2005
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AUB $100m bond issue
Bahrain-based Ahli United Bank has mandated BNP Paribas as the sole lead manager for a $100m dollar-denominated bond, according to a BNP statement. The debt issue, called Lower Tier 2, will hit the market in mid-November.
HSBC, five new funds
HSBC has introduced five new capital secured growth funds designed to offer investors capital protection and good growth potential. The funds are: the Eurozone Property Index Income Fund, the Japan Market Movement Fund, the Pan-European Growth Fund, the Hong Kong Growth Fund and the UK Growth Fund. Subscriptions close on 13 December 2005.
Gold moves back up
Gold lifted 1.6% to $472.40, driven by a weakening US dollar against the euro and increased buying by investment funds. The price is lower than the recently hit 17-3/4-year high of $480.25, but is still more than 10% higher than a year ago. Analysts cited in Reuters say the market is set to push higher, potentially towards $475 and maybe even back to $480.
QNB, Qatar Airways MasterCard
Qatar National Bank has introduced a MasterCard co-branded credit card with Qatar Airways Privilege Club for members of the airline's frequent flyer programme. Platinum and Gold cardholders receive one Qmile for every QR4 spent on cards, and Silver cardholders receive one Qmile for every QR5.
IB lowers US commissions
Interactive Brokers, the global brokerage service which plans expansion in the Middle East, is lowering commissions to trade US equities by 50% and US options by 25%, effective November 1. IBG last week submitted a bid for the exchange-listed futures business of Refco, the collapsed commodities trader.
DSM rule change positive
Opening up Dubai Securities Market to foreign ownership of shares will help deepen and stabilise the market, according to industry analysts quoted in 7Days. Less than 17% of UAE listed companies currently allow foreigners to buy shares.
MashreqMillionaire apartments
This November the MashreqMillionaire scheme will pay out up to $1.3m to certificate holders and one person will win an apartment. The draws will be held on November 1, 10 and 20 for holders of MashreqMillionaire certificates.
Tamweel, ETA Star loan tie-up
Tamweel has announced a strategic tie-up with ETA Star Property Developers, part of the ETA-Ascon Group of Companies, to assist prospective buyers at ETA Star projects with home finance solutions. Tamweel will extend finance up to 70% of the property value over a repayment period of up to 25 years starting from 4.99%.
BBK, Pearl mortgage deal
Pearl Real Estate has announced an agreement with the Bank of Bahrain and Kuwait to provide mortgages for home buyers at its $250m Abraj Al Lulu development in Bahrain. Bahrainis, GCC nationals and expats will be offered low salary requirements and highly competitive interest rates, said a statement.
ADCB, Million Dollar Dreams
Abu Dhabi Commercial Bank has launched its Million Dollar Dreams programme that gives its depositors a 1 in 5,000 chance of winning a $1m jackpot, plus 2% interest on deposits of over Dhs30,000. The programme is open to existing and non-ADCB customers.
IBG makes Refco bid
The Interactive Brokers Group has emerged as a second bidder for the Refco futures business to rival J.C. Flowers & Co's $768m bid. IBG has become active in the Middle East, and its regional MD was interviewed recently by AME Info (see Executive Interview).
Gold lower on oil price fall
Oil's retreat to $60-a-barrel at the end of the week also dragged back gold prices from the recent 18-year high. Gold ended the week at $468 an ounce compared with a recent peak of $482. However, many analysts believe that the bull run for gold is not over with financial markets showing weakness and oil likely to resume its upward price movement.
EIB, Aman home loan deal
Emirates Islamic Bank and Dubai Islamic Insurance and Reinsurance Company have agreed a deal to provide customers with a mortgage protection policy. This provides for the full repayment of a home loan in the event of death under Takaful protection.
Shuaa offers new funds
Shuaa Capital has announced the launch of two new funds: the Kuwait Gateway Fund and Maha High Income Fund. The KGF is open-ended and will invest in Kuwaiti equity securities, whle the Maha fund will invest in local currency debt. Both funds require a minimum initial investment of $50,000.
Emirates Bank at Global Village
Emirates Bank, the official sponsor of Global Village at Dubailand for 2005/2006, has set up a branch and installed eight ATMs on location to service visitors. Global Village will run from 26 October 2005 to 3rd March 2006 under an extended format.
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