2005
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NBAD promotes Smart Deposit
The National Bank of Abu Dhabi is promoting its Smart Deposit scheme with guaranteed capital and returns. It offers 14.25% interest over three years, 19.4% over four years and 24.5% over five years. An overdraft can be granted against 95% of the deposit.
Dar offers Islamic fund of funds
Investment Dar is to open Kuwait's first Islamic fund of funds for subscriptions next week. The open ended fund will have a minimum subscription of $17m and a maximum of $171m and will invest in equities, real estate and other Sharia compliant areas, said officials.
BBK Visa promotion
Visa Electron ATM cardholders with the Bank of Bahrain and Kuwait have the chance to win a year's worth of goods and services to the value of $2,652 every week throughout November and December by using cards to pay for goods and services. The offer is part of a nationwide Visa International sponsored campaign.
Al Rajhi, $300m Murahaba facility
Saudi-based Islamic bank Al Rajhi has appointed Arab Bank, Caylon, Gulf International Bank, Malayan Banking Berhad, Standard Chartered Bank and WestLB to arrange a three-year $300m syndicated fixed-rate Murabaha financing facility. Al Rajhi will use the facility for general funding purposes.
Dollar strengthens on euro woes
The euro dropped to a two-year low against the dollar as riots in France affect confidence in Europe, according to Bloomberg. The dollar traded as high as $1.1710 to the euro in trading yesterday, the highest since 13 November 2003.
Alwaleed tips Citigroup stock
Saudi investor Prince Alwaleed, the biggest shareholder in Citigroup, said he thought the bank's shares would rise by more than 50% to $70 next year. He told Bloomberg: 'Chuck Prince is trying to put everything in place, and really the expectation for Citigroup is to go back sky high'.
StanChart, win your rent back
Standard Chartered Bank in the UAE is offering account holders the chance to win their rent back and other valuable prizes each month. Annual rent of up to Dhs100,000 will be paid on production of a rental contract by the winner. There are also five plasma TVs and 50 DVD players to be won.
Gold predicts higher inflation
The uncanny ability of the gold price to spot inflation one year away has been highlighted by several recent economic reports. For more than 50 years the gold price has proven an unbreakable forward indicator of inflation and a bear market for bonds.
Hurricanes batter Buffett
Warren Buffett's investment company Berkshire Hathaway saw its Q3 profits fall by 48% to $586m, the lowest in four years, following losses from Hurricanes Katrina and Rita. Buffett has also lost money betting against the US dollar this year. But some investors remember how Buffett underperformed in the late tech boom years only to emerge triumphant again, while others were wiped out.
ADIB, grace period for Eid
Abu Dhabi Islamic Bank is offering a one-month grace period for loan instalments on the occasion of Eid Al Fitr. A statement said that the decision was to strengthen bonds with clients and to enhance the social role of the bank.
Lloyds TSB pays account interest
Lloyds TSB is to pay interest on current accounts in the UAE to the immediate benefit of its 4,500 customers and throwing down a challenge to the rest of the banking sector. Officials told Gulf News that bank clients in the UAE were not getting a fair deal with charges on all sorts of things.
UBS heads for record result
The world's largest wealth manager UBS is on course for its best ever financial results this year on the back of booming business. Q3 profits were up 71% to $2.16bn. But some analysts noted that such surges in investment banking profits often preceed a market downturn and were last seen in 1999.
Mega bid bullish news for gold
Barrick Gold's unsolicited $9.2bn bid for Canadian gold company Placer Dome is reckoned to be bullish news for the gold price by analysts who think it shows confidence in the likely direction of the gold price. Place Dome shares surged 20% on Monday after the news, but gold prices eased to $467 an ounce.
GCC stocks due for correction
Most professional analysts believe GCC stock markets are significantly overvalued and overdue for a correction. Saudi stocks are up more than 500% in the past three years. But observers note that high liquidity may support prices for a while longer.
Mashreqbank, 5% cash back
Mashreqbank is offering credit card customers 5% in cash back on transactions of over Dhs500, subject to an upper limit from Dhs150 to Dhs550 depending on the type of card, up to December 31. To qualify card holders have to spend a minimum of Dhs4,000 in the promotion period.
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