2002
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UNB, Al Ain branch, expansion plans
Abu Dhabi's Union National Bank has opened a new branch in Al Ain in the Al Jimi district. Ceo Mohammed Nasr Abdeen said the use of pioneering technology would be the backbone of UNB's commitment to customer service. He promised more innovations in the near future.
Dubal to beat 2003 sales target
Dubai Aluminium told Gulf News that it will surpass its 2002 sales target and achieve total sales of 560,000 tonnes. General manager Abdullah Kalban announced a target of 600,000 tonnes for 2003 with the Kestrel extension project starting on September 1. Most of the aluminium is for export, principally to Europe and Asia, despite strong local demand.
GCC customs union is born
The Doha Declaration issued by the GCC summit on Monday formally established a free trade zone in the six nation bloc with a five per cent common external tariff. Any GCC product will be treated as a national product by another member. This now opens the way to a free trade accord with the European Union, particularly for aluminium and petrochemicals.
Syria licences five private banks
The Syrian Government is to licence five private banks, reported Tishrin. Syrian partners will own 51 per cent of the new banks, and the balance will be held by foreign institutions, one from Bahrain, two Jordanian and two Lebanese. This is the first time that private banks will operate in Syria since 1963.
UAE-Iran trade growing steadily
Iranian commerce minister Mohammed Shariatmadari promised that the present geopolitical situation in the Gulf will not hamper the steady growth of trade with the UAE which passed USD3bn last year. He told Gulf News that the UAE's recent foreign investment law would boost trade with Iran considerably. The UAE is one of the most important trading partners of Iran and we will look to expand that relationship in sectors including banking, insurance and transportation, he added.
MasterCard, 23 per cent growth
MasterCard has reported 23 per cent growth in gross dollar value in the Middle East and North Africa in the first nine months of 2002, although Visa remains by far the most popular credit card. No actual figures were given by Mastercard. But worldwide MasterCard purchase volumes rose by 14.4 per cent to USD580bn in the same nine months.
Repatriated funds boost UAE realty
Arab funds repatriated from North America are boosting real estate development in the UAE, industry sources told Gulf News. This will boost realty from 11 to 14 per cent of GDP by 2005, they added. Higher liquidity and an absence of alternative investments is giving real estate a big lift, especially in Dubai where Emaar Properties is building huge developments.
Dubai holds business elections
Dubai's pharmaceutical and health equipment trading business group has elected a representative committee of 12 executives. This is the first of seven industry sector committees being set up by the Dubai chamber of commerce. They will represent the interests of their sector and open a dialogue with the chamber, and federal and local authorities.
NBO denies OIB merger rumours
The National Bank of Oman has categorically denied rumours that merger talks with the Oman International Bank have been revived, according to The Times of Oman. Ceo John P Finigan said the report in Gulf News was entirely baseless. However, stockbrokers said another merger in the Omani banking sector would make sense.
Dubai Bank's ultimate Visa card
Dubai Bank has launched gold and silver Visa cards with the best range of benefits ever offered in the UAE. This includes 365 days of purchase protection, a free e-gate card for Dubai Airport, free life insurance, free household insurance and loans over the phone. Applicants need to be earning over Dhs3,000 per month, and will also get free emergency evacuation if taken ill overseas. Fees are Dhs350 for gold and Dhs150 for silver Visa cards.
GCC summit, currency decision
A decision to launch a GCC single currency is widely expected from the GCC summit meeting now in session in Doha. January 2003 will see the launch of a customs union, while 2005 is being seen as a likely target for greater economic integration. A full currency union, with the likely creation of a GCC central bank, would be a crowning achievement.
New USD150m Dubai realty fund
The Government of Dubai and Citigroup have launched the USD150m Estithmaar Islamic Real Estate Fund to invest in Dubai real estate. Both the Dubai Government and Citigroup have subscribed USD60m, leaving the balance for private and institutional investors with a minimum USD5m subscription. The fund closes on February 28 and targets a 10-12 per cent internal rate of return.
UAE's Arab investments USD16bn
The UAE has invested USD16bn, or 11 per cent of total foreign investments, in the Arab World, officials from the federation of UAE chambers of commerce told Gulf News. They are calling for a federal body responsible for promoting investment opportunities in the Arab World. Some commentators expect the UAE to emerge as an investment hub for the Arab World over the next decade.
Syria to license banks soon
Governor of the Syrian Central Bank, Mohammed Bashar Kabarra told a conference in Damascus that Syria will license its first private banks for 40 years soon, reported AP. He said that Syria had entered a new era for banking in March when legislation was passed permitting private ownership of banks. The government is opening up the economy after four decades of Soviet-style state control.
StanChart UAE to add branches
Standard Chartered is set to add three more branches to its network in the UAE over the next six months and the first will be in the Gold Souk. This will bring its total branches to 11. Standard Chartered will be the only foreign bank in the UAE with more than eight branches which is a legacy from its earlier takeover of four ANZ Grindlays branches.
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