2004
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Luxembourg Minister in Dubai
The Luxembourg Minister of Economy and Finance Jeannot Krecke was in Dubai yesterday to promote his country as a financial centre. He noted that Luxembourg is now the euro zone financial capital and home to 166 banks and 800 funds with more than a trillion euros under management.
DIB extends car finance offer
The Dubai Islamic Bank has extended its 3.7 per cent car finance offer until November 30. No salary transfer is required and the repayment period is up to 60 months. Service and insurance finance are also available with special insurance rates from Aman with free AAA membership.
Arab Bank, new Visa facilities
Arab Bank has launched new value added features for its Visa credit card, including a Triple Protection Programme, a discount and privileges programme and travel benefits. The bank has also introduced a new section within its Internet banking service named My Cards which provides recent details of transactions and allows online payments.
UAE bourse re-opens up
The UAE bourse was back trading after the Eid holiday yesterday with the index posting a solid two per cent rise. Trading in Emaar Properties was particularly strong. Meanwhile, subscriptions for the Addar Properties IPO in Abu Dhabi have re-opened but for nationals only.
Net rises for investment advice
The Internet continues to grow as the principal information provider for expatriates, according to new research conducted by Internaxx, the online broker. Expats cited the Internet at the top of a list of information sources for investment decisions with an overwhelming 90 per cent, which is a massive rise from 41 per cent two years ago.
Citibank UAE email statements
Citibank UAE is offering email statements to its customers to replace paper statements. These statements arrive on the day information is updated in the account, and are easy to download and save. Visit www.citibank.ae to request this service.
Retail gold sales up 22pc
Retail gold sales in the GCC countries increased by 22 per cent in Q2, according to the World Gold Council. Sales reached USD1.25bn with Kuwait, Saudi Arabia and the UAE leading the growth in gold sales. With gold prices picking up strongly this year, the yellow metal is increasingly seen as both an investment and an object of desire.
Online brokers win new clients
Internet broker accounts, which allow you to manage all your investments in one place online, are now growing in popularity in the region. Such accounts offer a similar level of access to Internet banking, and have many other advantages (see Financial Planning on AME Info).
Citibank, 30 minute car loan
Citibank UAE has introduced a promise of a 30 minute car loan for applicants that meet its terms and conditions. Documents must be fully completed. Citbank Auto Loans range from seven to 11.2 per cent per annum on a reducing balance depending on the type of car, deposit and the period of the loan.
Lloyds TSB, 3.99pc auto loans
Lloyds TSB is offering auto loans from 3.99 per cent flat rate in the UAE. There are also no fees or penalties for early repayment. Plus if you apply before December 17 you could win one of three prizes: Dhs15,000 off the loan, Dhs10,000 off payments, or a weekend at the Al Maha Resort.
Faber thinks US dollar past peak
Famous market analyst and commodities bull Dr Marc Faber suggests that the US dollar may be past its peak in terms of devaluation against the euro in his latest column on AME Info. He suggests that with so many people thinking the dollar will fall further, this just has to be wrong.
Citibank plans UAE expansion
Citibank UAE is planning to double its network of ATMs to more than 30 in the next year, and add five service units in the emirates where it is not represented, claimed a report in Gulf News citing unnamed sources. The largest retail bank in the world is also said to be finalising plans to enter the Kuwaiti market.
Hedge funds awash with cash
President and CEO of consumer finance group CIT Jeffrey Peek told a Reuters Finance Summit that hedge funds were getting tidal waves of cash due to poor stock market performance this year. He said that hedge funds were now going into traditional lending as they try to invest cash.
MeBank loans, shopping vouchers
Take out a meBank mePersonal loan and you will get free shopping vouchers for the Paris Gallery in Dubai. This offer is also valid for existing customers topping up their loans, and for new customers transferring loans from other banks.
HSBC, new Dubai Premier Suite
HSBC International has opened a new Premier Suite at its regional office on the Jumeirah Beach Road in Dubai. This special lounge is for Premier customers who have more than USD100,000 in deposits or assets with the bank. It has a business lounge and library, Bloomberg TV, refreshments, and toll-free lines for telephone and Internet banking.
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