2005
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Saudi faces EMV deadline
Saudi banks should consider outsourcing functions to third-party service providers in order to meet the January 2006 international deadline for Europay MasterCard and Visa compliance, according to Zurich-based EMV card provider, Trub AG. Saudi has nearly seven million magnetic debit and credit cards in circulation, which need to be replaced.
Gold to go higher
Gold hit $475 an ounce last week, its highest price in nearly two decades, as speculators continue to take refuge in the yellow metal believing that rising oil prices would ignite inflation in the US and erode the value of fixed investments such as bonds. Goldcorp CE Ian Telfer predicts gold would sell for $500 an ounce by the end of the 2005, and $800 a year or two after that.
TAIB fund, 100% return
Bahrain-based TAIB Bank says its shariah compliant fund, TAIB Islamic GCC Index Fund, has given a return of more than 100% in less than one and a half years. The fund consists of shares of companies that are listed on the stock exchanges of Bahrain, Qatar, Saudi Arabia, Oman, Kuwait and the UAE, and conduct business in a shariah compliant manner.
GCC wages up 7%
Wages in the GCC have risen 7% to August 2005, due to inflation and strong economic indicators, according to a study by online recruitment agency GulfTalent.com. The wage hike is highest in banking and finance, and construction and real estate sectors. The figures were based on a survey of 3,000 professionals across the GCC and presented during a Middle East HR Summit in Dubai.
EIB opens fund to Al Shaheen
Emirates Bank International is marketing its Islamic real estate fund to Al Shaheen priority customers by dropping the minimum subscription to $25,000. The fund mainly invests in UAE real estate, and assets have grown to approximately $100m since opening in June 2005, said the bank.
QNB backs Doha games
Qatar-based QNB will be the official bank for the 15th Asian Games Doha 2006, following the signing of a $10m agreement with games organisers. QNB will introduce new services in the lead up to the games, which will include the introduction of more branches, ATMs and a wider merchant point of sale network.
Saudi lifts interest rates
Saudi Arabia's central bank has raised its benchmark repo rate by 25 basis points to 4.25%. The move comes after the US Federal Reserve raised rates by a quarter point to 3.75% on Tuesday. The Saudi riyal is pegged to the US dollar.
UAE Central Bank lifts CD rate
The UAE Central Bank has raised benchmark rates on certificates of deposit, after the US Fed raised rates a quarter point to 3.75%. Bankers say the new CD rate is now also 3.75%, up from 3.5% in August.
Investcorp exits technology fund
Investcorp has announced its exit from Technology Ventures Fund I PortalPlayer and Utimaco. The investment realised nearly $70m. Technology investment is the group's venture capital business managing about $500m in two funds, and is one of its four investment offerings alongside private equity, real estate and hedge funds.
Fed ups interest rates
The US Federal Reserve raised the benchmark interest rate a quarter point to 3.75%, and says further hikes are possible. The Fed said in a statement that while higher energy and other costs have the potential to add to inflationiary pressures, longer term inflation expectations remain contained.
Gold marches over $470
Gold shot over the $470 an ounce yesterday, selling marginally short of a 17-year peak. Traders say that US investors are turning to gold to protect against inflationary fears in the US economy, and investor interest in Europe is also growing.
EIB, commercial paper issue
Emirates Bank International will start the issue of commercial paper in the Euro market for one, three and six month periods denominated in euros, dollars, sterling and Swiss francs. The bank signed a $1.5bn Euro commercial paper programme in August and plans to initially utilise the facility for a total amount of between $500 to $1bn.
EIB online trading
Emirates Bank International will introduce its online share trading system in October. The service is currently being tested and will be demonstrated at Gitex. Emirates International Brokerage says it will allow higher stock volumes to be traded.
Q2 UAE gold sales up 19%
The World Gold Council has announced that retail gold sales increased by over 19% to $493m in Q2 2005 compared to the same period of 2004. UAE gold consumption in terms of tonnage experienced a 10% increase in the same period. Gold jewellery consumption increased by 9% to 28.9 tonnes, while retail investment in bullion coins and bars was up by 20% to 1.8 tonnes.
Gold could reach $1,000
The price of gold will top $1,000 an ounce if it recovers in value relative to the high price of oil and other metals, according to a recent study from ABN Amro (see Financial Planning). Last week gold prices topped $460 an ounce, the highest in 17 years.
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