2006
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Gulf Bank, holiday offer
The Gulf Bank has launched a holiday promotion for its credit card holders which will run until March 10. Every time a customer spends KD50 on their credit card or withdraws at least KD100 from an ATM, they will be entered into one of ten weekly prize draws to win a holiday in Malaysia. Customers who spend KD500 or more in one transaction will be entered into a draw 50 times.
Average wage drops in Egypt
A study by Egypt's National Planning Institute and cited by the Daily Star Egypt has revealed that, from 2001 to 2005, the average wage in the country declined, due to a decrease in farmers' pay. Although farming accounts for 27% of Egypt's GDP, farmers receive less than 8% of total wages. Meanwhile, despite efforts to liberalise the economy from 2004, the government is still paying 30% of all wages.
QIIC eyes Pakistan
The Qatar Islamic Insurance Company has got closer to securing a licence to start two companies in Pakistan after transferring $10.7m of share capital, reported Reuters. After meeting this last requirement, it is hoped Pak Qatar General Takaful and Pak Qatar Family Takaful will open in the new year with the first branch lined up for April. Pakistan currently has only one Islamic insurance firm.
National Bonds to expand
National Bonds plans to expand its operations to Saudi Arabia and Malaysia in 2007, according to a report in Al Hayat cited by Bloomberg. The Dubai state-owned seller of Islamic bonds might also invest in local education and healthcare providers, the report said. Sky Courts, a real estate development in Dubai, is National Bonds' first major project.
UNB new Al Awwal product
UAE-based Union National Bank has created a new product under its Al Awwal range. Al Awwal Gold Savings certificates offer 2% return per year and the chance to win quarterly prizes worth Dhs2m, the bank said. Certificates come with a pre-approved credit card and an overdraft facility of up to 90%. They are available in unit values of Dhs100, Dhs200 and Dhs500.
$250m SME fund first closing
Bahrain's Venture Capital Bank announced the first closing, at more than $75m, for its $250m Mena Small & Medium Enterprises Fund I. The sharia-compliant fund will invest in regional SMEs. Almost 20% of the issue came from US investors.
Inflation hurting expatriates
High inflation is making Gulf states less attractive to foreigners who have relocated seeking better income and tax breaks, according to a GulfTalent.com survey cited by Bloomberg. Salary increases over the past two years haven't matched the rise in the cost of living in the six GCC states, the survey concluded. It showed salaries had increased by an average 7%-8%, while rents have soared by as much as 80% since 2005.
Mashreqbank, DSF promotion
As part of its Dubai Shopping Festival promotion, Mashreqbank is to give away Dhs6m to MashreqMillionaire certificate holders. Every week during the six week festival, one certificate holder will win Dhs1m. Since the savings scheme was set up ten years ago, 100 certificate holders have each won Dhs1m.
Qatari firms, insurance costs
It is thought companies will be expected to pay the lion's share of their employees' health insurance premiums once the law making medical cover mandatory for citizens and foreign workers is implemented, reported The Peninsula quoting an un-named source. The law is likely to cover all categories of workers, including the low-paid, and it is anticipated medical standards will also rise as more people choose to seek treatment.
Indonesia eyes remittances
Indonesia is looking to generate more remittances from the Gulf to support its ailing economy, reported The Peninsula. A delegation visited Qatar last week in order to seek job opportunities for Indonesians in the Gulf state as part of a global campaign to promote its workforce. There are currently 22,000 Indonesians working in Qatar and the government is looking to find openings in the maritime, health, tourism and hospitality industries.
MasterCard win a BMW
MasterCard debit and credit card holders have the chance to win a BMW by making purchases with cards in Egypt. Cardholders are automatically entered into a draw for two BMW 1 Series cars every time they make a purchase with cards. The promotion runs until 28 February 2007.
Polygamy 'too expensive'
Having more than one wife is losing its appeal with Qatar's youth, due to the prohibitive cost of keeping more than one family, according to a local survey cited by the Peninsula. Some respondents complained that low salaries and high household expenses meant taking a second wife was impossible.
NBD, HDFC NRI services
National Bank of Dubai has partnered with India's HDFC Bank to offer customers joint facilities. Under the brand NBD-HDFC Bank NRI Services, the venture will offer banking products such as joint accounts, remittances, wealth management and preferential pricing on home loans in India.
Brokers must boost capital
The UAE securities regulator has ordered brokerage companies to increase their capital to Dhs30m from Dhs5m, and issued new rules for their operation, Gulf News reported. The changes will boost transparency in the market and help brokerage firms improve their services, said Securities and Commodities Authority CEO Abdullah Al Turaifi.
QNB, POS for ministry payments
The Qatar National Bank has adopted a point-of-sale and e-Cash card system for collecting fees on behalf of the Ministry of Economy. The system replaces cash collection and postal stamps.
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