Abu Dhabi - Mubasher: The valued-added tax (VAT), which is set to be introduced in the UAE in early 2018, will reflect positively on the Emirati economy and the government's financial stability, according to the CEO of Abu Dhabi Securities Exchange (ADX).

Rashed Al Baloushi said that the money levied will be used to launch new developmental projects, Emirates News Agency (WAM) reported.

"The proposed 5% VAT will be applied to consumption and not on savings or investments. It will not have a significant impact on businesses and financial marketsm,” he added.

Al Baloushi also announced that a discussion panel on the implications of introducing VAT for businesses in the UAE would be organised on Wednesday by the ADX and the Canadian Business Council (CBC) in Abu Dhabi.