2006
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UAE Xchange goes global
UAE Xchange is on an expansion track with operations in Hong Kong and Uganda due to start next month, reported Gulf News. Joint ventures in Singapore, Malaysia and Nepal are also planned for 2006, while there will be further expansion in the UAE.
Gold tops $540 an ounce
The 2006 gold market got off to a heady start with the yellow metal closing at $540 an ounce last week, just a whisker below its previous 24-year high set in December. Oil mining stocks also enjoyed a powerful rally as investors reasoned that the gold price will go higher.
EIB, Tameer mortgage deal
Emirates Islamic Bank is to offer mortgage and finance to buyers of Dubai property from Tameer Holding. The mortgages will be available for the Al Dana 1, Al Dana 2 and Princess towers which are presently under development.
UAE banks to fill ATMs
UAE banks will be permitted to fill ATM machines during the official mourning period for the late Sheikh Maktoum bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai. But cheque clearances and electronic inter-bank transfers will be closed until Sunday.
QNB opens mobile branch
Qatar National Bank has launched its full service mobile branch, a first for the Qatar banking sector, with a teller window and walk-in customer service area. Plus there is onboard 24-hour ATM facilities, cheque encashment, deposits, bill payment, checking of balances, and Hala Card top-ups and account opening.
Gold rallys to $534 an ounce
Gold prices staged a sharp rally yesterday and touched $534 in overnight trading, but still shy of the $541 an ounce high reached in late December. Analysts said that hedge funds were now beginning to look at gold as an alternative to stocks and bonds.
Money changers gear up
Dubai money exchange operators are expecting business to pick up by 20-30% during the Dubai Shopping Festival 2006, compared to normal business days. With more European tourists coming to Dubai to escape colder winter climates, operators are expecting to see a big trade in the euro and pound sterling for dirhams.
GCC nationals, UAE trade status
The Emirates Securities and Commodities Authority has ratified a decision to treat GCC nationals as locals for the purpose of investing in the home bourses, reported Gulf News. GCC brokerage houses will also be allowed to set up as 100% local entities. Analysts say the move is a step towards creating a Gulf common market and will lead to greater liquidity on the stock exchanges.
Samba recommends 33% dividend hike
Saudi-based Samba Financial Group says it will issue a $3.73 dividend for 2005, up 33.3% on the previous year, reported Reuters. The proposed dividend puts earnings per share at $0.39. Samba raised its paid-up capital in 2005 by 50% to $1.6bn and issued a one-for-two bonus share.
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