Eid Al Fitr 2018 holiday announced for UAE private sector

12 June 2018

The Eid Al Fitr holiday for private sector employees will be Shawwal 1-2, the Ministry of Human Resources and Emiratisation announced on Tuesday.

Depending on when Eid begins, Shawwal 1 will either coincide with Friday, June 15, or Saturday, June 16.

“It is decided that the first and second days of the month of Shawwal 1439 Hijri shall be a paid vacation for all private sector employees on the occasion of Eid Al Fitr,” a circular issued by Minister Nasser Al Hameli … Read more ›

Eid Al Fitr holiday announced – for public sector

12 June 2018

The Eid Al Fitr holiday has been announced for the UAE public sector.

The first day of the holiday will begin on Thursday, June 14, and will last until Shawwal 3, the Federal Authority For Government Human Resources announced.

Depending on when Eid begins, Shawwal 3 will either coincide with Sunday, June 17 or Monday, June 18.

If Eid falls on Friday (making Ramadan 29 days), government ministries and departments will be closed until Sunday, with work resuming on Monday. Should it fall … Read more ›

“Abu Dhabi to return to growth this year” – S&P Global Ratings

11 June 2018

S&P Global Ratings has affirmed its ratings for Abu Dhabi on the back of its net asset position and has forecast a return to economic growth for the emirate in 2018, thanks to higher oil prices and government spending.

“The ratings are supported by Abu Dhabi’s strong fiscal and external positions,” S&P said in a report released on Sunday. “The exceptional strength of the government’s net asset position provides a buffer to counteract the impact of oil price swings on economic … Read more ›

Stimulus plan to spur growth in Abu Dhabi

07 June 2018

UAE construction and property stocks rose on Wednesday after the Abu Dhabi Crown Prince revealed a three-year, Dh50 billion stimulus package and 10 initiatives that will ease business, create jobs and boost growth.

The Abu Dhabi Company for Building Materials or Bildco rose 7.27 per cent in Abu Dhabi, while the emirate’s biggest real estate developer Aldar gained 1.5 per cent, helping the overall index increase 0.77 per cent. In Dubai, contractor Arabtec climbed 3.9 per cent.

Included in the ten initiatives is … Read more ›

Dh50 billion investment into new Abu Dhabi ‘Ghadan’ programme

06 June 2018

A massive Dh50 billion stimulus package for Abu Dhabi has been announced by Sheikh Mohammed bin Zayed, the Crown Prince.

Officials have been given just 90 days to create a detailed execution plan for the package, which seeks to transform the ease of doing business, and bring lasting economic benefits to Emiratis, residents and investors.

At the heart of the announcement are 10 initiatives, with the aim of accelerating the economy over the next three years.

They include allowing people to officially work … Read more ›

Interesting editorial about UAE property investment and the current economic environment

04 June 2018

A 10-year UAE expat residency for professionals and 100 per cent foreign ownership of businesses outside as well as inside free zones, are two new initiatives widely welcomed by the real estate sector.

While both announcements may boost property investment, with only a limited number of individuals set to be affected by these changes – are they such a big deal?

The devil is in the detail. Expats will have to wait and see exactly how these measures are actually implemented – … Read more ›