houses local and federal government offices and is the home of the United Arab Emirates Government and the Supreme Petroleum C ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mansour Bin Zayed Al Nahyan
Mansour bin Zayed bin Sultan Al Nahyan ( ar, منصور بن زايد بن سلطان آل نهيان; born 21 November 1970), often referred to as Sheikh Mansour, is an Emirati politician who is the deputy prime minister of the United Arab Emirates, minister of presidential affairs, billionaire and member of the ruling family of Abu Dhabi. He is the brother of the current President of the UAE, Mohamed bin Zayed Al Nahyan, and is married to one of the daughters of Mohammed bin Rashid Al Maktoum, the ruler of Dubai. He is involved in various government-run companies in the UAE. He is chairman of the Ministerial Development Council, the Emirates Investment Authority and the Emirates Racing Authority. He sits on the Supreme Petroleum Council and the Supreme Council for Financial and Economic Affairs. Mansour is a member of the boards of Abu Dhabi National Oil Company and Abu Dhabi Investment Authority (ADIA). He is vice chairman of Mubadala Investment Company, the Emirati st ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Banks Of The United Arab Emirates
A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Because banks play an important role in financial stability and the economy of a country, most jurisdictions exercise a high degree of regulation over banks. Most countries have institutionalized a system known as fractional reserve banking, under which banks hold liquid assets equal to only a portion of their current liabilities. In addition to other regulations intended to ensure liquidity, banks are generally subject to minimum capital requirements based on an international set of capital standards, the Basel Accords. Banking in its modern sense evolved in the fourteenth century in the prosperous cities of Renaissance Italy but in many ways functioned as a continuation of ideas and concepts of credit and lending that had their roots in the anc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Central Banks
A central bank, reserve bank, or monetary authority is an institution that manages the currency and monetary policy of a country or monetary union, and oversees their commercial banking system. In contrast to a commercial bank, a central bank possesses a monopoly on increasing the monetary base. Most central banks also have supervisory and regulatory powers to ensure the stability of member institutions, to prevent bank runs, and to discourage reckless or fraudulent behavior by member banks. Central banks in most developed nations are institutionally independent from political interference. Still, limited control by the executive and legislative bodies exists. Activities of central banks Functions of a central bank usually include: * Monetary policy: by setting the official interest rate and controlling the money supply; *Financial stability: acting as a government's banker and as the bankers' bank ("lender of last resort"); * Reserve management: managing a country's ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mohammad Al Gaz
Mohammad Abdallah Al Gaz (c. 1930–2016) ( ar, محمد عبدالله القاز الفلاسي), was a financier, developer, diplomat, central banker and philanthropist in the early years of the United Arab Emirates. Al Gaz became a member of Dubai’s first generation of market-making investors and developers in the 1950s through his partnership with Juma al Majid, who was ranked among the 100 richest Arabs in 2016. Partnership in the gold trade Emerging as an enterprising trader in textiles and commodities between markets in the Middle East, Al Gaz entered the historic Switzerland-Dubai-India gold trade in the 1950s after recruiting and partnering with his then-grocer and friend, Juma Al Majid. Partnerships such as those between the brothers Saif Ahmad Al Ghurair Sheikh Rashid bin Saeed assumed formal rule in 1958. This was followed by a period of growth and stability, which particularly contrasted to the difficulties Sheikh Rashid's predecessor, Sheikh Saeed bin Maktoum, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
EIBOR
The Emirates Interbank Offered Rate (EIBOR), also abbreviated as EBOR, is a daily reference rate, published by the UAE Central Bank, based on the averaged interest rates at which UAE banks offer to lend unsecured funds to other banks in the United Arab Emirates dirham wholesale money market (or interbank market). Calculation and Tenors As of 29 May 2015 fixing is conducted each business day excluding Saturdays at 11AM UAE time. The fixing rate is the average of the contributions excluding the two highest and two lowest contributions for each tenor. As of 10 December 2013 the following tenors are calculated: * Overnight * 1 Week * 1 Month * 3 Months * 6 Months * 12 Months Contributing Banks As of January 2017 the following banks contribute to EIBOR: * Abu Dhabi Commercial Bank * Commercial Bank Of Dubai * EmiratesNBD * First Gulf Bank * HSBC Bank Middle East * MashreqBank * National Bank Of Abu Dhabi * National Bank Of Fujairah * RAKBANK * Standard Chartered Bank * Union Natio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economy Of The United Arab Emirates
