2005
- The news you choose »
- Login to Add to Watchlist
ADCB aims for high end
Abu Dhabi Commercial Bank has introduced a product called Excellency Wealth Management, which is designed to appeal to high net worth individuals. Gulf Finance House, an Islamic investment bank, is lead sponsor of the product which will invest in products that include mutual and hedge funds, offshore trusts, and bancassurance.
Citibank No1 UAE card issuer
Citibank remained the top credit card issuer in the UAE, according to Visa International's quarterly member bank statistics to the end of June 2005. The Emirates Citibank co-branded card was recently nominated as best all-round card by readers of UAE Digest Magazine.
Swiss Bank, property fund
Swiss bank Liechtensteinische Landesbank plans to launch a $545m real estate fund in the UAE, according to the bank's Middle East, Asia, and Africa division director quoted in Gulf News. The bank, which is listed on the Zurich Stock Exchange, is also looking to open up a fully-fledged branch in the UAE.
NCB launches GCC equity fund
National Commercial Bank has launched the AlAhli GCC Trading Equity Fund, an open-end Saudi Riyal-denominated fund, with a minimum subscription of SR5,000, designed for investors seeking a Shariah-compliant long term investment. It is also intended for those who do not have the time or the experience to venture into the stock markets in the region.
Bahrain Islamic, home finance
Bahrain Islamic Bank has unveiled its Ijara Muntahia Betamleek home finance product. The scheme provides mortgage finance for up to $530,000 with a repayment period of up to 20 years. The product is available for a plot of land, or a completed house or one still under construction, an apartment or a property mortgaged with other banks.
Lloyds cuts card rates to 11.9%
Lloyds TSB has slashed the cost of interest on its credit cards from 21% to 11.9% in the UAE. Regional manager Giles Cunningham said credit card interest in the UAE was unjustifiably high and did not reflect the risk profile of users. But only Lloyds' customers can apply.
Citibank to double UAE ATMs
Citibank is to double its ATM network across the UAE to reach 50 machines. The bank recently installed state-of-the-art ATMs at Burjuman Shopping Center and Dubai Airport's Duty Free Area in order to make banking accessible to a growing number of customers.
First Qatari mutual fund
The first mutual fund of Qatar listed companies has been launched by Qatar National Bank. There are two mutual funds, one for Qataris and the other for foreigners, including expatriates. Minimum subscription is QR20,000 and the closing date is October 31.
Quieter times for UAE stocks
UAE stock traders expect another quieter week as the Dana Gas IPO drains the market of liquidity, and investors await third quarter figures. The UAE bourse is up 83% since the start of the year, and has now overtaken highs reached in June prior to a 30% correction.
NDB launches Aafaq fund
National Bank of Dubai has introduced the Aafaq NBD MENA fund, the second fund opened under its Aafaq series. The open-ended fund will invest in equities in the Middle East and North Africa. It requires a minimum initial subscription of $27,244, and subsequent subscriptions of $13,617 each.
UAE $310bn shares trading
Shares worth $310bn were traded on UAE exchanges in the first nine months of 2005, up from $266bn for the whole of 2004. Market valuation has more than doubled: in the first nine months of 2005 it was $720bn, compared to $305bn in 2004.
EIB fund grows 2%
Emirates Islamic Bank says its shariah real estate fund has registered a capital growth of 2% since opening. The Emirates Real Estate Fund invests in UAE residential and commercial property and is managed by EIB and Belgravia Asset Management. The Fund offers monthly subscriptions and redemptions and has a targeted dividend payment of 6 to 8% p.a.
Gold heading for $800 an ounce
TradeMade Head of Research Paddy Osbourne told a Technical Analysis conference in Dubai that $503 an ounce was an important resistance level for the gold price. He recommended buying gold below $457, with $449 as a stop-loss. Longer term he saw $800 an ounce as the upside with a very strong chart trend.
Mashreqbank, 5% cash back
Mashreqbank is promoting a 5% cash back offer on purchases using Wow! credit cards between 23 September and 31 December 2005. All transactions over Dhs500 will be eligible for the offer, with cardholders required to spend a minimum of Dhs4,000 during the promotion period. Cash back amounts will be credited back in January 2006.
Dollar up against the euro
The US dollar hit a two-month high against the euro as Hurricane Rita proved to be less destructive than the preceding Katrina, which caused extensive oil and gas infrastructure damage. The dollar firmed to $1.2052 to the euro in European trading.
It looks like you are using a Mac - check out our 
Web Feeds