2006
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Commercialbank Al Waseela Fund
Qatar's Commercialbank has created a 1bn Qatari riyal mutual fund called the Al Waseela Fund. EFG-Hermes is fund manager. The fund will invest in GCC equities. Subscription is open to both Qataris and non-Qataris; with a minimum investment of 25,000 riyals.
Credit card plus GN offer
Dubai daily Gulf News is offering a year's subscription to new Finance House credit card holders. Cards come with zero annual fees, 1.25% monthly interest and 13 months comprehensive car insurance cover starting from 3.25% on new and used cars. The promotion runs until 31 December 2006.
Visa, DSF offers
Visa has unveiled its promotional campaign for the Dubai Shopping Festival. From December 20 until February 2, every time a shopper uses a Visa or Visa Electron card in the UAE they will be entered into a grand prize draw to win one of four Damas necklaces. Other promotions include the chance to win a Bentley by making a purchase at any Bin Hendi outlet.
ADCCI, Businessmen's Card
The Abu Dhabi Chamber of Commerce and Industry is to issue a 'Businessmen's Card' to its male and female members, reported the local WAM news agency. The identity card, which is also a co-branded credit card with the National Bank of Abu Dhabi, is being issued in partnership with the Ministry of Interior, Etihad Airways, the Abu Dhabi National Hotels Company and the Abu Dhabi National Oil Company.
LLB, ABN Amro tracker
Liechtensteinische Landesbank in conjunction with ABN Amro Markets, have launched an exchange-traded Islamic Middle East Index tracker, linked to the performance of the LLB Top 20 Middle East Total Return Index. The index consists of Middle Eastern Large Caps from the stock markets of Bahrain, Egypt, Jordan, Kuwait, Lebanon, Oman, Qatar and the UAE. Companies included in the index have passed a series of Islamic filters to ensure shariah compliance.
Al Tomooh helps 77 SMEs
The Al Tomooh scheme, which was set up to support fledgling small and medium sized national businesses in the UAE, has now provided finance totalling $8.2m to 77 separate projects. Meanwhile, 27 commercial projects have now repaid their financial obligations to Al Tomooh.
King and Spalding to Dubai
US based law firm King and Spalding plans to establish an office in Dubai to respond to growing client demand in the areas of Islamic finance, energy, real estate, private equity and international arbitration in the Mena region. The highest concentration of King and Spalding's clients outside the US is in the Gulf. The firm was named the top Islamic finance legal advisor by Euromoney in 2004.
GAP Holdings, home plan
Car insurance firm GAP Holdings is to offer a home protection plan across the Mena region, reported Gulf News. GAP is close to securing deals with a number of regional property developers and a UAE based mortgage lender, according to the General Sales Manager of GAP Support, Nassima Menari. The plan will protect against electrical, A/C and plumbing problems as well as the malfunction of household electrical and white goods.
Investcorp Crescendo Series 1
Bahrain's Investcorp is offering a structured investment vehicle through which investors can participate in its flagship fund. Investcorp Crescendo Series 1 redeemable shares give access to the Investcorp Balanced Fund. The shares have capital protection, volatility control, profit lock-in features, and potential bonus dividends, according to Ibrahim Gharghour, MD Investcorp Hedge Funds.
No write-off for Kuwaiti loans
A Kuwaiti parliamentary committee has rejected calls by some MPs that the government write off the personal loans of citizens, the Kuwait News Agency reported. A spokesperson said the move would place too great a burden on the state's budget.
NBD signs NCR for ATM upgrade
National Bank of Abu Dhabi has signed a multi million dollar deal with NCR Corporation to modernise its ATM network. NBAD ATMs will be divided into cash withdrawal and cash/cheque deposit machines, and fitted with an 'intelligent' device to make them more personal, the bank said.
Commercialbank deposit schemes
Qatar-based Commercialbank has introduced two new deposit schemes: a floating rate deposit with potential interest up to 6.5% per annum; and a fixed rate deposit with a return of 5% pa for a period of 5 months, the Peninsula reported. Customers will also be able to borrow against deposits.
Mideast hedge funds to surge
Hedge funds will draw $140.3bn investment from the Middle East by 2010, accounting for 15% invested globally, according to a Bank of New York study cited by Emirates Today. The region accounted for 8%, or $28.9bn, of the global hedge fund market last year. Institutional investors provide 40% of the global market, which will increase to 65% by 2010, the study said.
Western Union, India offer
Western Union Financial Services has reduced its service fees for customers sending money from the UAE to India. Customers can now remit money to anywhere in India for the fee for Dhs15; this price was previously only available for those sending money to Kerala.
DIB, Al Islami finance package
The Dubai Islamic Bank has launched Al Islami Land Trading Finance, a shariah compliant finance product designed for UAE Nationals involved in the buying and selling of land in Dubai. The product offers finance for up to 50% of the land purchase price and a repayment period of 2 years. Customers can either make a one-off payment at the end of the financing term or can opt to spread repayments.
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