2003
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SCB, free air ticket with loan
Standard Chartered Bank in the UAE is offering a free Emirates Airline ticket to a choice of 19 destinations with every personal loan. Loans are repayable up to 60 months and have free credit life insurances. First repayment is after 75 days and there is a loan buy out facility.
NBD, win back you card bill
The National Bank of Dubai is entering its cardholders in a free draw until the middle of January which offers them the chance to win back there spending. There will be ten prize winners of up to Dhs10,000. The more you spend the more you might win. Visit www.nbd.com for details.
Saudis pay passport fees with ATM
Saudi Arabians can now pay their passport fees through ATMs as part of the second phase of the Kingdom's e-government programme, reported Arab News. The service is initially available in Riyadh only but should be extended to other cities soon. Traffic fines can also be paid through ATMs now.
UNB, 6-year personal loan
Union National Bank is offering a six-year Dream Car Loan with interest rates starting from 3.99 per cent, zero down payment and the first instalment payable after three months. The offer ends March 31. Applicants for loans of Dhs40-60,000 get a free digital camera and higher loans come with a free camcorder.
AFS, pre-paid MasterCard
Bahrain's Arab Financial Services has launched a pre-paid MasterCard that can be loaded with cash for withdrawal at ATMs around the world. CEO Mahmoud Al Koufi told reporters it was the first of its kind in the region. He said the card did not require a bank account and was aimed at low income workers.
Invesco debt fund, Dubai Bank
Dubai Bank is marketing Invesco Global High Income Protected Notes. This emerging market and global debt fund aims at capital appreciation with 100 per cent capital guarantee, and targets a 9-11 per cent annual return over eight years. Minimum investment is USD10,000.
BankMuscat, USD36m Man fund
BankMuscat has raised USD36m for the Man IP320 fund series, ahead of a target of USD20m. The fund is 30 per cent arbitrage, 20 per cent hedge fund and 50 per cent managed futures. It targets an annual return of 18 per cent with 14 per cent volatility.
Gold conference in Dubai
The second Dubai City of Gold Conference is to be held in Dubai from December 6-7 with sponsors including AngloGold, Standard Bank, Credit suisse, De Beers and the World Gold Council. Its theme will be the development of Dubai as a hub for the sector.
Gold Bullion Securities listed
A new type of security which is as good as gold will be listed on the London Stock Exchange next week. Gold Bullion Securities are valued at one-tenth of an ounce of gold and will be secured against gold bullion. The instrument will trade like an open-ended investment trust.
NBAD souvenir coins
The UAE Central Bank has released two souvenir gold coins and a one dirham coin to commemorate the 35th anniversary of the National Bank of Abu Dhabi. They weigh 40 and 20 grams each and cost the weight of the gold plus Dhs60.
NBK, money transfers to Iraq
The National Bank of Kuwait has restarted money transfers to Iraq in US dollars or Iraqi dinars for the first time since Iraq invaded Kuwait in 1990. Officials said this showed the bank's confidence in the future and would be useful for business and individuals.
UAE gold consumption up
The World Gold Council reported that the consumption of gold was up by five per cent in the UAE in the first nine months of 2003. Retail investment consumption of gold bullion coins and bars jumped by 80 per cent to 6.5 tonnes. Gold is a traditional safe haven for investors.
HSBC, new Islamic fund
The new HSBC Amanah Dynamic Allocation Shield Fund allows fund managers to switch between equity and non-equity investments provided that they are Sharia compliant, and offers 90 per cent capital security at maturity in five years. There is also a free annual redemption facility.
SCB, LM restaurant discounts
Standard Chartered Bank gold cardholders in the UAE get a one-year membership of Le Meridien's Par Excellence programme which offers a 50 per cent discount when dining with a partner at any of the group's 13 restaurants. For details visit, www.standardchartered.com/ae.
CBD, win a scholarship
The Commercial Bank of Dubai is offering the chance to win one of three Dhs10,000 scholarships a year for savers using its Mustaqbali child savings plan. The plan has a choice of target savings, a capital guarantee, an assured return and optional life cover for the duration of the scheme.
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