2003
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Amex names Paris trip winner
American Express announced that its top prize in its recent radio competition of a holiday in Paris goes to Shivral Fernando of Dubai. Runners up shared vouchers for electronics, Safari day trips and dinners at the Dubai Sheration. Amex Blue has been gaining market share in the UAE recently with its 1 per cent cash back payment.
ABN Amro, any airline SMiles
Holders of the ABN Amro Smart Traveller credit card in the UAE can collect SMiles for exchange against air tickets on any airline frequent flyer programme. SMiles can also be redeemed against hotels and car rentals. For more details visit, www.mysmarttraveller.com
Mashreqbank, collect air miles
Mashreqbank has unveiled a scheme allowing MashreqPoints to be exchanged for Lufthansa and Delta frequent flyer points. These programmes also give access to the 47 alliance partners of these two airlines, including Emirates and Singapore Airlines.
EBI, Citibank, flyer point clash
Emirates Bank International is in head on competition with Citibank in the UAE with its new meMiles awards scheme. Citibank was previously the only bank to offer a card linked to the Emirates frequent flyer programme. But now EBI has broken that monopoly, while offering a choice of other airlines to redeem meMiles.
UTI India Equity Plus Series
UTI International is targeting non-resident Indians with its USD25m, six-year India Equity Plus Series. There is a minimum investment of USD5,000 and capital is guaranteed on maturity by Societe Generale. The fund invests in a well diversified portfolio of Indian stocks.
All EBI cardholders get airmiles
All existing Emirates Bank International Bank Visa and MasterCard holders, which includes MeBank, will be able to collect airmile loyalty points from today. The miles can be redeemed for flights with Emirates, Sri Lankan, KLM, Northwest, Qatar Airways, Air India and Indian Airlines.
MeBank cards, collect airmiles
From tomorrow every Emirates Bank International and MeBank Visa and MasterCard holder can collect meMiles to redeem against free flights with a choice of Emirates, KLM, Qatar Airways, Air India and Indian Airlines. For every Dhs10 spent, the cardholder collects three meMiles which never expire.
HSBC revises US dollar outlook
The US dollar may fall to USD1.35 by the autumn of next year, according to revised forecasts from HSBC. This follow a record low of USD1.23 last Friday. The US currency is under pressure due to the twin deficits and low interest rates, and is therefore a poor place to keep your savings.
UTI bond targets Indian expats
UTI International is targeting Indian expatriates in the Middle East with its UTI Masterplus Linked Notes. There is a USD5,000 minimum investment and a capital guarantee on maturity from Societe Generale. This is the first of a series to be called The India Equity Plus Series.
GIH, Global Guarantee Fund
Kuwait's Global Investment House has launched a USD340m Global Capital Guarantee Fund which will invest in the 10 biggest Kuwaiti listed companies. This fund is the first of its kind and will invest 25 per cent of the fund in bonds issued by the companies.
Sterling accounts best performers
Sterling bank accounts have proved the best option for expatriates over the past year. The pound has risen to an 11-year high against the US dollar, while interest rates reflect a base rate of 3.75 per cent compared with one per cent for the dollar. UK interest rates may also be on the way up.
NBAD, Al Nada ladies banking
The National Bank of Abu Dhabi has launched a new ladies only banking service, Al Nada. It offers no low-balance fees, no annual fees, special rates on loans and credit cards and a low account opening balance. NBAD has also introduced designer bankcards for Al Nada ladies.
EBI, free Swiss watch with loan
Emirates Bank subsidiary MeBank is offering a free Kolber Swiss watch worth Dhs1,000 with every personal loan. Interest rates start from 9.45 per cent and there is nothing to pay for 60 days. Borrowers also get the chance to win a Raymond Weil watch valued at Dhs8,500.
Amex, 1pc money back
The American Express Blue credit card has an outstandingly simple benefit system. It gives cardholders back one per cent of the money they spend on the card. For more details visit, www.americanexpress.co.ae.
NBD, Russell Investments tie-up
The National Bank of Dubai has signed an exclusive deal with Russell Investment Group to market its manager of manager funds. The giant US investment house has created a universe of top fund managers in all asset classes and geographical areas allowing for effective diversification with outperformance.
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