2006
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STC forms trading company
Saudi Telecom is setting up a trading company which will establish and operate electronic markets and auctions, according to Arab News. STC will have a 50% in the venture. Its partners are the Technological Investment Co and National Data Systems Co. The company plans to exploit an expected increase in demand for electronic services after the government allocated $800m towards developing its e-business.
IBQ, car loan deal
The International Bank of Qatar has launched a new car loan scheme available to existing and new customers, which will run until the end of the year. The scheme offers a year free of interest on a five year repayment period, nine months no interest on a four year repayment period and six months no interest on three years. Customers who also transfer their salary will receive a QR1000 bonus.
StanChart speeds up credit
The Standard Chartered Bank has introduced a new service guarantee scheme for its UAE credit card customers, according to the Gulf News. The bank will now deliver its Manhattan and Gold credit cards 24 hours after documentation has been completed. The Standard Chartered had found, via consumer research, that turnaround time was a problem for customers, with some banks taking up to 21 days to issue cards.
Tamweel offers 97% home finance
Tamweel has announced that it will finance 97% of the market price for any villa from Emaar, Nakheel or Dubai Properties. The move extends Tamweel's previous offer of 90% finance on villas. Adel Al Shirawi, the CEO of Tamweel, said that he hoped the fact that buyers would only need to find a 3% down payment will give a further boost to house sales.
Yet another UAE email scam
The UAE's Internet users have been warned to watch out for another fake email, which supposedly offers a fortune to those prepared to help a dying man in Dubai transfer much of his $25.5m estate to charity, reported Gulf News. The man, Salim Ebrahim, is supposedly dying of oesophageal cancer and he is prepared to give a quarter of his fortune to anyone who will help him.
StanChart targets mortgage sector
The UK's Standard Chartered Bank is to release a series of mortgage deals towards the end of the year in order to take advantage of the UAE's growing property market, reported Gulf News. Owen Belman, the Head of Consumer Banking at the bank, said that StanChart would be a cautious lender and would only be interested in those seeking to live in the homes they buy rather than speculative investors.
National Trust services fund
US-based Northern Trust has been appointed by the multi-billion dollar Abu Dhabi Pensions & Benefits Retirement Fund as its global custodian. It will also assess investment risk and measure the fund's performance. The fund was created in 2000 by the Abu Dhabi Government for national government, semi-government and private sector employees.
Arab Asia Gateway Fund revealed
Shuaa Asset Management and Forsyth Partners today launched the Arab Asia Gateway Fund. The Bermuda-domiciled fund will bring to institutional and retail investors a combination of two high growth economic blocs, said Shuaa MD Haissam Arabi. There are two classes of dollar denominated shares. Class I is for a minimum initial investment of $500K, and Class R is aimed at retail investors with a minimum investment of $10K.
UIB closes $150m Musharaka Sukuk
Bahrain-based Unicorn Investment Bank and WestLB London Branch have closed the $150m Musharaka Trust Sukuk for Kuwait's Investment Dar. The shariah-compliant sukuk is structured with a put option - allowing investors to exit at year three - and a call option for the issuer under the same terms. UIB acted as structuring agent and WestLB was underwriter and bookrunner.
Noor, $408m funds in 2007
Abu Dhabi-based Noor Capital will introduce funds worth a minimum $408m in early 2007 to tap excess liquidity in the region, Gulf News reported. Issues will include a $100m Mena fund; a building materials fund worth between $68m-$136m; a $136m enhanced income fund; and an Asian equity fund whose size is yet to be finalised.
RAK, NBAD mortgage deal
RAK Properties has signed a deal with the National Bank of Abu Dhabi that will enable property purchasers to utilise NBAD's Escan home financing facility. The Escan scheme offers loans from DShs150,000 to Dhs8m and is available for all aspects of property acquisition, extension and maintenance for a maximum of 25 years. The tie-up applies to both of RAK's main projects, Julfar Towers and Mina Al Arab.
Al Tomooh helps UAE SMEs
Al Tomooh, the scheme set up to help support small national businesses in the UAE, has handed out finance to around 90 fledgling operations, reported Gulf News. The initiative also aims to lessen the dependence of nationals on government jobs. The scheme can provide a maximum of Dhs1m for each project over a period of eight years, with the loan being interest free for the first three years.
AXA referral programme for UAE
AXA Insurance has launched a member referral programme in the UAE to promote its motor insurance products. The programme is designed to reward existing AXA customers for referring their friends and colleagues to AXA. The offer period lasts until December 14 and any existing member who makes a referral will receive a free gift, as will any friend who then subsequently takes out a policy.
Arcapita, $200m US venture fund
Bahrain-based Arcapita Bank has unveiled Arcapita Ventures I, a $200m venture capital fund that will invest in Shariah-compliant enterprises in the US. Arcapita will invest up to $50m in the fund, which will focus on growth and expansion-stage companies in the healthcare, information technology and industrial technology sectors. It will be managed out of Arcapita's office in the US.
Emirates, Citibank card promotion
Emirates and Citibank are giving their co-branded cardholders the chance to win 120 prizes of 25,000 Skyward miles through a monthly raffle. Skywards silver members get three entries, gold members five, for taking up an Emirates-Citibank credit card. Existing cardholders get one entry for every retail purchase worth Dhs1001.
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