2005
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Man Investments, bond launch
Man Investments has introduced the Man AP Enhanced Series 2, the latest addition to the innovative Man AP product family. The product is offered in a choice of US dollar-class bonds and Euro-class bonds, each targeting substantial medium-term performance of around 16-18% and 15-17% respectively for a volatility of around 13-15% for both bond classes.
NBD launches Euro fund
The National Bank of Dubai has introduced a closed-ended European real estate fund in response to Gulf-based investor demand for European real estate investment opportunities. The fund will be invested in an established CIT UK investment fund and in mature Euro zone markets. Minimum investment is $101,000, with subscriptions closing on 31 October 2005.
Shuaa fund closes at $200m
Shuaa Partners, the private equity arm of investment bank Shuaa capital, has closed the Shuaa Partners Fund I with commitments of $200m. Subscriptions exceeded the original anticipated $150m, according to MD Ebrahim Saad. It will target debt and equity related investments in the GCC and neighbouring countries.
Gold nears high
Gold continues to climb toward a 17-year high, hitting $459.30 on the back of a weak dollar and expectations of increased inflation on strong oil prices. Analysts are looking for gold to reach $500 and above in 2006 for the first time since 1987.
HSBC, 10% return on deposits
HSBC Middle East is offering a secured 10% return over three years or a minimum of 40% of any rise in the S&P 500, Dow Jones Eurostoxx 50 and Nikkei 255 indices, whichever is higher, on its Premium Deposit Plus facility. The offer is valid until 30 October 2005. Visit www.uae.hsbc.com.
Ithmar Fund II secures $60m
Dubai-based Ithmar Capital has closed the Ithmar Fund II with commitments in excess of $60m. Ithmar will concentrate its Fund II investment activities on companies operating within the GCC or international companies with substantial growth potential in the GCC.
NBD, corporate staff loans
The National Bank of Dubai has launched the new NBD Ahlan Loan for corporate employees for UAE nationals and expatriates with qualifying salary packages. An NBD Gold Card is automatically offered along with the product that gives a headstart to those with recognised employers.
Mellon buys out Russell/Mellon
Mellon Financial Corporation and Russell Investment Group today announced that Mellon has acquired Russell's 50% share of the joint venture Russell/Mellon and that its products and services will now be named Mellon Analytical Solutions. In addition, Russell will bring the management of all aspects of its Index business in-house. Mellon recently opened an office at the Dubai International Financial Centre and is regulated by the DFSA.
WU launches Gold Card
Western Union Financial Services has launched the Western Union Gold Card - a loyalty program created to reward frequent Western Union customers in the UAE with benefits including discounts and free phone time. Customers who send money using their Western Union Gold Card will be rewarded with points based on the destination of the transaction.
Emirates Real Estate Fund
Emirates Bank's Al Shaheen division has launched a shariah compliant fund that invests in a diversified portfolio of residential and commercial properties focused on the UAE. Minimum subscription is $25,000 with monthly subscriptions and redemptions.
Gold near to 17-year high
Gold came within a few dollars of its 17-year high of $456 as the Japanese election result boosted the yen against the dollar and increased interest in bullion, and uncertainty over the German election weakened the euro. News on inflation this week and US interest rates will decide whether gold breaks to a new all-time high.
ABN Amro gold card rewards
ABN Amro UAE's gold card is offering double reward points with every dirham spent, twice the value of some card schemes, according to the bank's promotion. Applications are open 24 hours-a-day by telephone or visit www.abnamro.ae.
UNB opens in 22 post offices
The Union National Bank has launched 22 banking centres in post offices across the UAE, and expects to offer services in all 80 post offices by the end of the year. The UNB rights issue was oversubscribed last week with applications for 273m shares and an allocation of 100m, representing 25% of the bank's capital.
NBAD Growth Fund up 500%
The National Bank of Abu Dhabi's Growth Fund is up over 500% since its launch in October 2000. But officials said its Trading Fund, launched in January 2004 and Islamic Fund launched in January 2005 are the two top performing mutual funds in the UAE. NBAD has $1.65bn under management in its funds.
Ahli United, Russell tie-up
Bahrain based Ahli United Bank has announced the launch of their new partnership with Russell Investment Group, enabling them to bring world-class Multi-Manager services to pan-Gulf private banking clients.
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