2006
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Amex launches Blue Card
Amex - Saudi Arabia has launched a chip-based transparent card with built in ID keeper technology for secure payments. The new Blue Card offers features such as 1% cash back on purchases, an express cash service enabling customers to withdraw cash in Saudi riyals or US dollars and a 90 day retail protection scheme on purchases made with the card, including an online fraud guarantee.
RAK Bank, Al Fardan deal
The Al Fardan Exchange and RAK Bank have signed an agreement that will allow the RAK Bank's credit card holders to settle their monthly bills at any branch of the Al Fardan Exchange in the UAE. The Al Fardan Exchange currently has a network of 17 branches across Dubai, Abu Dhabi, Sharjah, Al Ain, Ras Al Khaimah, Ajman and Ruwais.
NBK, real estate fund
The National Bank of Kuwait has launched the shariah compliant Islamic European Real Estate Fund. The euro denominated fund is a long-term investment vehicle designed to achieve an expected internal rate of return of 12-15% per annum; investments will be made in a portfolio of office, retail, warehouse and residential properties with an emphasis on the German market. Subscription ends on November 23 and the minimum investment is 250,000 euros.
ADCB, chip credit card
The Abu Dhabi Commercial Bank has revealed that its new 'chip' credit card has been designed to offer customers enhanced security features. Customers signing up to the new cards, which can be used worldwide, will not however need to use a pin number to make transactions. Card users will also be able to receive gifts, discounts and cash back when making various purchases.
$100m Jade China fund of funds
Jade Alternative Investment Advisors says it is introducing a fund of funds that will invest in China. The $150m Jade China Value Partners L.P. fund is being sponsored by the Kuwait China Investment Company, a subsidiary of Kuwait Investment Authority and the National Investment Company. It will invest in top-tier private equity funds operating in mainland China.
Qatari Awfaq set up
The Qatari Awqaf Authority has been established to take over the activities of the Awqaf department at the Ministry of Awqaf and Islamic Affairs, The Peninsula reported. The authority will manage and invest endowment funds according to sharia principles.
SHB surges on stake sale
Investors jumped in to buy shares in Saudi Hollandi Bank Tuesday after Reuters had reported Standard Chartered was in talks to buy a stake in the bank. Shares rose by nearly the maximum 10% allowed in early trading, before settling for a 5.19% gain.
Injaz Mena, $100m Asian fund
Abu Dhabi-based investment bank Injaz Mena has opened a $100m real estate fund that will invest in Asian property, Gulf News reported. The Asian Property Fund will buy up commercial real estate in countries including Singapore, Malaysia and Thailand. Singapore-based fund manager AsiaEquity Partners has put in $10m.
Hayya!, Mashreqbank credit card
Hayya! Clubs, the health and fitness brand of Emaar Properties, is offering a co-branded Visa credit card through Mashreqbank. Cardholders will have access to Hayya! Clubs at The Springs, The Meadows and The Lakes residential communities, as well as other privileges.
2YO bond millionaire
A two-year-old UAE national girl is the latest National Bonds Corporation millionaire, after winning the seventh monthly draw on Saturday. Sales in the sharia-compliant bonds have so far reached $155m, according to officials.
AFS, Bank Aljazira card fraud deal
Arab Financial Services said it has been engaged by Saudi-based Bank AlJazira to help monitor and minimise card fraud. AFS will use its RiskNet system to assess the potential for fraud and provide protection to the bank's line of cards.
EBG meSave account
Emirates Bank has introduced a tiered savings account, called meSave, which applies different rates of interest depending on the account balance. Higher balances attract higher rates. There are four deposit tiers, starting at Dhs10,000, which can attract rates of up to 3%.
Gold up on dollar slump
Gold prices hit an eight-week high at the end of last week, as fund managers fled to the precious metals market on a weakening dollar, AFP reported. Gold rallied despite a dip in oil prices, as data showed growth in the US manufacturing sector was at its lowest pace in three years - which triggered a weakness in the dollar.
DIB note linked to DFM
Dubai Islamic Bank has introduced its three-year Capital Protected DFM Note. The sharia-compliant note will invest in a basket of stocks listed on the Dubai Financial Market including Emaar, Amlak, Dubai Investment Company, Tamweel and DIB. It requires a minimum investment of $10,000. The bank is projecting returns of up to 12% for the note.
RakBank rent back offer
RakBank credit card holders have the chance to win back their annual rent when using cards to make purchases. Every Dhs500 spent per week puts the cardholder's name into a weekly draw. Dhs50,000 is being put up every week until 26 January 2007.
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