2004
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UAE bourse pauses for breath
The UAE bourse ticked 4.48 points lower to close at 4,734.88 yesterday after a strong bull run. The Emnex index is now up 62 per cent since the start of the year, mainly driven by strong performance in the property sector and optimism about the economic outlook.
Gold bugs play falling dollar
Gold investors are reaping a rich reward from the falling dollar which tends to boost the yellow metal. Gold prices closed last week at a 16-year record of USD452 per ounce, and currency dealers said they expected prices to move higher this week on continued dollar weakness.
Dubai-Citibank, Etisalat payments
Dubai-Citibank, a member of Citigroup, together with Etisalat has launched the new Etisalat Instant Payment Channel, a service for Citibank cardmembers who can now phone Citibank's call center round-the-clock, 365 days a year from anywhere in the world and perform a host of payment transactions normally performed at Etisalat service points.
Zurich Life, UAE pensions
Zurich International Life, has launched Magnus, one of the few corporate pension products to be licensed in the UAE. It is tailored to the multi-cultural and mobile workforce employed by companies in the region and is a portable retirement benefits scheme with a wide range of investment funds, and in addition provides a flexible choice of currencies.
Amlak cash refinancing
Dubai's Amlak Finance has introduced a new home refinance product which will allow customers to convert home equity into cash. Mortgage customers of other lending institutions may also use the service to consolidate their debt. Amlak is the largest publicly held Islamic finance company in the UAE.
HSBC no interest offer
HSBC in the UAE is giving customers who take out a personal loan the chance to win one of five interest free loans. The offer ends 31 December. Competition among lenders in the UAE continues to grow in the personal loan sector.
DFM, Emaar set new records
Both the Dubai Financial Market and shares in Emaar Properties set new records yesterday with the trading of 126.2m and 108.4m shares respectively. The average price-to-earnings ratio of the DFM is now 19.2, while Emaar is at 20. Market sentiment remains bullish, said analysts.
Poor marks for UAE banks
A survey of high net worth customers in the UAE commissioned by Barclays International has found that 80 per cent of customers rate banks poor in understanding their investment needs. Only four per cent rated banking their most satisfying service industry experience, and most complained about pushy sales staff.
UAE cards, negative list system
The UAE Central Bank is to track credit card defaulters with a new negative list system. A board meeting this week decided to set up a new risk system within the Risk Bureau to classify credit card customers who do not fulfil their financial obligations, said a statement.
Barclays Premier, Dubai debut
Barclays International Premier has opened in Dubai to serve clients with more than USD200,000 to invest, offering a level of service previously reserved for USD2m plus clients. Dubai is the first office to enjoy this new service from top 10 global bank Barclays.
NBD, Best of Both Worlds
The National Bank of Dubai has launched an investment product called Best of Both Worlds. It offers 100 per cent principal protection and the opportunity to earn a higher rate of return than on a normal fixed deposit.
Julius Baer raises DIFC flag
Swiss private bank Julius Baer has started to advertise its new operation in the Dubai International Financial Centre where the Swiss group was one of the first to win a licence. Julius Baer specialises in asset management for private and institutional clients.
Etisalat up on Sudan contract
Trading in Etisalat shares was strong yesterday as its share price reached Dhs185 before closing at Dhs183.10, with shares valued at Dhs20.3m traded. The announcement that Etisalat had won the licence to operate Sudan's second fixed line telephone network created the trading interest, according to market analysts.
UAE tops credit card usage
UAE residents are the highest users of credit cards throughout the MENA region, according to a MasterCard survey. It found that 31 per cent of UAE cardholders used a credit card more than 10 times a month with 36 per cent of spending in the range of USD30 to USD300. Kuwait residents were ranked as the second highest users.
ABN Amro, NRI parent care
ABN Amro has launched a new series of bancassurance products called Kartavya in the UAE to cater for the health insurance needs of non-resident Indians with parents to care for in India. NRIs resident in the UAE can also obtain life insurance while insuring their parents in India through Oman Insurance and ICICI Lombard General Insurance thanks to a unique tie-up.
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