2006
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UNB, Al Ain branch
The Union National Bank has opened a new branch in Al Ain near the Jebel roundabout. The new outlet marks the UNB's fifth branch in the city and Mohammed Nasr Abdeen, the bank's CEO, said four more branches will be opened in the UAE in the near future. The bank also has more than 100 ATM machines across the country.
Weak dollar hits UAE expats
The dirham's peg to the weakening US dollar, which is now approaching two dollars to one UK pound, is causing expats who are paid in the local currency to lose out on potential savings in their home country, reported Gulf News. The additional impact of high rents and the increased prices of imported goods is creating an extra squeeze on foreign workers looking to save money.
Daman opens Al Ain branch
National Health Insurance provider Daman has opened a service branch in Al Ain. The new office is located near the new clock intersection at the Al Ain Post Office Building and is operational from Sunday to Thursday from 8am until 4pm. The Al Ain branch is the first of four that will open in the next three months.
Rijas, $27m real estate fund
Pakistan's Rijas Group is to launch a $27.2m fund to invest in the Gulf region's property sector, reported Gulf News. The Rijas Real Estate Opportunities Fund I will aim for annual returns of at least 30% by investing in residential and commercial properties across the Gulf. The fund will seek a 15% yield from rental income and 20% via capital appreciation.
SIB sells NBC bonds
National Bonds Corporation has added Sharjah Islamic Bank as a distributor of its bonds. National Bonds CEO Nasser Bin Hassan Al Shaikh says demand for its sharia-compliant bonds is increasing every month.
GCC credit card use high
GCC countries have the world's second highest average spend on credit cards, after Canada, an ABN Amro official told Gulf News. Increased spending on credit is being driven by the growth in leisure and shopping facilities in the region, the report said.
Piraeus, AmCham MasterCard
Piraeus Bank and Egypt's American Chamber of Commerce have introduced a co-branded Platinum MasterCard credit card for AmCham members in the country. Cardholders get a range benefits, including 24/7 concierge service for customer assistance, MasterCard International said in a statement.
ABN, Jumbo credit card
ABN Amro is introducing a co-branded MasterCard credit card with the UAE's Jumbo Electronics. Cardholders get a range of deals on electronic products, installment options on 'high-value' products sold from Jumbo stores, and membership to a loyalty programme.
$75m Delta Capital telco fund
Delta Capital has launched the $75m Delta Capital Mena Telecom Fund. The fund will target an annual rate of return of 25% and will focus on taking minority or majority stakes anywhere between $3m and $15m per investment in regional telco operations. Although it will target the entire Mena region, specific focus for the fund will be put on the UAE, Bahrain, Jordan, Kuwait, Saudi Arabia and Egypt.
Gold prices set to lift
Experts are predicting that gold prices could be set to post new highs in the new year but, in the short term, there will still be some volatility in the market, reported Reuters. One analyst said prices should soon reach around $690 an ounce and then kick on towards this year's high of $730 an ounce, set back in May.
Sakana offers home finance
Sakana Holistic Housing Solutions, a joint venture between the Bank of Bahrain and Kuwait and the Shamil Bank, has been launched in Bahrain. Sakana will offer property buyers shariah compliant mortgage solutions; the firm will also provide brokerage and property management services. The first branch of Sakana has opened in Manama at the Ground Floor, Car Park Building close to Bab Al Bahrain.
UAE banks, email warning
UAE banks have warned their customers to watch out for emails asking them to verify their account details and passwords, reported Gulf News. The emails have been targeting the customers of the HSBC and Emirates Bank. The email claims that the recipient's account has been randomly flagged for security reasons and the account holder needs to click on a link and visit another site to input their various details.
New email scam hits UAE
An email scam promising a share in a fortune has been circulating in the UAE, reported Gulf News. The email claims to come from a UAE based bank manager, Fawzi Ameen, who wants to transfer the $17.5m fortune of an Iraqi crude oil dealer, Barid Emad. Emad was allegedly killed in Iraq and Ameen is looking to transfer the funds before they are claimed by the Iraqi government.
Sharia fund for Chinese property
China Resources, a real estate developer, and Saudi's Al Rajhi Investments are floating a $500m Islamic fund, Sharia'h Asia Investment Fund, which will invest in Chinese real estate, Gulf News reported. The closed-end Cayman Island-domiciled fund will be managed by Honk Kong's Harvest Capital Partners. It will target after-tax annual returns of 20%. Both promoters are putting in $50m each as seed capital.
EFG-Hermes online Egypt trading
Investment bank EFG-Hermes will introduce an online trading service in Egypt next month. Hermes Online Trading will give access to the Cairo and Alexandria Stock Exchange. The bank introduced the service for trading on the Dubai Financial Market in May 2006.
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