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Dubai economy grows 1%

Omar bin Sulaiman, vice chairman of the UAE central bank has said in a statement that Dubai’s economy grew 1% in the first quarter, fuelled by the government’s stimulus package. ‘Dubai has quickly went into recovery mode as the economy shows signs that it is improving,’ bin Sulaiman said.

Kuwait to offer treasury bills worth $287m

Kuwait’s central bank said it will issue KD84 million ($287m) in one-year treasury bills on April 22 with a voucher of 2%. The central bank said on its Web site that investors submitted KD636 million in bids for the bills.

No income tax for Dubai, says ruler

Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, said his country would never adopt an income tax as a way to tackle the deficit. 'My answer is: No income taxes,' he said in his first media e-session with journalists through the Prime Minister’s official Website.

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