2007
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UAE to have first ATM for disabled
The UAE plans to have the first automated teller machines (ATM) network for people with special needs in the Middle East, reported Gulf News. The project to develop the service, which will be in place by 2008, is being led by Sharjah Islamic Bank.
Gulf eyes US banks
The Abu Dhabi Investment Authority's acquisition of a 4.9% stake in Citigroup could spur further acquisitions by Gulf-based investors in US banking assets, reported Gulf News. Many US banks' were hit by the subprime crisis, making them attractive investment targets for cash-rich Gulf investors. Analysts said possible future targets could be Merrill Lynch or Bear Sterns.
KFH introduce Sharia-compliant credit card
Kuwait Finance House in Bahrain announced the launch of the first Islamic EMV compliant credit card with Visa, reported The Gulf Daily News. The Sharia-compliant card offers holders credit facilities interest costs, instead just a low transparent service charge.
UAE grants licenses to three Gulf banks
As part of its growth plan for the banking sector Sultan Bin Nasser Al Suwaidi, Governor of the UAE Central Bank said that the bank is studying issuing licenses to three more Gulf banks, reported Gulf News. He added that the banks are currently being set up. Currently the UAE has 22 national banks and 22 foreign banks are operating in the UAE with a total number of 690 branches.
RAKIA prices sukuks
The UAE Ras Al Khaimah Investment Authority (RAKIA) priced $325m of sukuks in line with guidance at 150 basis points over the London Interbank Offered Rate, reported Reuters. Benchmark size is typically considered at $500 million and above, although arrangers of RAKIA's sukuk said the final bond size of $325 million was also benchmark.
UAE seize counterfeit bills
Police in the UAE have cracked down on a counterfeit money clamor and seized more than $6m fake bills, reported Xinhua. Police seized eight men and equipment to make fake dollar bills in a series of sting operations in Ras Al Khaimah.
DEWA postpones sukuk
The Dubai Electricity & Water Authority (Dewa) postponed an Islamic bond sale for the rising borrowing costs and expectations that the UAE will revalue its dollar-pegged currency, reported Reuters. The government owned Dewa was aiming to sell $2.5bn of bonds to fuel expansion.
UAE bank assets top Gulf
The UAE banking industry is now the largest in the GCC, with $273bn in assets at the end of the second quarter, compared to $250bn in Saudi Arabia, reported Gulf News, citing a study by the National Investor. The study says the current economic boom in the country should continue to drive the growth of the UAE banking sector in the foreseeable future.
Qatar Islamic bank expects UK licence
Qatar Islamic Bank is expecting to get a licence "within weeks" to set up a unit in the UK, Reuters reported. QIB, Qatar's biggest Islamic lender by market value, wants to use European Finance House to gain exposure to European markets and advise firms on Islamic financial products. The bank has also held initial talks with the U.S. Federal Reserve about setting up operations there.
Oman will not revalue riyal
Hamud Bin Sangur Al Zadjali, Governor of the Central Bank of Oman, said that his country had no plans to end its peg to the dollar, reported Gulf News. Other Gulf states, including Saudi Arabia and the UAE, are under pressure to revalue their currencies against the dollar, or drop their pegs to the US currency, after inflation accelerated to record levels across the region. During the Dubai International Financial Centre (DIFC) conference that took place last week Omar Bin Sulaiman, Governor DIFC, said that only three countries might end their peg to the dollar.
Mashreq tackles money laundering
Mashreq, one of the largest private banks in the UAE, organized its first International Compliance Forum in Dubai on 24 November, looking at ways of overcoming money laundering. Compliance & Management teams gathered from all Mashreq International and UAE branches along with speakers on Anti-Money Laundering (AML) & Sanctions Compliance. "The extent of money lundering taking place globally is estimated at $1-1.5 trillion annually," said Nigel Morgan Head of Audit Review & Compliance Group at Mashreq.
Saudi cuts deposit rates
Saudi Arabia cut some borrowing costs on 24 November to ease pressure on its dollar-pegged currency that has mounted on growing bets Riyadh will allow the riyal to appreciate, reported Gulf News. The Saudi Arabian Monetary Agency (Sama), the central bank of the world's largest oil exporter, reduced the reverse repurchase rate by 50 basis points to 4.25 per cent.
High costs hit bank profits
Rising operating costs and the decline in investment income are expected to put a strain on the profits made by UAE banks this year, reported Gulf News. A Cairo based analyst had said that there was a 40 per cent year on year increase in operating expenses after conducting a study on eight of the UAEs leading banks. The banks also experienced an overall decline in investment income due to the slowdown in global markets in the third quarter. Most saw their net interest margin fall over the past nine months due to higher funding pressures.
Afia buys Turkey's Yudum
The Afia International Company, a subsidiary of Saudi Arabia's Savola Group, has finalised the 100% acquisition of Yudum Gyda Sanayi ve Ticaret, a Turkish edible oil companies, owned by NBK Capital, the investment arm of the National Bank of Kuwait. Yudum's total revenues amounted to $99.4m in 2006, while its net profit reached $6.7m. The company's main brands are 'Yudum' and 'Sirma'; Swicorp acted as Afia's financial advisor.
ABG, Salalah Methanol loan
Jordan's Arab Bank Group (ABG) has acted as the mandated lead arranger in a $609m loan agreement for Oman's Salalah Methanol Company. The loan will be used to finance the final stage of the Salalah Methanol project being undertaken by the Oman Oil Company. Production of methanol at a commercial level will start in H1 2010 with a daily capacity of 3,000 metric tonnes.
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