2006
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Kuwaitis to share oil profits
Kuwait will invest $9.3bn in various projects and distribute the profits equally to its citizens, AFP reported. The move is designed to counter growing demands by MPs for a share of the huge income windfall from high oil prices. There are just over 1m Kuwaiti nationals.
CBI low interest credit card
Commercial Bank International has introduced a low-interest credit card with an interest rate of 1.25%. The CBI Credit Card allows 100% cash withdrawals and offers a card limit of up to three times the salary of the customer. The bank hopes the card will increase its market share.
Mideast's wealthy beat average
The wealth of high net worth individuals in the Middle East will grow 8% a year to 2010, above the world average of 6%, according to a study by Merrill Lynch cited by Gulf Daily News. High oil prices have driven economic growth in the region, but a decline in local equity markets means there is a need for the international diversification of investments, the report said.
NBD lists $500m notes on DIFX
National Bank of Dubai today listed $500m worth of floating rate notes on the Dubai International Financial Exchange. The notes, due in 2016, have been issued under the bank's euro medium term note programme - its second issue - that went up to $3bn from $1bn in June 2006. They are also listed on the London Stock Exchange.
BBK more Western Union offices
The Bank of Bahrain and Kuwait, which operates money transfer services on behalf of Western Union in Bahrain, has opened five more post office locations to give it 11 post office outlets in all. These are in addition to money transfer services available from its 16 bank branches.
Badr Al Islami, product push
Mashreqbank's new Islamic banking unit, Badr Al Islami, which will be launched next month, is hoping to secure a 5% share of the UAE's Islamic banking market within five years, reported Gulf News. Mubashar Khokhar, the unit's CEO, said the bank plans to release a new product every month to entice new customers, especially high net worth individuals. The bank expects to make a profit in its first year.
Etihad, HSBC credit card
Etihad Airways and the HSBC are to launch a co-branded credit card according to TradeArabia. Etihad has yet to tie up with a bank on a co-branded product but other regional carriers such as Emirates and Qatar Airways have developed cards with Citibank and the Commercial Bank of Qatar respectively. The National Bank of Oman last week launched the Al Amiyal card in partnership with Oman Air.
Dubai gold imports drop
Dubai's gold imports dropped 9% in Q3 to 117.6 tonnes due to an increase in prices according to figures released by the Dubai Gold and Commodities Exchange and cited by Reuters. Last year, the emirate imported more than 520,000 kg of gold and exported in excess of 220,000 kg. Export figures for Q3 were up 30.6% to 52.7 tonnes.
Fake currency in Qatar
Qatar's authorities have seized large quantities of counterfeit Qatari riyals, Saudi riyals and US dollars during several operations at entry ports, reported Gulf News citing an Arabic daily. A number of trucks and trailers from neighbouring GCC nations attempt to smuggle fake currency through the Abu Samra checkpoint every day.
Sri Lankans remit $1.6bn
Sri Lankans living in the Middle East send around $1.6bn back home every year, reported Gulf News. About half of the 1.2m Sri Lankans living abroad are based in the region but they generate 80% of the entire $2bn remitted each year. A sizeable number of expats also live in Canada and Australia, while Italy and Japan are home to communities of illegal Sri Lankans.
Accounting basics seminar
A two-day accounting seminar, sponsored by a Dubai-based Filipino organisation, will be held on 27 November and 3 November at the Crowne Plaza, Khaleej Times reported. The seminar is open to Filipinos who want to learn accounting basics.
UIB closes fund at $45m
Bahrain-based Unicorn Investment Bank says it has successfully completed the first closing of its Global Private Equity Fund I at $45m. The five-year closed-end fund will buy into Shariah-compliant private equity companies. A second closing in 2007 will bring the size of the fund up to $150m. The Fund recently bought a 55% stake in Orimix Readymix and Crushers, a Fujairah-based concrete supplier.
Gold slumps on stronger dollar
Gold hit a two week low to around $582 an ounce as a stronger US dollar reduced the yellow metal's appeal to investors, according to Bloomberg. A drop in oil prices also made it less attractive as a hedge against inflation. Prices have slipped almost 20% from a 26-year high of $732 an ounce in May 2006.
Budget insurance support
A Bahrain insurance firm, which is offering low-cost life, accident and illness insurance policies to expatriate Indians, has started paying out on claims, according to Gulf Daily News. AL Ahlia Insurance is offering annual premiums from as little as $26 a year to partly cover the cost of expensive operations and air fares home during emergencies.
Indian remittances up in Qatar
A strengthening Indian rupee against the Qatari riyal has not affected remittances to the country by NRIs during the festive period, reported The Peninsula. Trust Exchange, managed by the State Bank of India, claimed business this year is up by about 10% on 2005. Low income Indians preferred to use Western Union to transfer money back home quickly.
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