Dubai / Reuters The United Arab Emirates central bank will next month launch a new way of setting Emirates Interbank Offered Rates (EIBOR), helping to make the system more accurate and transparent, a senior banking industry official told reporters on Monday. “We have taken benchmark banks to tell us what is the actual cost of deposit and the incremental cost ...

DUBAI / WAM Union Coop has announced decision to freeze the prices of about 50,000 commodities until 2018 end. This move is one of the many in line with the company’s ‘Consumer Happiness’ initiative, a move that focusses on raising consumer satisfaction. Khalid Humaid bin Diban Al Falasi, CEO of Union Coop, said, “This was a very well-planned move because ...

DUBAI / WAM The Department of Finance (DoF) of the Government of Dubai announced a strategic partnership agreement with Deloitte to enable the Government of Dubai to implement International Public Sector Accounting Standards (IPSAS). DoF signed the agreement with Deloitte, the world’s largest professional services firm, as part of its continuous improvement of financial reporting across the Government of Dubai, ...