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With assets of Dh2.47trn ($672.3bn) as of December 2015, the UAE banking system is the largest in the region. These assets are deployed within the federation as well as across the GCC, the traditional destinations of Europe and the US, and the world’s emerging markets. While local lenders remained profitable in 2015, the effects of a sustained drop in oil prices were seen in both balance sheets and income statements. The most significant change was the slowdown in deposit growth as a result of the government drawing down reserves to meet its spending commitments. Meanwhile on July 1, 2015 the central bank introduced a liquid assets ratio as a first step towards its ultimate objective of implementing the liquidity standards of Basel III, with approved banks starting the transition to Basel’s liquidity coverage ratio in January 2016. This chapter contains interviews with Mubarak Rashed Al Mansoori, Governor, Central Bank of the UAE; and Andre Sayegh, CEO, FGB.

Recent decades have seen the GCC become increasingly connected to the wider global economy through trade and investment links. Over the years capital flows between the Gulf and the rest of the world have deepened significantly, with both the historically important blocs of Europe and North America, and emerging market economies such as India, China and Brazil. The total stock of FDI in Abu Dhabi has seen steady growth, rising from $16.6bn in 2012 to $22.1bn in 2014, while the largest contributor to non-oil exports in 2014 was the manufactured goods category, which accounted for 51.2% of the total. Meanwhile, a new investment law currently being worked on promises to re-shape the patterns of FDI into the country with social infrastructure sectors such as health and education set to benefit as a result. This chapter contains interviews with Mohammad Helal Al Muhairi, Director-General, Abu Dhabi Chamber of Commerce and Industry (ADCCI); and Ahmed Al Sayegh, Chairman, Abu Dhabi Global Market (ADGM).

The emirate of Abu Dhabi has put its significant hydrocarbons resources to strategic use in recent years, using the wealth derived from oil to underpin the UAE’s diversified economic growth targets. Meanwhile, the emirate’s Economic Vision 2030 has identified sectors through which Abu Dhabi can boost non-oil GDP, with areas such as tourism, manufacturing, ICT and health care now driving the emirate’s non-oil based growth. The fall in oil prices has led to a push for tariff restructuring, and for the first time residents have been asked to contribute towards the provision of utilities, while options for introducing VAT, corporate tax and a remittances tax are also now being explored to further hedge against oil price fluctuations. This chapter contains interviews with Ali Majed Al Mansoori, Chairman, Abu Dhabi Department of Economic Development (ADDED); Khaldoon Khalifa Al Mubarak, Group CEO and Managing Director, Mubadala Development Company; Mahmood Ebraheem Al Mahmood, CEO and Chairman, ADS Holding; and a viewpoint from Jim Yong Kim, President, World Bank Group.

OBG introduces the reader to the different aspects of the legal system in Tunisia, in partnership with Meziou Knani & Khlif. This chapter contains a viewpoint from Ghazi Meziou, Associate Lawyer, Meziou Knani & Khlif.

In conjunction with EY, OBG explores the taxation system, examining Tunisia’s investor-friendly environment. This chapter contains a viewpoint from Noureddine Hajji, Managing Partner, EY Tunisia.