Dubai unveils budget with slight spending rise

Updated 01 January 2013
0

Dubai unveils budget with slight spending rise

DUBAI: Dubai's government unveiled its budget for 2013 yesterday, setting expenditure at 34.12 billion dirhams ($ 9.3 billion) and a deficit at 0.5 percent of gross domestic product.
Expenditure was forecast only slightly up from 33.68 billion dirhams in this year's budget, while revenues were expected to amount to 32.62 billion dirhams, up from 29.91 billion dirhams in 2012, it said in a statement.
The budget forecast the deficit to drop to 1.48 billion dirhams, compared with 3.778 billion dirhams predicted for this year.
The Dubai government said the focus of the budget was "on a prudent fiscal policy that provides the stimuli necessary to economic growth".
The debt-laden Gulf emirate allocated six percent of spending to debt servicing, while 26 percent would be channeled into health, education, housing and social developments.
Sixteen percent of expenditure has been set aside for the completion of infrastructure and development projects.
Abdul Rahman Al-Saleh, the finance department director general, said the budget emphasized a preference to expand expenditure to support the economy but "without sacrificing the strategic objectives... of reducing the deficit".
Government fees would represent 62 percent of revenues, while customs and taxes on foreign banks would account for 23 percent. Dubai does not impose a tax on income.
Net oil income amounted to 12 percent of total revenues, the statement said.
The government did not release figures for actual revenues and expenditure in 2012.
Dubai's economy contracted 2.4 percent in 2009 when it rattled global markets over its debt crisis before receiving a $ 10-billion bailout from Abu Dhabi, its oil-rich partner in the Emirates, and reaching restructuring deals with lenders.
The economy has since made a comeback, growing 2.8 percent in 2010, 3.4 percent in 2011, and 4.1 percent on an annual basis in the first half of this year, as tourism, trade and transport keep expanding.


Iran anti-money laundering law faces challenge as deadline looms

Updated 18 August 2018
0

Iran anti-money laundering law faces challenge as deadline looms

  • Iran has been trying to implement standards set by the Financial Action Task Force
  • Foreign businesses say legislation that includes FATF guidelines is essential if they are to increase investment

DUBAI: A top Iranian constitutional body has demanded changes to anti-money laundering measures passed by parliament, state-run media said on Saturday, as Tehran nears a deadline to pass legislation to help it attract investment while facing USsanctions.
Iran has been trying to implement standards set by the Financial Action Task Force (FATF), an inter-governmental organization which underpins regimes combatting money laundering and terrorist financing. It hopes it will be removed from a blacklist that makes some foreign investors reluctant to deal with it.
In June, FATF said Iran had until October to complete the reforms or face consequences that could further deter investors from the country, which has already been hit by the return of US sanctions. {nL5N1UY39D]
Hard-liners in parliament have opposed legislation aimed at moving toward compliance with FATF standards, arguing it could hamper Iranian financial support for allies such as Lebanon’s Hezbollah, which the United States has classified as a terrorist organization.
The Guardian Council, which vets legislation passed by parliament for compliance with the constitution, objected to four items in the anti-money laundering amendments and returned the measure to parliament, spokesman Abbas Ali Kadkhodaei was quoted by the judiciary’s news agency Mizan as saying.
Kadkhodaei did not give details of the four items, according to Mizan.
Earlier this month, the Guardian Council approved legal amendments on combating the funding of terrorism.
Supreme Leader Ayatollah Ali Khamenei said in June parliament should pass legislation to combat money laundering according to its own criteria.
Foreign businesses say legislation that includes FATF guidelines is essential if they are to increase investment.