2002
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Jordan Post Company's new services
Jordan Post Company (JPC) is set to introduce a host of new products to attract more customers, including receiving payments of utility bills, and handling tax transactions. JPC, which was established earlier in 2002 as a shareholding company to replace the Ministry of Post, will also introduce e-mail services in some centres. JPC will operate as a new entity on January 1 with a capital of JD14 million, with 150 vehicles and 2,300 clerks in 434 post offices.
New bank rule
Banks in the UAE which fail to raise their national employee strength by four per cent annually will not be allowed to open new branches, after a decision of the UAE Central Bank board.
IDB to be commercial bank
An amendment to the law governing the establishment and operations of Jordan's Industrial Development Bank (IDB) will be announced soon to transform the institution into a commercial development bank, an official source told Jordan Times. The amendments will enable the bank to operate on semi-commercial basis before functioning commercially at a later stage, for up to four years.
Saudi bank profits rise
Interim results of Saudi Arabia's nine listed commercial banks show mixed outcome until September 2002, with overall net income dropping by 0.8 percent to SR6,188 million compared to SR6,238 million during the first three quarters of 2001. This decline was attributed to a drop of 15.8 percent and 22.2 percent in Saudi American Bank's (SAMBA) and Al-Rajhi's net profits, respectively. Meanwhile, the other seven listed commercial banks have continued to enjoy double-digit growth rates in net profits, as economic conditions continued to improve, owing to stronger than expected oil prices and record low interest rates.
Islamic Development Bank is AAA
Standard and Poors has assigned an AAA rating to Jeddah-based Islamic Development Bank (IDB) with a stable outlook. The rating was based on the bank's strong capitalisation and highest performance of its development-related asset portfolio despite financing its Least Developed Member Countries (LDMCs), a statement said.
Saudi votes for formal stock market
AFP reports that Saudi Arabia's Shura (Consultative) Council has passed a draft law allowing the establishment of a formal stock market, to replace the existing interbank bourse. The 67-article bill was passed by a majority of the 120-member council and will be referred to the cabinet for endorsement, following the weekly session. The bill envisages increasing transparency, accountability and luring foreign investment and supervises the introduction of new investment tools.
Bahrain Islamic bond launch
Bahrain's government is ready to launch its largest-ever issue of Islamic bonds, issued by Bahrain Monetary Agency on behalf of the government, as USD250 million of Ijara sukuk. The bonds carry a maturity of six years starting February 3, said the Bahrain Monetary Agency (BMA). Subscriptions will be received in January. Dates will be announced soon.
Kuwait pegs to US dollar
Kuwait is set to peg its dinar to the US dollar on January 1, 2003, making it the last Gulf state to do so, in line with Arab Gulf Cooperation Council (AGCC) plans to introduce a single currency by 2010. The Kuwaiti dinar has been pegged to a basket of currencies, mainly the US dollar, but from 01/01/2003 will be officially pegged only to the dollar. The Central Bank of Kuwait (CBK) will fix the exchange rate but will also set a minimum and maximum ceiling within which the rate will fluctuate.
DIB Arabises phone banking
Dubai Islamic Bank (DIB) is set to launch the region's first Arabic language Mobile banking service. The service will provide 36 unique features and will allow users the freedom to manage their bank accounts anytime, anywhere with their mobile phones.
Bahrain on positive ratings watch
Credit rating agency Fitch has put Bahrain's ratings on a positive outlook following a rating visit to the country earlier this year and meetings with authorities. Fitch said that the ratings review for Bahrain, whose long-term foreign currency rating is 'BBB', short-term foreign currency rating 'F3' and long term local currency rating 'BBB+', is expected to be concluded in advance of Bahrain's planned debut eurobond issue in early 2003.
Dubai excellence on-line
Dubai Government Excellence Programme has launched its website -
www.dubaiexcellence.com - in cooperation with Dubai e-Government. The website includes comprehensive information about the programmes, its objectives, categories and standards. The website is a chance for Dubai Government staff to review the programmes' goals of spreading a quality culture.
www.dubaiexcellence.com - in cooperation with Dubai e-Government. The website includes comprehensive information about the programmes, its objectives, categories and standards. The website is a chance for Dubai Government staff to review the programmes' goals of spreading a quality culture.
Federal Customs Authority soon
Dubai Customs has provided a unified list of 415 goods exempted from the GCC customs duties includes 415 items, without details. Senior Customs officials announced that Dubai has completed all technical readiness procedures to implement the GCC tariffs union from January 1st. It has set up a team to study the implementation, to map procedures, and to ensure correct implementation.
DIB adds two branches
Dubai Islamic Bank (DIB) has added two branches, one in Dubai and one in Khor Fakkan, taking its UAE network to 16. The openings come in response to demand, with a statement from bank officials adding that two more branches, at Dubai Internet City and Sharjah, will open by mid 2003.
Korea boost to trade ties
Dubai's Korean Trade Centre (KTC) now covers the Middle East and Africa region, in a bid to expand its commercial representation. South Korea is a key commercial partner with Dubai and is ninth among the major exporting countries to the emirate.
KSA investment firms banned
Saudi Arabia has banned 24 investment companies for operating without licenses and offering highly exaggerated interest rates. On advice from a special ministerial committee and Saudi central bank SAMA, the Ministry of Interior ordered the companies to cease operations immediately. SAMA also ordered local commercial banks to freeze the barred company's accounts and withdrawal or transfer of money from them.
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