2007
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Weak dollar aids gold
Gold prices rose on Friday as the US dollar weakened against the euro and other major currencies, reported the AP. December gold had gained $9.1 to reach $677.5 an ounce by the time the Nymex closed. Analysts believe a possible cut in the benchmark federal funds rate by the Federal Reserve could boost gold prices next month.
Sakana strikes deal with Al Saraya
Sakana Holistic Housing Solutions and Al Saraya properties have signed a preferred Islamic mortgage provider agreement to boost sales in the Amwaj Islands development in Bahrain. Under the deal, Sakana will provide convenient and rapid finance approval for the steady stream of potential buyers interested in one of many developments under the Al Saraya umbrella, including the recently completed Al Marsa Floating City in Amwaj Islands.
Dubai First upgrades services
Dubai First has successfully migrated its credit card and consumer finance business to the Vision Plus platform, the card management system used by major card issuers. The new system will enhance transactional security, provide shorter turn around times, offer a higher degree of flexibility, and improve efficiency.
Consumer confidence rises in Gulf
According to a new Gulf survey, 62% of people in the region believe their personal financial situations will improve in the year ahead, compared to 59% in April. Bayt.com and YouGovSiraj surveyed 12,518 individuals in the region to gather their second Consumer Confidence Index. Overall, respondents showed a modest rise in confidence in such areas as job availability, business conditions and inflation. Qatar had the most respondents (59%) who were upbeat about their country's economic prospects, while Lebanon had the fewest (27%).
New GCC mail company in works
GCC postal managements drew closer to establishing a pan-GCC mail transportation company following a second meeting of a special committee of representatives from GCC postal administrations. At a workshop, hosted by Emirates Post in Dubai yesterday, Monday, the committee took stock of the progress made so far and agreed on the framework of the financial and operations model for the proposed company.
UAE insurers at risk
A report by the UAE's Ministry of Economy has shown that local insurance firms remain heavily exposed to the volatility of the stock market, according to Gulf News. The sector had a total of $4.7bn in investments last year, with 57.1% of this tied up in shares and bonds and 28.2% as deposits. Mohammed Al Baali, the Managing Editor of Insure magazine, said insurers remained liable to ongoing loss accumulation.
Pak-Qatar gets go-ahead
Pak-Qatar Family Takaful and Pak-Qatar General Takaful have received licences to begin offering their shariah compliant insurance products in Pakistan. Pak-Qatar General Takaful will cover sectors such as property, auto, marine and engineering, while Pak-Qatar Family will offer financial protection covering death or disability, health, education and retirement income plans. A number of Qatari firms are behind the two companies, including the Qatar National Bank and the Qatar Islamic Bank.
Fed decision boosts gold
The US Federal Reserve's decision to cut the discount rate governing its direct loans to banks by 0.5% helped support gold prices yesterday, Friday, reported Reuters. Gold reached a peak of $663.5 an ounce before falling back slightly, but it was still significantly higher than it was late on Thursday in New York, when it was trading at $650.5.
ICICI offers Fidelity funds
Fidelity International and ICICI Bank, India's second largest bank, announced that Fidelity's fund range will now be available to ICICI Bank's Private Banking customers in the Gulf Region. Under the terms of the agreement, Fidelity's entire off-shore fund range will be available to ICICI Banks clients and customers.
SIB installs 51st ATM
Sharjah Islamic Bank (SIB) has unveiled its 51st automatic teller machine at Dubai Festival City. The bank also announced plans to operate 100 units during the first quarter of 2008. SIB noted it has dominated the list of the '20 most used ATMs' in the UAE, starting with the third ranking as cited in a report by the United Arab Emirates Central Bank.
Bahrainis to use real-time payment
The Central Bank of Bahrain (CBB) launched a new national payment system, which effects in real-time, electronic funds transfers between Bahrain's retail banks, including customer payments, said news reports. The Real Time Gross Settlement (RTGS) is a large-value inter-bank fund transfer system which banks use to settle inter-bank transfers for their own account as well as for their customers.
ADCB offers PayPass card
The Abu Dhabi Commercial Bank has launched the ADCB Flash MasterCard credit card with MasterCard PayPass. The PayPass cards offer a 'contactless' payment feature whereby customers tap their credit cards on a specially equipped terminal to carry out a transaction under Dhs100; for purchases exceeding Dhs100, a signature may be required. Within the UAE, the PayPass feature can be used at outlets including Burger King, Choitram, Union Co-op and Cinnabon.
Gold offers safe haven
Fears of a global credit crunch, triggered by the sub-prime mortgage crisis in the US, could help re-inforce gold's position in the near future, reported the AP. Analysts believe gold could be seen as a safe haven, even though commodities in the energy, industrial metals and agriculture sectors have suffered declines. On Friday, gold was trading at $672.2 an ounce.
Saudi top for salaries
A global survey by the Hay Group has found that Saudi Arabia and the UAE offer the best salaries to senior executives, reported Gulf News. Executives in Saudi take home, on average, an annual income of $229,325, while their UAE based counterparts earn $223,939. Although the salary levels are very similar, economists believe the lower cost of living in Saudi means it is far easier to save money in the kingdom.
ABN AMRO serves e-Banking
ABN AMRO has launched its 24/7 e-Banking services in the UAE. The safety levels of the system can be gauged from the fact that ABN AMRO's e-Banking comes along with cutting-edge two factor authentication and a password that dynamically changes every 60 seconds.
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