2004
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UAE bourse up 2.3pc
The UAE bourse extended recent gains by 2.3 per cent encouraged by news that Etisalat was the top bidder for the second Saudi mobile phone license. The main Emnex index is now 35 per cent higher than at the start of the year, and the market is trading on a price earnings ratio of 16.5.
SCB launches Excel Banking
Standard Chartered Bank has launched Excel Banking for customers in the UAE with a relationship value of more than Dhs100,000. It aims to deliver fast-track services, personal attention and preferential pricing as well as exclusive financial products.
Visa spending up 43pc
Visa International has reported a 43 per cent surge in card spending in the Middle East in the six months to end of April. General Manager Kamran Siddiqui said more merchants are realising the benefit of accepting Visa as the region moves towards automation in many fields.
Towry Law compensation deal
Towry Law is set to refund up to 50 per cent of the value of two funds it marketed, reported Gulf Daily News. The funds are Global Diversified Trading and Global Opportunities Trading. Investors lost USD29m in the GDT alone, and a pay-out is now said to be imminent.
Towry Law clients down USD400m
Clients of the now closing Towry Law operations claim to have lost more than USD400m in bad investments, and are preparing a class action in an attempt to recover some of the money lost in several funds recommended by Towry Law (see Financial Planning section on this website).
Daman UAE Fund posts 26.8pc rise
The Daman UAE Value Fund has recorded a rise of 26.8 per cent since beginning of the calendar year 2004. Managers today declared 15.7 per cent growth in Q2 and an improved Dhs3.5 dividend, up by 25 fils. Director Shehab M. Gargash pointed out that the growth exceeded the performance of the benchmark NBAD Index, which itself increased by 22 per cent for the same period.
Citibank cards, 50pc more miles
Use your Citibank credit card abroad this summer and you will earn 50 per cent more Skywards Miles or 50 per cent more CitiDollars. This offer is valid for all expenditure on these cards from July 1 to August 31. For details visit, www.citibank.ae.
UAE stocks gain ground again
The UAE stock market began the week on a positive note with the Emnex index up 5.7 points to 3,832.31, or 31.25 per cent since the start of the year. The Emnex now trades on a price-to-earnings ratio of 16 and a yield of 3.36 per cent, still much lower than the Kuwaiti and Saudi bourses.
UNB, Car Equity Package
Union National Bank has launched its Car Equity Package to provide owners of vehicles with an additional source of cash. This allows clients to obtain up to 150 per cent of the value of their vehicle as a loan, according to their financial status.
Dubai Bank, car loan with warranty
Dubai Bank has introduced a novel car loan which features a one-year warranty extension on existing car warranties. Vice President Ricky Madan said that customers can now be assured of peace of mind for an extra year. Even if the customer sells the car in year three, the warranty remains valid.
NBF launches new Visa cards
The National Bank of Fujairah has launched its Visa Classic, Visa Gold, and Visa Gold (Yaqout) cards with an interest-free period of 50 days. The Visa Gold card is specially designed to cater for the specific needs of the bank's high net worth customers, said a statement.
Towry Law clients in class action
Unhappy Towry Law clients will meet in the Crowne Plaza hotel in Dubai on July 11 at 6pm to be addressed by Dennis O'Hare, a retired banker who is masterminding a class action to attempt to recover money lost on their investments. For more details visit, www.classlaw.co.uk. TLI recently announced the closure of most of its offices due to accumulated operational losses.
ADIB, Islamic credit card
The Abu Dhabi Islamic Bank has launched a Shariah-compliant Visa card. Muslims and non-muslims are eligible to hold the card which allows customers to carry the balance forward and pay in monthly installments. Previously Islamic customers had to pay the full balance to avoid interest payments.
Amex summer offers in KSA
American Express has announced its summer promotions in Saudi Arabia lasting until mid-August. Promotions range from up to 37 per cent discount on car rentals, a 30 per cent discount on clothing, jewelry and home accessories, buy-two-and-get-one-free offers, special package deals on home electronics, gifts and free American Express travelers checks.
HSBC, capital secured funds
HSBC International is launching two new capital secured funds on July 5, the latest in the popular Capital Secured Growth Funds series. The CSGF series has attracted USD3.2bn in sales to date, and in May won the Best Offshore Structured Product from the International Investment magazine.
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