The economy of the United Arab Emirates (or UAE) is the 5th largest in the Middle East (after Iran, Saudi Arabia, Turkey, and Egypt), with a gross domestic product (GDP) of US$501 billion (AED 1.84 trillion) in 2022. The UAE economy is heavily reliant on revenues from petroleum and natural gas, especially in Abu Dhabi. In 2009, more than 85% of the UAE's economy was based on the oil exports. In 2011, oil exports accounted for 77% of the UAE's state budget. In recent years, there has been some economic diversification, particularly in Dubai. Abu Dhabi and other UAE emirates have remained relatively conservative in their approach to diversification. Dubai has far smaller oil reserves than its counterparts. Tourism is one of the bigger non-oil sources of revenue in the UAE. A massive construction boom, an expanding manufacturing base, and a thriving services sector are helping the UAE diversify its economy. Nationwide, there is currently $350 billion worth of active construction ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ministry Of Finance (United Arab Emirates)
The Ministry of Finance (MoF) ( ar, وزارة المالية) is the ministry of the federal government of United Arab Emirates which is responsible for public finances. The ministry's objective is to promote fiscal planning and fiscal sustainability of the federal government of the United Arab Emirates. The ministry is located in Abu Dhabi and Dubai. Ministers See also * Cabinet of the United Arab Emirates * Economy of United Arab Emirates * Central Bank of the United Arab Emirates References External links * (English) {{DEFAULTSORT:Ministry of Finance (UAE) UAE The United Arab Emirates (UAE; ar, اَلْإِمَارَات الْعَرَبِيَة الْمُتَحِدَة ), or simply the Emirates ( ar, الِْإمَارَات ), is a country in Western Asia (The Middle East). It is located at th ... Economy of the United Arab Emirates Government finances in the United Arab Emirates Federal ministries of the United Arab Emirates ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Action Task Force
The Financial Action Task Force (on Money Laundering) (FATF), also known by its French name, ''Groupe d'action financière'' (GAFI), is an intergovernmental organisation founded in 1989 on the initiative of the G7 to develop policies to combat money laundering and to maintain certain interest. In 2001, its mandate was expanded to include terrorism financing. The objectives of FATF are to set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system. FATF is a "policy-making body" that works to generate the necessary political will to bring about national legislative and regulatory reforms in these areas. FATF monitors progress in implementing its Recommendations through "peer reviews" ("mutual evaluations") of member countries. Since 2000, FATF has maintained the FATF blacklist (formally called the "Call for actio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bank For International Settlements
The Bank for International Settlements (BIS) is an international financial institution owned by central banks that "fosters international monetary and financial cooperation and serves as a bank for central banks". The BIS carries out its work through its meetings, programmes and through the Basel Process – hosting international groups pursuing global financial stability and facilitating their interaction. It also provides banking services, but only to central banks and other international organizations. It is based in Basel, Switzerland, with representative offices in Hong Kong and Mexico City. History The BIS was established in 1930 by an intergovernmental agreement between Germany, Belgium, France, the United Kingdom, Italy, Japan, the United States, and Switzerland. It opened its doors in Basel, Switzerland, on 17 May 1930. The BIS was originally intended to facilitate reparations imposed on Germany by the Treaty of Versailles after World War I, and to act as the truste ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sharjah (city)
Sharjah (; ar, ٱلشَّارقَة ', Gulf Arabic: ''aš-Šārja'') is the third-most populous city in the United Arab Emirates, after Dubai and Abu Dhabi, forming part of the Dubai-Sharjah-Ajman metropolitan area. Sharjah is the capital of the eponymous emirate. The emirate shares legal, political, military and economic functions with the other emirates of the UAE within a federal framework, although each emirate has jurisdiction over some functions such as civil law enforcement and provision and upkeep of local facilities. Sharjah has been ruled by the Al Qasimi dynasty since the 18th century. The city is a centre for culture and industry, and alone contributes 7.4% of the GDP of the United Arab Emirates. The city covers an approximate area of 235 km2 and has a population of over 800,000 (2008). The sale or consumption of alcoholic beverages is prohibited in the emirate of Sharjah without possession of an alcohol licence and alcohol is not served in hotels, restaura ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ras Al Khaimah
Ras Al Khaimah (RAK) ( ar, رَأْس ٱلْخَيْمَة, historically Julfar) is the largest city and capital of the Emirate of Ras Al Khaimah, United Arab Emirates. It is the sixth-largest city in UAE after Dubai, Abu Dhabi, Sharjah, Al Ain and Ajman. The city is divided by a creek into two parts: old town in the west and Al Nakheel in the east. Etymology The name Ras Al Khaimah means "the headland of the tent". It is reported that the city gained its named after a tent was erected there to facilitate navigation. History The northern area of the city today known as Ras Al Khaimah was previously the location of the important Islamic era settlement and port of Julfar. Ras Al Khaimah has been the site of continuous human habitation for 7,000 years, one of the few places in the country and the world where this is the case. Archaeological evidence has demonstrated that the settlement known as Julfar shifted location over time as harbour channels silted up. Excavations of a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
