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The billionaires lost more than $115 billion last week, with 76 taking hits of at least $1 billion in January.
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The new fund could change the way tens of billions of dollars are invested and affect some of the world's leading asset managers.
The rupee might devalue further towards the 68-level mark which was last seen in 2013.
Country continues to benefit from a safe haven status, large buffers
Labour market strengthens without triggering signs of higher wages
Speaking at a launch event in Dubai, Gerard Seeber, senior trade commissioner and Australian consul general in Dubai told members of the media that the UAE and Australia had a long history of successful bilateral trade relations with each other.
"The VAT would be introduced at the rate of between three per cent to five per cent of the goods value, but GCC countries are yet to finalise their implementation policy."
China logged its worst economic performance since the global financial crisis in the third quarter of 2015.
Real growth levels believed to be much weaker than official data suggest.
Indian stocks and the rupee fell on Monday, tracking declines in other emerging markets.
