2006
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IMGG, Wadi Walk finance
The Ilyas and Mustafa Galadari Group has agreed to finance 50% of the purchase price of any Wadi Walk apartment, subject to paperwork. Any customer who cannot obtain finance from a bank will then be able repay the outstanding amount over a period of 7 years.
Visa Electron promotion
Visa International has launched a promotion in the UAE, Qatar, Oman and Bahrain for Visa Electron debit card holders. Until October 15, every Visa Electron debit card transaction made for the purchase of groceries, petrol or restaurant dining will automatically enter cardholders into a draw to win a $10,000 grand prize to be credited to the winning card. Bi-weekly prizes worth $1,000 and instant in-mall give-aways are also on offer.
AIG Takaful launched
International insurance firm AIG has launched AIG Takaful, a regional company headquartered in Bahrain, providing shariah compliant insurance solutions. AIG Takaful will provide a range of products including accident and health, motor, personal contents and property cover. AIG Takaful was licensed by the Central Bank of Bahrain in July.
ZIL launches DGF
Zurich International Life has launched the Dynamic Growth Fund targeting investors in the UAE and Bahrain. The low risk DGF incorporates a price protection facility ensuring that it will not fall below 80% of the highest fund price. The fund is capped at 70% equity and a minimum of 30% equity exposure, with the rest being held in cash. The equity element of the DGF will be the S&P500 Index.
EFG-Hermes to Al Ain
EFG-Hermes has announced the expansion of its brokerage operations to Al Ain. EFG-Hermes' presence there will offer clients living and working in the vicinity a more convenient way of trading. The brokerage also has branches at the Dubai Financial Market, the Abu Dhabi Securities Market and in Ras Al Khaimah, as well as a contact centre in the Emirates Towers in Dubai.
Sanad Fund set for launch
The open-ended Sanad Sukuk Fund, to be managed by the Encore Fund Management Company, is to be launched before the end of 2006 and will target individual and institutional investors. The fund will have a minimum investment of $50,000 and a maximum of $10m. All investments made by the fund will be in sukuk and regional credit syndications, predominantly in the GCC, which are not less than 75% shariah compliant.
$250m Saraya Fund results
Saraya Holdings and the Arab Bank, who together provided a seed capital of $50m, have revealed that the 2,000 investment units, with a par value of $100,000 per unit, in the $250m Saraya Real Estate Middle East and North Africa Fund were taken up entirely by institutional and individual investors in Bahrain, Saudi Arabia, the UAE, Oman, Jordan and Palestine. The fund's board of directors has also now been announced.
NRIs get PAN card boost
The last date for submission of permanent account numbers by Indian investors who deal in Indian stocks and other high value investment products has been put back to the end of the year, reported Arab News. The delay is convenient for Gulf based non resident Indians who now have longer to prepare their PAN card documentation and can also trade freely for a further three months.
UAE Exchange, Dena deal
The UAE Exchange and India's Dena Bank have signed a deal enabling non resident Indians to send remittances back home, reported Gulf News. NRIs in the Gulf can now send money to 200 designated Dena bank branches across the country via drafts drawn up by the UAE Exchange. The Dena Bank anticipates a 20% increase in its remittance business following the tie-up.
EFG-Hermes online in Egypt
EFG-Hermes says it has received approval from Egypt's Central Monitory Authority to start its OnLine Trading platform in Egypt. The system is scheduled to be fully operational by November and will be available to individual EFG-Hermes investors.
DGCX turns over $8bn
The Dubai Gold and Commodities Exchange has recorded turnover of $8bn since opening in November 2005, and should register $10bn in trades in its first year of trading, Emirates Today reported. The majority of trades were in gold contracts worth $6.66bn. The exchange has also registered its first settlement in currency futures contracts; in euros and UK pounds that matured on 18 September.
Zakat Fund payments online
Payments to the Abu Dhabi-based Zakat Fund can now be made online at zakatfund.ae. The process was set up through Dubai eGovernment's ePay service. Payments can be made with Visa, MasterCard and American Express credit cards.
Iran and UAE banks connect
Iran's Parsian Bank and Emirates Bank International have signed a switch connection agreement, which will allow cardholders of both banks to use each other's ATMs, according to the Tehran Times. The ATMs will accept both cash cards and debit cards.
CIBC starts online trading
Egypt's Commercial International Brokerage Company has introduced an online share trading platform after receiving the go-ahead from the Capital Market Authority, Gulf News reports. Rival brokerage EFG-Hermes will launch its online trading system in a few weeks.
NFS online trading opens
National Financial Services, a subsidiary of National Bank of Dubai, has started an online trading service. It will allow customers to trade shares on the Dubai and Abu Dhabi stock markets. It is offered through the bank's website at nbd.com.
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