2004
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Margin calls hit Emaar shares
Margin calls on investors by brokers have led to a sharp sell-off in Emaar Properties' shares in the past week, reported Gulf News. Emaar is by far the most active stock on the Dubai Financial Market. Its shares closed at Dhs6.75 yesterday down from a high of Dhs9.5 a few weeks ago.
Daman Fund, record dividend
The Daman UAE Value Fund has paid a record Dhs4 per share Q3 dividend bringing its total yield in the year to date to 7.4 per cent. Director Shehab M. Gargash said the UAE bourse was now in a retraction phase due to profit taking and the attractiveness of regional IPOs and real estate. But he saw this as an opportunity because regional liquidity would take the market higher.
UAE bourse in correction phase
The UAE bourse has continued its correction with shares shedding 0.74 per cent on Sunday to close with the Emnex index at 4,173.75. Local analyst Walid Shihabi told Gulf News that the UAE bourse was trading on a price to earnings multiple of 19.50 compared with the GCC ratio of 17.50 indicating that the market may be slightly overstretched.
DIB, Visa, DCCI charity draw
Dubai Islamic Bank has tied up with the Dubai Chamber of Commerce and Industry to launch its Dubai City that Cares raffle that allows the bank's Visa cardholders to enter a weekly Ramadan draw, 50 per cent of the proceeds of which go to charity. Each time customers use their DIB Visa card they receive two entries into the prize draw.
DIB Murabaha car finance
Dubai Islamic Bank has launched a highly competitive Murabaha car finance scheme during Ramadan. The 3.7 per cent Islamic finance scheme also includes free AAA roadside assistance membership and special rates on comprehensive insurance.
SCB offers gifts with loans
Standard Chartered Bank is offering a guaranteed gift when you take out a personal loan. Depending on the size of the loan you get a Panasonic 14 or 21-inch TV or DVD player. The loan's first repayment is also not due for 75 days.
UAE shares slip back
The UAE bourse has seen a modest retreat in share prices over the past few days. The market is now up 43.7 per cent on the year to date, compared with a peak of 51 per cent last month. But analysts expect further strong performance in the near future with high oil prices and construction spending boosting the UAE economy.
NBAD bancassurance savings plan
National Bank of Abu Dhabi has launched a new UAE-Bancassurance Regular Savings Plan designed to enable customers to save on a regular monthly basis to meet a range of investment needs. Developed in partnership with Friends Provident International this product is exclusive to the UAE Market. NBAD's Savings Plan is a regular premium, unit-linked, offshore life assurance policy.
BBK launches Dot e-bank
The Bank of Bahrain and Kuwait has launched Dot, an e-Banking services portal based on Microsoft's content management server. A dynamic upgrade to BBK's existing online e-banking system, Dot also eases the back end processes for employees enhancing the speed and efficiency of services delivered to BBK customers.
NBD offers Net mailboxes
National Bank of Dubai credit card holders will from today be able to shop and ship Internet orders from all over the world with personal mailing addresses in the USA and the UK. The packages and correspondence in the mailbox are forwarded to the card holders by Aramex at competitive rates, saving them substantial international shipping charges.
ADCB, All-in-1 current account
Abu Dhabi Commercial Bank has introduced its new All-in-1 current account that provides a regular overdraft, insurance products and a medical card. As a special promotion for the launch, customers applying before December will have an unlimited number of transactions per month.
OIC, capital guaranteed product
The Oman Insurance Company is targeting the UAE's USD200m life insurance market with a new capital guaranteed product from Societe Generale. The Family Shield incorporates a savings plan that invests in hedge funds and derivatives with a tenor of five to fifteen years.
Taib Bank opens new HQ
Taib Bank has opened a new head office in Manama, Bahrain and is arranging three seminars for investors. These will focus on technological innovations, real estate opportunities and women's career advancement. Taib Bank offers services in the high net worth sector.
US election warning to investors
US investment guru Jim Shepherd is warning investors to stay in cash and bonds because economic reality is likely to hit the stock market once the US Presidential election is over. He believes the US is about to enter a deflationary cycle like the one that hit Japan in the 1990s.
NBD opens Jumeirah branch
The National Bank of Dubai has opened a new branch in Jumeirah which brings its total number of branches in the UAE to 39. The bank also has a branch in London and a representative office in Tehran.
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