2004
- The news you choose »
- Login to Add to Watchlist
HSBC-MEED, confidence up
The HSBC-MEED Middle East Business Confidence Index has recorded a continuing rise in business sentiment in the region. The survey was carried out in the last two weeks of October by YouGov, a leading UK-based market research agency. The index, set at 100 when it was launched in June this year, has now reached 104.91. YouGov interviewed a total of 571 individuals online.
Islamic banks, big future, DIB
Islamic banks are expected to hold 40 to 50 per cent of savings within the next 10 years, luring capital from traditional banking, said a report by Dubai Islamic Bank. There are 267 Islamic financial institutions operating world-wide, with total assets of USD262bn and a growth rate of 25 per cent, recorded three-year-old statistics from the General Council of Islamic Financial Institutions.
New men join Visa board
Citibank UAE boss Rajeev Kakar and Khamis Buharoon of the National Bank of Abu Dhabi have been elected to represent the UAE on Visa International's regional board. Eisa Mohammed Al Eisa from Samba will represent Saudi Arabia, and the National Bank of Kuwait's Adel Al Majed will represent his country.
Gold climbs above USD440
Gold reached USD440.25 per ounce yesterday, a 16-1/4 year high for the third day running. The high gold price reflects the market expectation of further US dollar weakness because of the US current account gap, according to analysts. Bonds are also falling, so gold is an alternative investment.
UAB to open in Abu Dhabi
The Union of Arab Banks is set to open a regional office in the UAE, to be based in Abu Dhabi, reported Gulf News. The UAE's position as having the strongest growth in the banking sector, the development of an effective monetary authority and its ability to meet international banking requirements influenced the decision, according to Chairman Joseph Torbey.
Banks in UAE need to plan
The growth of banks in the UAE can be attributed more to the fast growing economy, and the availability of inexpensive public funds, than to any specific planning, according to Adib Salem, Director, Management Consulting of Cedar Consulting. Banks should identify areas such as retail, corporate, and private banking and in some cases outsource credit cards, he added.
UAE, UK trade up 16pc
The value of trade between the UAE and the UK reached USD2.6bn for the five months between June and October 2004, representing a 16 per cent increase compared to the same period in 2003, reported Gulf News. The UAE exported USD1bn to, and imported USD1.6bn from the UK in the period. By comparison, Saudi Arabia exported USD800m and imported USD1.2bn from the UK.
Amwal, LIC Indian expat deal
Qatar-based Amwal, a leading investment banking, asset management and financial planning company, has partnered with LIC Housing Finance of India to become the exclusive provider of LIC's services in Qatar. It will provide non-resident Indians living in the emirate with a range of long term financial planning services, including the opportunity of purchasing property in India.
Emirates, USD236m H1 profit
Emirates Airline has posted a profit of USD236m for the six months from April to September, up 41 per cent on the same months in 2003. Strong passenger and cargo demand coupled with better yields helped to offset higher costs due to escalating jet fuel prices. But Chairman Sheikh Ahmed bin Saeed Al-Maktoum said the airline was severely impacted by the dramatic increase in jet fuel prices in its second quarter.
US dollar touches new low
The US dollar yesterday hit a seven-month low versus the yen and a nine-year low against a basket of major currencies, due to concern over funding of the current account deficit. The fall knocked back gains as US Treasury Secretary John Snow repeated his previous support for a strong dollar and said that rates are best set in markets.
Weak dollar fuels GCC inflation
The weak US dollar is fuelling inflation in the Gulf States with the retail sector posting 10-15 per cent price increases in the past 12 months, with more to come, according to a study by Gulf News. The devaluation of the US dollar is particularly bad for imports from the eurozone which comprise the mainstay of many Gulf states.
Auto insurance doubles in KSA
Car insurance in Saudi Arabia grew by 126 per cent to USD153m last year as a result of the mandatory insurance imposed two years ago, reported the Saudi Arabian Monetary Agency. Medical insurance rose by 9.8 per cent to USD70m while insurance against fire jumped to USD62m and energy insurance by 55 per cent to USD32m.
US dollar rise worries EU
European Union Finance Ministers meet today in Brussels to discuss a surge in the US dollar which threatens to derail Europe's export led recovery. A declaration aimed at keeping the euro to below the USD1.30 mark is thought to be a strong possibility.
EBG targets regional expansion
Kuwait and then Qatar are the next locations on the target list for Emirates Bank Group, MD and CEO Anis Al Jallaf told Gulf News. This summer EBG opened a branch in Riyadh and is also setting up a joint venture bank in Syria, while owning a 10 per cent stake in the Bank of Beirut.
2004 a peak for oil revenues
Oil revenues in the Arab states are probably at their peak this year, and will decline in 2005 and 2006, according to many analysts. OPEC oil shipments rose in the four weeks to November 27, swelling an already large yearly surplus of seaborne supply heading to consuming nations. But economists predict a soft landing for oil producing economies with prices staying high.
It looks like you are using a Mac - check out our 
Web Feeds