2006
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$120K spending spree
A man who allegedly spent around $120,000 that was mistakenly deposited into his bank account is being questioned by public prosecution authorities, according to Gulf Daily News. The Qatari national could face criminal charges. The unnamed bank is trying to work out how the funds got into the man's account.
Salary guide for property sector
Macdonald & Company, a recruitment consultancy, will publish a salary guide for the Middle East property sector at Cityscape 2006, the company said in statement. It will provide an an overview of current salary packages in the industry. The company has offices in the UK, Dubai, Hong Kong, South Africa, and is opening one in Australia this month.
Gold surges on faltering dollar
Gold surged to a three-month high around $639 an ounce Monday on a weaker dollar and firm oil prices, according to Reuters. Investor confidence in the precious metal will grow as the greenback is expected to weaken in the next few months, according to analysts cited by the news agency. Silver hit a six-month high.
Kuwaitis want loans wiped
Kuwaiti citizens want the government to pass a law that would write off billions of dollars worth of personal bank loans, AFP reported. Hundreds protested inside parliament on Monday after the government refused to debate a draft bill which is backed by a majority of MPs. The move would cost the state around $5bn, according to reports.
Riffa Views, Reef tie-up
Bahrain's Riffa Views Signature Estates has signed an agreement with the Reef Real Estate Finance Company to endorse it as one of its selected mortgage financers. The deal allows prospective customers of all nationalities to receive guidance from Reef's mortgage advisors on shariah compliant options for mortgage financing and to utilise a fast-track mortgage application process.
Amlak Buy to Rent deal
Amlak Finance has launched Amlak Buy to Rent, a home finance product for completed properties, whereby 30% of a customer's creditworthiness will based on salary, with the remainder based on possible rent accruing from the property. Finance will cover 75% of the property's value and will have to be repaid over a period of 25 years for UAE residents, 20 years for resident expatriates and 15 years for non-residents.
Dubai mortgages to hit $4.8bn
Dubai's property mortgage sector is expected to reach $4.8bn next year, according to Adel Al Shirawi, the CEO of lender Tamweel. The emirate's home finance market has seen a 64% jump this year, hitting $3.1bn. House prices have continued to rise with villas valued at Dhs1.2m a couple of years ago now selling for Dhs4m. The mortgage business expanded once freehold ownership was offered to expats back in 2002.
Mideast insurance set for boom
Research by Nexus Insurance Brokers has revealed the potential growth of the regional insurance market up to 2010; the firm predicts total market value in the GCC region will grow by $2bn in the next few years. Currently, the industry is worth an estimated $5.1bn but it should reach $7.1bn by 2010. The life insurance sector is expected to double from an estimated $686m this year to nearly $1.2bn by 2010.
Arab Bank, new savings plans
The Arab Bank, in association with Al Nisr Al Arabi, has launched a range of insurance and saving plans, reported the Jordan Times. One scheme is the Education Savings Plan, whereby parents will be able to save money each month towards paying future education costs for their children. Another option is the Retirement Saving Plan, while the Protection Plan is aimed at safeguarding the family income.
UAE's first credit bureau
Emcredit, the UAE's first credit bureau, has been launched. Initiated by Dubai's Department of Economic Development back in 2003, Emcredit will collate creditworthiness data on borrowers and will provide it in real time to lenders such as banks. Emcredit will be located at the Dubai International Financial Centre and its technology platform has been set up by Dun and Bradstreet.
UAE trading by mobile soon
Regional investors could soon be using an Arabic voice recognition system in order to buy and sell stocks, reported Gulf News. Emirates Securities has launched a system based on technology developed by Belgain outfit Nuance which would enable traders to do deals directly over their mobile phones, cutting out the need for brokers; all transactions would be recorded and timed. An English language version has been in operation for years.
Qatar gives 40% pay hike
Qatar's government employees have been granted a 40% pay rise, the Peninsula reported. The new rates are effective from 1 December 2006. The move was to keep salaries in pace with the country's spiraling cost of living.
232 Bahraini entrepreneur loans
The Bahrain Development Bank has granted 232 loans young entrepreneurs, an increase of 84% on 2005, TradeArabia reports. At least fifteen of those granted loans last year went on to start successful businesses. BDB is working with Bahrain's Economic Development Board to try and diversify the economy.
NCB, women's trading centre
Saudi-based National Commercial Bank has opened a VIP share trading centre for women, Arab News reported. Clients must have a minimum SR1m in their portfolios to use the facility. It gives access to local, regional and international stock markets.
Kanoo buys into Amex
The Kanoo Group will acquire 12 American Express foreign exchange service centres, 10 in the UK and two in France, which will operate under the Kanoo name, the company said in statement. Under a separate agreement, Kanoo will invest in 18 Amex travel centres in the UK.
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