2005
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Jordinvest's Pan Arab fund
Jordan Investment Trust will soon be offering the Pan Arab Equity Fund, which will invest in Arab stock markets. Jordinvest says the fund, which is currently undergoing registration, will be an open-ended mutual fund focusing on strong regional economies and sectors with high growth potential.
Gold breaks $500 barrier
Gold has hit $500 an ounce for the first time since December 1987, as the yellow metal surged to $502.30 in afternoon Asian trading. Analysts say worries about inflation and geopolitical tensions have led to funds investing in precious metals.
EIB starts online trading
Emirates International Brokerage has started its online trading service, which is expected to significantly ease day-to-day trading activities for clients in the UAE. The first phase will be for clients who are actively trading with EIB. The second phase, from January 2006, will be open generally, with registration online.
Citibank, self-serve unit
Citibank says it has opened a self-service electronic banking unit in Umm Suqeim, Dubai. The centre has an ATM and bank staff on hand to give assistance. The bank plans to open more of the centres throughout the UAE.
VCBank, $250m fund
Venture Capital Bank will launch a $250m venture capital fund in Q1 2006, which will focus on SMEs in the Middle East. The fund will be co-managed by US-based private investment firm Global Emerging Markets Group. The fund will target fundamentally sound and undervalued finance-seeking companies across different industry sectors.
Saudi tightens loan conditions
The Saudi Arabian Monetary Agency has tightened credit limits by cutting the term of loans to five years from 10, and the total amounts to 17 times a borrower's monthly salary, up from the previous limit of 27 times. Some borrowers are using personal loans to play the booming local stock market.
Kuwaiti equities fund launched
Kuwait's Commercial Bank has created an equities fund, called Tijari GCC Equity Fund, which will invest mainly in GCC stock markets, reported Reuters. The fund is open to Kuwaitis, other GCC nationals, expatriates living in GCC states, and institutional investors. Subscriptions are open until 15 December 2005.
Citibank UAE, ATM-debit card
Citibank UAE has rolled out its new Photo ATM-debit card which provides greater security for users. This debit card means that you need to make fewer trips to ATM machines to take out cash, as the card provides an instant debit at the point-of-sale. Visit Citibank online at www.citibank.ae for details.
Free phone with NBD loan
The National Bank of Dubai is offering a free Nokia mobile phone when you transfer a personal loan from another bank, apply for a fresh loan or top up an existing loan by Dhs25,000 or more. This offer lasts for a limited period, for details visit, www.nbd.com.
Inflation worries boost gold
Gold looks poised to break the psychologically important $500 an ounce barrier this week. Fear of inflation is the main factor behind the yellow metal's advance, with investors reasoning that this year's surge in oil prices means that the demon inflation is out of the bag, if hidden from official figures right now.
Khaleej's Mabani Investment fund
Bahrain-based Khaleej Finance and Investment has launched a real estate investment product, called Mabani Investment, as part of its Ijara Real Estate series worth $8.5m. The product provides for an investment in two residential buildings in Bahrain, with a targeted return of 10% as annual cash return, and an internal return of more than 12% over the three-year investment period.
ABC issues $400m note
Bahrain-based Arab Banking Corporation has issued a $400m five-year floating rate deposit note under its $2.5bn euro medium term deposit note programme. The issue was placed 42% in Europe, 23% in Asia, and 35% in the Middle East. HSBC and Citigroup were joint arrangers, lead managers and book runners.
Gold in sight of $500
Gold edged closer to the $500 an ounce-mark yesterday as fund mangers continued buying. Prices rose as high as $495.90 in New York, before retreating to $493.60 an ounce. Some analysts predict the rally is unlikely to end at least until the $500-mark is breached, but others say investors could take profits at around $498.
GFH, $267.5m private placement
Bahrain-based Gulf Finance House, lead financial advisers to the Energy City-Qatar development, have opened a $276.5m private placement issue in Gulf Energy Holding, the proceeds of which will be used to fund the multi-billion project. The minimum subscription is pegged at $100,000, with subsequent investments in multiples of $50,000.
Gold's $500 push
Gold hit $489.74 an ounce in European trade yesterday in a relentless charge towards the $500-mark. Prices are being pushed by fund buying, and are up 12% since the end of 2004. Analysts say the yellow metal could breach $500 by Christmas on higher demand for gold jewellery products.
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