2006
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Global, strategic land buy
Kuwait's Global Investment House has made its third land purchase in the South Hail area near Muscat. The acquisition is part of the management strategy of its GCC Real Estate Fund. Global recently acquired a plot in the Qurum area of Muscat.
Value of Dubai gold sales up
The value of Q2 gold sales in Dubai increased by 18% over the same period last year, despite high global gold prices hitting the volume of sales, reported Gulf News. The value of sales reached $626.3m, up from $517.4m in 2005. Retailers at Dubai's gold souq have claimed that soaring prices have caused a 30% dip in customer numbers, threatening to put some of them out of business.
Amlak offers Aurora deal
Amlak Finance has continued its tie-up with Emaar and is offering mortgages on the property developer's newly launched Marina Promenade tower, The Aurora, which will contain 115 residential units. Amlak is offering finance over 20 years for up to 96% of the value of the property; purchasers need to provide a 4% down payment. The Aurora, featuring one and two bedroom units, will be ready in January 2008.
Funds eye Dubai property
The Dubai property sector is beginning to appeal to real estate investment funds, now that the boom has calmed down, reported The Peninsula. The fast-paced selling of units off plan to speculators has now disappeared and developers are now keen to sell entire buildings to investment funds. Tim Rose, a Senior Fund Manager at the Emirates Bank, said that steady cash flow from rental income would appeal to funds.
Al Sawadi, $900m bond delay
Oman's Al Sawadi Investment and Tourism Company has delayed the closure of a $900m bond issue due to the negative impact that the conflict in Lebanon has had in investor confidence, reported Reuters. Subscription to the seven year notes will now close early next month. Funds raised will be put towards the development of the $20bn Blue City resort in the Sultanate.
Mashreqbank, MasterCard award
The Mashreqbank UAE Gate Prepaid MasterCard has won a MasterCard Product Award at a forum in Hong Kong covering the Middle East, Africa and Asia Pacific regions. The recently launched eGate card constitutes the first combined payment card and electronic immigration identifier in the Apmea region.
$9bn worth of sukuks for Gulf
Sukuks worth around $9bn are set to be floated in the Gulf between now and the end of the year, reported Gulf News. David Knott, the Chief Executive of the Dubai Financial Services Authority, made the prediction at an Islamic finance forum in Malaysia. Knott feels Islamic finance is set for strong growth due to the amount of new projects underway in the region, including $200bn worth in Dubai alone.
Email scam seeks payments
The latest in a long series of email scams to hit the UAE's inboxes has purportedly come from a man in Africa seeking to transfer his fortune overseas, reported Gulf News. The letter comes from Godwin Anthoney and offers anyone who helps him 30% of his $9.6m non-existent fortune. People who respond to the request will, however, be asked for thousands of dollars in upfront charges.
Euro up on dollar
The euro strengthened sharpely against the dollar Wednesday as the chance of further interst rate hikes in the US decreased on benign inflationary pressures, according to AFP. The dollar was trading at $1.28 to the euro in late European trading.
Investment scam warning
Dubai police are warning residents against financial fraud taking place through a company called Charles Fleming Co Ltd, 7Days reports. The company has already been banned in Sweden and Japan. One Dubai expat lost $26,000 after handing the money over to be invested in Intel shares, but was given worthless stock in a liquidated company instead. Police are asking other victims to come forward.
AFS brokerage for women
Al Islami Financial Services, a subsidiary brokerage company of Dubai Islamic Bank, has opened a branch exclusively for women. It will offer Sharia-compliant brokerage services through a fully automated system that is linked to the Dubai Financial Market and Abu Dhabi Securities Market.
Amwal $400m China property fund
A $400m fund that will invest in China's booming property market has been unveiled by Oman-based Amwal Investment and NCL Fund Mangement ltd, Times of Oman reported. The five-year Wanyuan-New China Land Fund will be a Cayman Islands unit trust managed by NCL, a Cayman Islands corporation. The fund has a minimum subscription of $5m for institutions, $1m for individuals and expects returns of at least 15%.
Kerala remittance offer in UAE
The UAE Exchange has launched a promotion, Onam Sobhagyam, for those sending remittances to Kerala. The scheme, which commenced on August 1, will run until September 15 and there will be five weekly draws and a bumper draw on September 17. Among the prizes on offer are 25 air tickets, 25 gold bars, 50 mobile phones and 50 DVD players; the bumper draw will offer three separate cash prizes.
BMA reveals insurance growth
The Bahrain Monetary Agency has released figures showing that the insurance sector in the country is expanding gradually, reported the Saudi Gazette. Gross premiums generated last year amounted to $251m, an increase of 5.4% on the previous year, while claims jumped by 26.8% to $126m, up from $99.2m. A total of 19 companies, 11 of them locally incorporated, worked in the Bahraini market last year.
Lab diamonds on offer
Diamonds made in just 48 hours in laboratories will soon be on sale in Dubai, reported Gulf News. South Africa's Ideal Cultured Diamonds has developed a process to produce artificial gems and plans to turn the stones into jewellery, opening three retail stores in Dubai in the next 12 months. A one carat artificial diamond costs around $5,000, about a fifth of the price of a similar sized natural stone.
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