2003
- The news you choose »
- Login to Add to Watchlist
HBZ to offer UAE home loans
Habib Bank AG Zurich is lining up to be the next UAE bank to offer home loans, reported Gulf News. CEO Arif Lakhani said all banks will find this a good opportunity to build quality assets. At present only HSBC and Mashreqbank are providing home loans to expatriates in Dubai.
USD133bn 9-month bourse gain
Arab stock markets racked up a massive USD133bn gain in value in the first nine months of the year, reported the Arab Monetary Fund. Turnover also showed momentum with Q2 trade of USD67.3bn rising to USD82.7bn in Q3. Saudi Arabia's bourse almost doubled in value to USD150.7bn in the nine months.
Long Eid break to hit trade
The UAE business community has expressed dismay at the five-day bank holiday announced for Eid Al Fitr, according to Gulf News. Banks too are worried about a backlog of work to tackle after the long holiday, particularly in trade finance. But banks maintain that adequate cash in ATMs will be available to consumers.
Kuwait aviation firm profits jump
Kuwait's Aviation Lease and Finance Company has reported a jump in profits to USD8.8m on revenues four-fold higher at USD20m. The firm is jointly owned by the Kuwait Finance House and Kuwait Airways. It now owns seven aircraft, up from four a year ago, and plans to buy six more in the next year, officials told Reuters.
Siemens, USD95m Iraq job
Siemens has won a USD95m job to develop a power station in Iraq, industry sources told Reuters. The contract is for a 266MW gas turbine. The same source said Siemens had won around USD50m in contracts to date. German companies had feared they would miss out on Iraqi contracts due to their country's opposition to the war.
HSBC applies for Iraq licence
HSBC and an unnamed Canadian Bank have applied for licences to operate in Iraq, Arab bankers told Reuters. They said the criteria set by the US-led administration favoured highly capitalised international banks. Iraqi subsidiaries of foreign banks must have a minimum capital of USD25m.
UAE, record foreign reserves
The Economist Intelligence Unit's latest country report claims that the UAE holds USD250bn overseas in bank deposits, real estate and stocks, including USD35bn held by Dubai. Lastest IMF figures show that the UAE had foreign financial reserves of USD14.9bn, a record level, at the end of July, and held USD50bn with international banks.
Emirates, USD111m leasing deal
Emirates Airline has signed a USD111m leasing contract for a long range A340-500 Airbus structured in Japanese yen and arranged by HSBC. The deal takes advantage of very low yen interest rates and is a hedge against Emirates' revenues from Japan. From the start of December the aircraft will operate non-stop from Dubai to Osaka.
Eid, five-day UAE bank holiday
UAE banks and the stock market will be closed from Monday for five days on the occasion of Eid Al Fitr. This will mean that banking transactions with the rest of the world will be cut off for seven days. Special measures to ensure that ATMs are stocked with cash have been taken.
Dubai to host 2006 IAA Congress
Dubai has been chosen ahead of Miami and Bucharest to host the 2006 World Congress of the International Advertising Association. The event will bring around 3,000 advertising professionals from around the world to Dubai. The IAA has 230 members in its UAE chapter including AME Info.
USD160m KSA plant, Danieli
Italian engineers Danieli has been awarded a USD160m contract to expand the Jubail plant of the Universal Metal Coating Company. The cold rolling mill and galvanising facility is to come on line in early 2006 and double output capacity to 250,000 tonnes a year, said a company statement.
USD50m BMA Islamic bonds
The Bahrain Monetary Agency has announced the launch of a USD50m issue of Government Islamic leasing bonds. The three-year Ijara sukuk will be issued on December 15 and has a minimum subscription of USD10,000. The rental return will be paid twice a year and the bond will be listed on the Bahrain Stock Exchange.
Al Tayer re-elected DCCI president
Obaid Humaid Al Tayer has been unanimously re-elected as president of the Dubai Chamber of Commerce and Industry. Abdul Rahman Saif Al Ghurair and Majid Rahma Al Shamsi were also re-elected first vice-president and second vice-president respectively.
Dollar, record low against euro
The US dollar touched a record low of USD1.978 against the euro yesterday before regaining some lost ground by the close of the day. Gold also briefly surged through the psychologically important USD400 per ounce barrier. The dollar's fall came as the US announced protectionist measures against Chinese textile imports.
Dubai jewellery sales down
The surging gold price has taken its toll on the Dubai jewellery trade with several firms reporting a 20-30 per cent fall in business volume, according to Gulf News. Pre-fixed margins on the weight of gold sold and lower sales has impacted on profits, said traders.
It looks like you are using a Mac - check out our 
Web Feeds