2005
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ADCB taps Singapore bonds
Abu Dhabi Commercial Bank has completed an SGD80m floating rate note issue, which is part of its USD2.5bn euro medium term note programme established in June 2005, reported Gulf News. The bank becomes the first Middle East issuer to venture into the Singapore dollar bond market. Standard Chartered was lead manager.
Mashreqbank, Step-Up account
UAE-based Mashreqbank is promoting its new Step-Up savings account, where interest goes up depending on the account balance. Interest rates start at 0.75% pa for amounts from Dhs5,000 to Dhs14,999, and rise in steps up to 2.00% pa for amounts over Dhs250,000. Funds can be withdrawn or transferred at anytime. Visit www.mashreqbank.com.
Indian fund targets NRIs
Indian-based Reliance Capital Asset Management has introduced a new product aimed at non-resident Indians in the UAE, called the Reliance Fixed Tenor Fund. The fund will invest in Indian government securities and other fixed income debt securities.
Bahrain ups pension contribution
Bahraini workers will be making bigger contributions to their pensions in 2006, in a government move stem the drain on funds, reported Gulf Daily News. Private sector workers' contributions will go up from between 5% and 7% of wages, while employer contributions will rise from between 10% and 14%.
Citibank-Emirates FIFA card
Citibank UAE and Emirates Airline have rolled out their Emirates-Citibank MasterCard FIFA credit card ahead of the 2006 FIFA World Cup in Germany. Card holders have the chance to win one of 35 all expenses packages being offered, including air fares, accommodation and match tickets. Cards come with automatic membership to Skywards, the frequent flyer programme of Emirates and SriLankan Airlines.
Bank customers, robbery warning
Dubai residents are being warned to be vigilant when withdrawing cash and valuables from banks and safety deposit boxes, following reports of theft from unattended cars. Police say thieves posing as bank customers have followed customers to their cars and stolen money and valuables when left unattended, according to a report in Emirates Today.
Saudis hot on Yansab
About 5m Saudis have bought shares in the $525m Yanbu National Petrochemicals initial public offering since it opened on 17 December, reported Gulf News. Almost 44% of subscriptions in a total 35% stake in the company have been taken up online. Yansab is an affiliate of Saudi Basic Industries Corporation.
ICICI Bank joins DIFC
ICICI Bank, India's second largest Bank, has enhanced its presence in the region by setting up a branch in Dubai International Financial Centre. The license to open a branch was granted by Dubai Financial Services Authority. This is in addition to the existing Representative office in the UAE. The services of this branch are available to high net worth clients with liquid assets of $1m or more.
Mobius says GCC overvalued
Templeton Asset Management's top analyst Mark Mobius told Gulf News that supply and demand for equities were completely out of sync in the GCC. Not having enough stock to trade has forced valuations too high, he argued, adding that the biggest risk is a crash that leaves the retail investor completely disillusioned with equity investment.
Mashreqbank, $4m DSS prizes
Mashreqbank is putting up almost $4m in prizes in Mashreqbank Millionaire promotion during the Dubai Shopping Festival that starts on 4 January. Prizes will be split between direct MM prizes and daily Lexus raffles, where two cars will be given away every day of the festival.
EIB opens CFO
Emirates Islamic Bank has inaugurated the bank's consumer finance offices at Garhoud. The CFO's retail products include credit cards and car, home, rent and education finance. Further offices and retail products are planned.
Visa named best credit card
Visa was named the world's leading credit card for the eighth year in a row at the World Travel Awards. The award was based on an online poll of travel agencies and was judged on scope of distribution, convenience, and overall best services.
Landmark One phase two
Kuwait Finance House Bahrain has launched the second phase of its Landmark One real estate Islamic investment product, following the successful subscription of the first phase. The fund requires a minimum investment of $2,656, with expected rates of return exceeding 6%, according to a company statement.
Sabic, $2.45bn dividends
Saudi Basic Industries shareholders will get a dividend of $6.13 per share for 2005, following the announcement the company will pay out a $4.00 per share dividend for H2. The total amount to be distributed will be $2.45bn.
ABN, Egyptian stock tracker
ABN Amro has developed a stock market tracker certificate for Egyptian stocks which allows investors to gain exposure to the entire Case30 Index without having to buy individual shares. The Egyptian Stock Market Certificate has an open-ended maturity and is listed on the Swiss Stock Exchange.
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