2005
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NCB opens $700m bond
The Saudi-based National Commercial Bank has filled subscriptions for a $700m five-year bond, reported Arab News. It is the first drawdown from the bank's recently established $1.5bn euro medium term note programme. The majority of the bonds were distributed outside the Middle East region, with 80% going to Europe and Asia.
Dollar up on euro
The dollar firmed against the euro in London trading yesterday, helped by news that the US continues to attract enough money to finance its huge trade deficit. The dollar hit $1.941 to the euro in late-day trade after reaching $1.2022 on Monday in New York.
DGCX opens with gold contracts
The Dubai Gold and Commodities Exchange opens in November and expects to be trading several thousand gold futures contracts a day by the end of 2006, according to chairman David Rutledge quoted in Gulf News. The exchange will trade silver futures from Q1 2006, followed by gold and silver options, steel, freight, cotton, and fuel oil futures.
$100m sukuk for Lagoon City
Al Ahlia Gulf Holding will finance the Lagoon City residential and commercial real estate development, which is part of the $410m Kheiran Pearl City project in Kuwait, through the issue of a $100m musharaka sukuk, according to Gulf News. Kuwait Finance House, Liquidity Management Centre, and Muthanna Investment will be the mandated lead arrangers
Islamic mortgage for UK Muslims
ABC International Bank, the UK-based subsidiary of Bahrain-based Arab Banking Corporation, and Bristol and West, part of the Bank of Ireland Group, have introduced a new Islamic mortgage product called Buy-to-Let for the UK's more than two million Muslim residents, according to Arab News. The mortgage is structured under the diminishing Musharaka contract, which involves co-ownership and a rental mechanism.
NBD, MasterCard FIFA card
National Bank of Dubai has launched the NBD MasterCard 2006 FIFA World Cup Germany credit card, which comes in a special design and entitles its holders to enter a prize draw to win one of 20 fully expense-paid trips to Germany to attend one of the games that will be played during the world cup in June 2006. MasterCard is an Official Sponsor of the 2006 FIFA World Cup Germany and tickets are courtesy of MasterCard International.
Refco ACM, business as usual
Refco ACM accounts held by Middle East customers are entirely unaffected by the recent news about Refco in the US, said a statement on its website. Refco is a shareholder but ACM is managed and controlled by the firm's founders, and Refco has no recourse to the capital of the company, it added. ACM clients can make deposits and withdrawals and trade as usual, concluded the statement.
Baring hedge fund, GCC stocks
Baring Asset Management has announced the launch of its third long/short equity hedge fund; the Baring EMEA Absolute Return Fund, available to institutional and professional investors from November 1. It aims to deliver returns in excess of 20% with volatility of around 15%. The fund will be managed by Marina Akopian, who joined Baring Asset Management in December 2004. The fund's portfolio may include select GCC stocks.
Daman posts record dividend
The Daman UAE Value Fund has announced a record dividend of Dhs11 per share for Q3 2005 taking the total dividend per share to Dhs25. There was also a 10.3% growth in the net asset value of the mutual fund to Dhs524.88. The fund believes high liquidity will continue to support the UAE stock market at present levels.
Emirates Islamic, car finance
Emirates Islamic Bank has launched its Drive Today car finance campaign which allows customers to purchase today and start paying for their new vehicle next year. The three-month grace period is complemented by a low profit rate of 3.75%.
Qatar opens $400m Islamic fund
Qatar has launched the country's first Islamic mutual fund, which will eventually be listed on the local exchange. The Al Basha'er Equity Fund is targeting capital of $400m and promoters include Qatar Islamic Bank, Gulf Finance House, and Kuwait Finance and Investment Company. The minimum initial subscription is $10,000.
Gold goes to $480
Gold climbed to $480.25 an ounce yesterday, and could still go higher as concerns about US inflation dominate market activity, say analysts. The main interest is coming from funds which continue to buy up the yellow metal as a hedge against inflation.
Competition forces rate cuts
UAE financial institutions are being forced to cut interest rates and service fees on credit cards, in some cases by up to 50%, in the face of increasing competition in the banking sector, sources told Gulf News. An increase in credit card market share for Islamic banks is predicted, as demand for Sharia-compliant products increases.
Saudi secondary bond market call
Saudi's Council of Ministers has instructed officials to establish a secondary market for government bonds, and demanded greater financial transparency from public departments, reported Arab News. Saudi bankers welcomed the move to establish a market for government bonds but said the Kingdom has issued no new bonds in the last four months.
$66m in diamond tenders
The Dubai Diamond Exchange says it handled more than $66m worth of rough diamond tenders so far in 2005. The exchange was launched by the Dubai Metals and Commodities Centre in an move to create an industry-specific market infrastructure, and is the first diamond bourse in the region.
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