2006
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Qataris scale rich club
Qatar's per capita income will hit $68,000 in 2007, confirming the Gulf peninsula state as having one of the world's wealthiest people, according to an IMF forecast cited in The Peninsula. The IMF put forward its country report on Qatar at a meeting in Singapore yesterday.
Al Fardan, NBE finance JV
UAE-based Al Fardan Group and the National Bank of Egypt have launched Al Fardan Financial Services Company with capital of $2.7m. The company will offer a range of financial and investment services, mainly focusing on share trading in UAE and Egyptian stock markets. It will be based in Abu Dhabi.
Reef, Amwaj Gateway deal
The Reef Real Estate Finance Company and the Amwaj Gateway Company have signed a deal whereby Reef will be the preferred finance provider for purchasers at the Amwaj Gateway mixed use development in Bahrain. The foundations for Amwaj Gateway are to be laid by November and the $183m project is aiming for completion within 30 months.
DGCX, gold and silver options
The Dubai Gold and Commodities Exchange will start trading options for gold and silver from Q1 next year, reported Gulf News. Framroze Pochara, the market's CEO, said that the exchange would also begin trading a steel bar futures contract around the same time. Since the DGCX launched last November, $6.5bn worth of gold futures have been traded.
Investment Dar, $150m bonds
Kuwait based Investment Dar is to sell $150m of Islamic bonds on September 20, its second shariah compliant offering, reported Bloomberg. The five year bonds will pay 1.25% above six month dollar Libor in the first three years. Germany's WestLB and the Unicorn Investment Bank of Bahrain helped arrange the offering.
Mideast stocks attractive
The Credit Suisse Group has said that investors should buy more stocks in the Middle East because their underperformance when compared to other emerging markets makes them attractive, reported Bloomberg. A report released by the bank on September 14 increased its recommendation on equities in the region to 'market weight' from 'underweight'.
UAE remittance business booms
The money transfer sector is booming in the Gulf and remittance rates are becoming increasingly competitive, reported Gulf News. In the UAE, those seeking instant transfers now pay around Dhs20-40 per transaction to wire money home in just a matter of minutes. Bank account transfers, while taking several days, are much cheaper and workers can send money back to Egypt for around Dhs5 and to India for Dhs8.
RakBank markets Forsyth fund
The National Bank of Ras Al Khaimah will partner Forsyth Partners to market a five-year structured note around the Forsyth Indian Opportunities Fund. Investment firm Forsyth Partners recently located its global headquarters from London to Dubai, by establishing its group holding company in the Dubai International Financial Centre.
NBO airport ATM more visible
National Bank of Oman has shifted its ATM at Seeb International Airport to a more prominent location near the entrance to international departures, reported Times of Oman. It will dispense US dollars and UAE dirham, as well as local rials.
Mashreq opens trading lounge
Mashreq Securities has opened a dedicated lounge in Abu Dhabi to accommodate trading in UAE stock markets. Brokers will assist customers place trades from 8.30am to 4pm Saturday to Thursday. Investors can trade in person, by dedicated phone lines or via the Internet.
Thomas Cook, Nepal remit
UAE exchange house Thomas Cook Al Rostami will offer money transfers to Nepal under a tie up with Nepal's Everest Bank, reported Gulf News. Nepalese expats in the UAE remit around $100m a year. Everest bank is Nepal's largest private bank with 18 branches.
Ansbacher closes at $200m
The Ansbacher Banking Group, a subsidiary of Qatar National Bank, has announced the first closing at $200m of its Ansbacher Prime 1 Fund. StatReal is acting as property advisor to the fund, which will invest in property in the UK, US and continental Europe. Equity has been raised from Gulf based investors.
Gold dives below $600
Gold led a general fall in commodity prices on Monday, as funds offloaded positions and investors weighed longer-term prospects, according to Reuters. The yellow metal went below $600 an ounce for the first time in more than two months, while silver lost 8%. Some analysts predict declines in gold prices may be temporary, with a seasonal uplift expected in Q4.
DIB, CLIP notes launched
The Dubai Islamic Bank has launched shariah compliant three year commodity linked individually capped performance notes. The CLIP notes will be linked to a basket of commodities comprising gold, crude oil, copper, aluminium and zinc. The notes will offer customers a profit guarantee of 10% in the first year and maximum potential profit of 8% per annum in the second and third year; the minimum investment is $10,000.
Daman, YAL Alf Yad Fund
The UAE chapter of the Young Arab Leaders and Daman are set to launch the Alf Yad Fund I, which will have an offer period from September 21 until October 22. The fund is the first in a limited series of Alf Yad funds which will be managed by Daman. The fund will raise and deploy around $27m to support the enterprises of promising Arab entrepreneurs across the region.
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