2004
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UAE shares end month up
UAE shareholders returning from holiday will be pleased to see that their shares have risen slightly over the month of August, and are now a healthy 38 per cent up on the start of the year. Brokers say valuations are still undemanding with the price-to-earnings ratio at under 17 and dividend yield at 3.2 per cent.
Citibank and Elekta in card tie-up
Citibank credit card holders in the UAE can now redeem their loyalty points against a a range of Elekta products. Cardholders can redeem their Citidollars on products including refrigerators, televisions, DVD players and vacuum cleaners.
MiNC offers guaranteed 6pc returns
MiNC, the Dubai-based property consultant, is offering a two-year rent guarantee on apartments in a new London development. The company will guarantee rental returns of 6 per cent of the purchase price per year on The Picture House, an Art Deco style development in the Streatham area. MiNC wil also pay the legal charges for the purchase of any new apartments in the property.
Remittances to Pakistan on the rise
The State Bank of Pakistan has reported a sharp annual rise in legal remittances from Bahrain to Pakistan. During July, Bahrain-based Pakistanis sent USD8.5m home, up from USD6.9m during July 2003. Remittance levels also grew from the UAE, Kuwait and Oman.
Towry Law compensation agreed
Investors who were hurt by two failed funds marketed by Towry Law International, TLI, may now get some recompense. The Hong Kong SFC has agreed a deal with TLI over two Asia-based funds, GDT and GOT, that collapsed in 2002. Bahrain-based investors are expected to be among those eligible for recompense of between 80 per cent and 90 per cent of their original investments.
Consultant dismisses UK property fears
Haroon Mahmood, director of Dubai-based UK property consultant MiNC Property Enterprises, dismissed fears of a price crash in the UK property market. Some economists predict UK house prices are due to fall by up to 30 pc, but Mahmood says recent UK interest rates hikes will merely slow the boom of recent years.
Daman fund grows 3.4pc in July
The Net Asset Value of the Daman UAE Value Fund grew by Dhs 6.20 per share during July, a growth of 3.4 per cent. The fund, managed by Dubai-based Daman Asset Management, has grown by 31 per cent in the first seven months of 2004, outperforming the benchmark UAE NABAD Index.
Amex launches Saudi vacation promotion
American Express has launched a promotion for is cardholders in Saudi Arabia who are travlling to Egypt and the Levant this summer. Benefits include free travel insurance, discounts on car hire, special rates at some leading hotels and restaurants and discounts of up to 30% at selected shops. The promotion ends on September 30 2004.
NBD adopts Mastercard SecureCode
National Bank of Dubai has become the first bank in the Middle East and North Africa to adopt MasterCard's SecureCode system, reflecting the growth of e-commerce in the region. MasterCard SecureCode is a global e-commerce security service for protecting confidential cardholder data on the Internet.
Global increases healthcare fund
Global Investment House, the Kuwaiti investment bank, has lanched a new investment vehicle targeting the Middle East healthcare sector. Al-Razzi Holding Company is increasing its capital to some USD 150 mn to capitalize on lucrative investment opportunities in the Kuwaiti and regional private healthcare sector. The fund is Shariah compliant.
Banks warn customers of 'phishing' threat
A spokesman for Citigroup Middle East has warned customers to beware of 'phishing' Internet sites that target retail bank customers in the region. Phishing sites attempt to raid customer accouts by posing as legitimate sites and asking for passwords. Citibank warned Middle East customers to ignore any emails asking for sensitive financial information such as passwords.
AFC launches pre-paid card in Oman
Mustafa Sultan Exchange launched the Oman's first Maestro x-change prepaid card, in partnership with Bahrain-basedA rab Financial Services. AFC said the card, aimed mainly at frequent travellers, had proved a success since its Bahrain launch in December 2003. AFC plans to roll it out across the GCC.
ABN Amro launches ladies' credit card
ANB Amro has launched a UAE credit card designed especially for women. The card carries discounts of between 10 pc and 30 pc at selected women's retails outlets such as clothes shops and jewellery stores. The card also has a loyalty scheme based around reward points. ABN Amro plans to roll out the card in other Middle East countries.
MiNC launches UK property investment
Dubai-based MiNC Property Enterprises has unveiled a new UK real estate development aimed at Middle East-based retail investors. The Zone, in London's fashionable Wimbledon district, offers buy-to-let options for Gulf national and expatriate investors looking for exposure to UK real estate. Prices start at £330,000, approximately $600,000.
RAK Bank launches equity fund
RAK Bank has launched a seven-year capital-guaranteed equity fund. The Golden Series 2 Fund will invest in a porfolio of 25 blue chip international companies. It offers a guaranteed coupon of 10% for the first two years. The capital protection upon maturity is guaranteed by Societe General.
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