2003
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Travelex, unique ATM money transfer
Foreign exchange specialists Travelex have launched a simple global money transfer system in the UAE using the Visa network so that dependents can draw cash from ATMs in the recipient country. The system is cheaper than bank transfers. UAE users get an ATM card sent to their dependents which they can then use to draw funds of up to USD5,000.
Dubai Bond 2008 coupon
The semi-annual payment of the Government of Dubai Bond 2008 coupon will be made on November 29. Trading in the bonds on the Dubai Financial Market will be suspended from November 20-27. All holders of the bonds registered on the close of trading on November 19 will be entitled to payment.
NBD Online, raffle prizes
National Bank of Dubai has launched a campaign to reward users of NBD Online, its Internet bank. Customers who log on to NBD Online before December 30, 2003, will have a chance to win one of fifteen prizes that include an Acer Travelmate laptop, four handheld Personal Digital Assistants and ten Siemens S55 mobile phones. A raffle draw to announce the winners will be held in January 2004.
Lloyds TSB equity-linked deposits
Lloyds TSB is marketing new 3-year or 5-year equity-linked deposits with a choice of currency from its UAE operations. For more details visit, www.lloydstsb-offshore.com. These products offer exposure to stock market growth but with full protection of capital.
Fears grow for Tech bubble
Fears are growing that the Tech sector maybe entering a second investment bubble with share prices rising too fast. In March 2000 the Nasdaq crashed dramatically and some analysts think that a similar price correction is possible now. Of the 45 Washington technology stocks, 18 have more than doubled in value this year.
UBS, strong mutual fund inflow
UBS Global Asset Management, the largest mutual fund manager in the world, is seeing very strong inflows into mutual funds and increased interest from large investors at a time when many individual investors are unconvinced. Executives told Reuters that the mutual fund sector was in good shape despite recent controversies.
SCB Qatar, MC, Emirates tie-up
Standard Chartered Bank Qatar has joined forces with MasterCard and Emirates Airline to launch a co-branded credit card with travel rewards. Cardholders get one Skywards Mile for every four riyals spent on the card. These frequent flyer points can then be redeemed for a wide range of travel options including free flights.
Visa card surcharges illegal
It is illegal for Visa card merchants to make a differentiation between cash and card payments, General Manager Kamran Siddiqi told Gulf News. He said it is stated in the contract signed by Visa and its merchant to accept Visa payments that there must be no such difffentiation.
International Prudence Bond
Dubai based Acuma Wealth Management is joining forces with Prudential International to market the International Prudence Bond for a limited period. The minimum investment is USD35,000 and investors get an annual with-profits bonus. Present yields are 5.3 per cent for euro investors and 5.5 per cent for dollars.
UAE mortgages, next big thing
The tiny UAE mortgage sector is set to mushroom over the next few years as thousands of freehold buyers arrange finance for their property. Mashreqbank is the first local commercial bank to offer mortgages but Emirates International Bank, National Bank of Dubai and the National Bank of Abu Dhabi are all expected to follow.
IoM approves Symphony funds
The Isle of Man Authorities have approved the Symphony range of investment funds, according to its promoters Financial Partners International Group which is supported by Rand Merchant Bank International. Some of the fund managers fee will be redirected to independent financial advisors.
Man Group funds popular
Man Group has reported a growth in funds under management from USD22.1bn to USD31.5bn in the year to end of September. CEO Stanley Fink said the high level of private investor sales achieved in the first half continued into the second half. The leading hedge fund manager is very confident about the outlook for the year.
EFS, DB, Islamic funds tie-up
Emirates Financial Services has entered into an agreement to market Deutsche Bank's Islamic Equity Builder Certificates which are certified by the National Commercial Bank of Saudi Arabia. Certificates are available for European, Asian, US and global equities, all of them part of the Dow Jones Islamic Market Indices.
Dubai Bank, 20,000 Visa cards
Dubai Bank has become the fastest issuer of Visa credit cards in the UAE, issuing 20,000 cards in its first 10 months. Its customer rewards programme is the most generous in the country. CEO Ahmed bin Brek said the bank would expand from two to six branches by the end of 2004.
Equity hedge funds tipped
Gulf News columnist Rick White tips equity hedge funds as a way of navigating what he expects to be volatile financial markets over the next few months. Erratic currency movements are anticipated with the direction of the US dollar as yet unclear.
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