2002
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DDF plans to double sales
Dubai Duty Free is planning to double its annual sales to USD550m over the next five years, managing director Colin McLoughlin told Gulf News. He said that the opening of the third terminal at Dubai International Airport would add a third more retail space by 2006. Staff levels will also double to 2,000 compared with 110 when the DDF opened in 1983.
HSBC, innovative Islamic property fund
HSBC has launched the HSBC Amanah Global Properties Income Fund, an innovative Islamic real erstate investment opportunity. The Fund concentrates principally on properties leased on a long-term basis to investment-grade tenants around the world, who will provide the Fund with regular monthly rental payments. It is designed to generate a return before fees of around eight to 10 per cent a year that will be payable in cash to its investors. Minimum investment is USD50,000.
Four Saudi firms vie for HP plant
Four Saudi Companies are bidding to become Hewlett-Packard's local assembler in Saudi Arabia, reported Gulf News. HP will not take any direct equity in the plant which will produce around 60,000 PCs a year. An HP spokeswoman said the move will bring HP closer to the consumer in this very competitive market.
Three new products from Sabic
Saudi Basic Industries Corporation has announced that it will offer three more products by the second quarter, reported Bloomberg. In a statement Sabic said the group will offer more polypropylene products which can be used for battery cases and auto parts. Sabic affiliate Saudi European Petrochemical Company will produce the plastics.
Amlak loans up eight-fold
Amlak Finance, which is 100 per cent owned by Emaar Properties, has seen its number of home loans rise eight-fold this year, reported Gulf News. No other figures were given, although Emaar will report its results early next year. General manager Mohammed Ali Al Hashimi said growth in the real estate sector continued to contribute to the rapid growth of Dubai.
Dubai 2003, margin speculation
Speculation is rife in banking circles about the margin that the Dubai Government will seek on its imminent Dubai 2003 bonds, according to Gulf News. The margin is not expected to be as high as the Emirates airline bond's 70 basis points in 2001. Bankers said the threat of war in Iraq was irrelevant to the credibility of Dubai.
Saudi bank assets up USD9.1bn
The total assets of the Saudi commercial banks have risen by USD9.1bn to USD133.9bn over the past year, reported AFP. At the end of October liquidity reached USD98.1bn, up 4.5 per cent on the previous month. The Saudi Arabian Monetary Agency also pointed to an 11.4 per cent growth in money supply, largely down to the repatriaton of funds since 9/11.
China to set up TV plant in UAE
Chinese firms have announced several major deals during the Chinese Commodities Fair in Sharjah this week. Gulf News reported that a USD6m colour TV plant will be set up in the UAE, a USD15m pipeline flanges factory in Qatar and a USD20m cable unit in Saudi Arabia. Officials estimate the total value of deal concluded this week will reach USD300-500m. China is now allowing its companies to invest overseas and is likely to become an increasingly important trading partner.
Qatar Olympics, USD1.8bn plan
Qatar National Olympic Committee has inked six contracts worth a total of USD22m, just a taste of an estimated USD1.8bn in construction contracts to come, reported Gulf News. Contracto takes the biggest job for construction of two multi-purpose sports halls.
Arab Income Fund up 1.34 per cent
The Arab Income Fund increased in value by 1.34 per cent in November, according to manager Shuaa Capital. This open-ended fund gives access to Arab sovereign debt markets. Taif has grown by 6.49 since its inception on May 13 and remains a unique investment vehicle.
New HSBC Islamic retail fund
HSBC has introduced the Pan-European Protected Fund, its fourth in the Shariah compliant Amanah Principal Protected Fund series. The new Islamic fund offers the benefits of full capital protection and exposure to one of the world's fastest growing economic sectors. It is designed to achieve medium-term capital growth through a diversified portfolio strategy, as well as offering a 100 per cent principal protection at maturity, regardless of the performance of the equity markets.
Dubai's 2nd Palm Island sold out
All the residential accomodation for sale on Dubai's second Palm Island off Jebel Ali has been sold, sources close to the project told AMEInfo. This success follows the sale of more than 2,000 villas on the first muilti-billion dollar Palm Island within two weeks. The Palm Jebel Ali is on schedule for completion six months after The Palm Jumieriah which will be fully reclaimed from the sea by September 2003.
USD27m UAE real estate fund
The UAE's first real estate fund was launched on Tuesday in Abu Dhabi by National Investor and Colliers International. The USD27m fund hopes to be listed on the Abu Dhabi Securities Market next year, and is UAE Central Bank approved. UAE real estate yields seven to 12 per cent compared with four to seven per cent in international markets and is therefore attractive to investors, said officials.
14 private realtors to build in DIC
Fourteen private real estate investors have committed themselves to developing projects in the Dubai technology and media free zone, according to Gulf News. Officials said the zone had invited private realtors to submit proposals over the summer. Dubai is currently experiencing a real estate boom.
Fed rates stay at 1.25 per cent
The US Federal Reserve has kept interest rates unchanged at 1.25 per cent, extending a 41-year low to boost the US economy. As all Middle East currencies are dollar based the same low interest rate regime now prevails in the region. This has sparked a real estate boom, with property prices more than doubling over the past year in parts of Saudi Arabia.
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