2004
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UAE stocks up 84pc
The UAE's Emnex stock index is up by 84 per cent so far this year, and gained another 0.8 per cent yesterday to close at 5,363.23. This brings the index to a price-to-earnings ratio of 15.7 and a yield of 3.3 per cent. However, rival indexes place the UAE bourse on a p/e of 21-22.
NBAD, new UAE Islamic fund
National Bank of Abu Dhabi has announced the launch of the UAE Islamic Fund. The fund aims to capture medium to long-term capital appreciation by investing in Islamic Shari'ah compliant equities listed in the UAE markets with limited exposure to equities listed in the MENA region stock markets. Sheikh Nizam Yaquby, an eminent Islamic Shariah Scholar, is fund advisor.
Daman UAE fund, best month
The Daman UAE Value Fund posted its best-ever month in November with a monthly rise of 16.3 per cent. So far this year the fund has recorded a performance of 58.9 per cent. Director Shehab Gargash said we will continue to monitor corporate performance to ensure that price increases are reasonable within that context.
Gold prices on the rebound
Gold prices rebounded above USD440 an ounce yesterday and traders are confident that the USD460 barrier will be breached in the New Year. Some bullion experts believe USD500 per ounce will be reached early in 2005 with the US dollar continuing to decline and a less positive environment for equities.
ADCB, smart debit card
Abu Dhabi Commercial Bank has unveiled its smart debit card programme. This is the first debit card in the Middle East to offer cardholders a cash rebate on every purchase made with the card, no matter how big or small. In addition, the ADCB Smart Debit Card claims to be the first debit card in the UAE to utilize Smart Chip technology, allowing increased security against counterfeit card fraud.
MasterCard, Egypt money transfers
MasterCard has launched a money transfer card system in conjunction with Banque du Caire, which hopes to pick-up 95 per cent of expatriate transfers from the UAE to Egypt. The two-card system offers instant transfers and a far lower cost than ordinary electronic transfers. Up to USD2,500 a day can be moved using the system.
Investcorp, LD Strategies Fund
Bahrain based Investcorp has unveiled its new Leveraged Diversified Strategies Fund which is a fund of hedge funds which uses borrowing to increase its risk and return profile. It claims to offer performance similar to equity investments but with substantially lower risk.
Azzam warns on speculation
Jordinvest CEO and widely respected regional economist Dr. Henry T. Azzam has warned that the Saudi, UAE and Jordanian stock markets have become overvalued in his latest column. He tells investors to beware of investing in companies whose profits may not be sustained at present levels, and suggests a focus on established, well-managed companies instead.
NBAD, Sharia equity fund
The National Bank of Abu Dhabi has launched what it calls the UAE's first Sharia-compliant equity fund with a minimum subscription of Dhs10,000. The fund will invest up to 50 per cent in Arab regional equities, including 15-18 stocks in the UAE and will initially raise USD68m.
UAE bourse now up 79pc
The UAE stock market is up by 79 per cent so far in 2005 and continues an upward march. On Monday stocks gained another 1.3 per cent. Traders said optimism among investors about the outlook for the UAE economy was high, particularly in the real estate sector.
Dubai Bank, free hospital cover
The Dubai Bank is offering free hospitalization cover worth up to Dhs65,000 when you take out a personal loan. Its personal loan package includes Dhs367 for up to 180 days to handle local hospitalization, and in cases of emergency when you are abroad.
meBank, Paris Gallery offer
Dubai-based meBank is offering up to Dhs1000 to spend at Paris Gallery for new or existing customers of the bank taking out personal loans, topping up existing loans, or transferring loans from another bank. For details visit www.me.ae.
Rakbank, top 10 product
An innovative, five-year, capital-protected investment product that brings investors the benefits of the best performances of 10 asset classes has been launched by Rakbank. The USD Decathlon note is guaranteed by JP Morgan Chase Bank and pays out 100 per cent of the original amount invested plus the average of the 10 best performances, or a minimum of 10 per cent.
HSBC, three new funds
HSBC will launch three new capital secured growth funds tomorrow. The China Bonus Fund and the China Bonus Plus Fund reflect the growth potential of the Chinese economy, while its Atlantic Growth Fund is linked to two of the world's premier stock-market indices. All three funds have a five-year investment term and offer capital protection and will close February 1 or earlier if oversubscribed.
Bank Saderat, first portfolio
The UAE's third largest foreign bank, Bank Saderat Iran, has announced its first private banking product, its Balanced Investment Portfolio. This offers 18 per cent or more during a three year investment with capital guaranteed at maturity. Subscriptions close at the end of the month and the minimum is Dhs100,000.
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