2007
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Pensions scheme disappoints
A housing scheme set up to help Saudis buy homes on lease has been criticised for its stringent conditions which excludes applicants, Arab News reported. The Public Pension Agency and Riyad Bank set up the Makasin programme to offer government employees housing funds. Only applicants aged between 25 and 55, have an income of over SR5,000 a month, can make a 10% down payment, and don't have loan repayments to make are eligible.
NBAD fund 'beats market'
The National Bank of Abu Dhabi is claiming its UAE Distribution Fund, known as Mizaat, outperformed the market by 22% from February 2006 through the first half of 2007. The fund invests in local equities, fixed income securities and real estate. It may invest in GCC equities and international bond markets in the future.
Dollar woes continue
The dollar sunk to a record low against the euro before recovering, and a 26-year low against the UK pound on Monday. Analysts said the Federal Reserve strategy of keeping interest rates on hold while other central banks tighten, as well as fears over turmoil in the US subprime mortgage and credit markets were weighing on the dollar, according to the FT. The dollar is trading at around $1.38 to the euro and $2.06 against the pound.
Real estate fund delivers
Emirates Bank reports its Emirates Real Estate Fund has returned at a rate of 35.5% over two years. The fund has close to $400m of commercial, residential and industrial property under management. The board has approved a dividend of $0.40 per share. The fund opened in June 2005 at a net asset value of $10 per share and the income share class is trading at a net asset value of $11.88 per share, Emirates Bank said.
Visa offers Dubai guide
Visa International has put together a shopping guide covering Dubai which offers tips on how to 'shop smartly'. The guide recommends that shoppers keep all their receipts, utilise their payment cards rather than cash to keep track of where they made their purchases and also to monitor their credit limits, as well as their baggage allowances if they have travelled to Dubai on holiday.
Franklin Templeton India fund
Franklin Templeton Investments, a global investment management company, has launched an open-ended diversified equity fund called the Franklin India High Growth Companies Offshore Fund. The fund, which is now available for investors in the Middle East, seeks to provide capital appreciation through investments in Indian companies and sectors. The issue closes on July 25 and will re-open for ongoing sales on July 30; the minimum investment is $5,000.
Personal loans top in UAE
Figures released by the UAE Central Bank show that just over 25% of loans handed out by the country's banks to local residents are earmarked for personal uses, whether for consumption or business, reported Gulf News. Loans which are to be used for trade purposes make up 19.5% of loans. The UAE's banks have seen the loans sector increase at a compounded annual growth rate of 33.5% between 2003 and 2006.
Awards deadline extended
Lloyds TSB Dubai has extended the deadline for applications to be submitted for the Lloyds TSB Small Business Awards 2007. The deadline is now 6pm on August 5, giving applicants a further 14 days to apply. The awards were established last year to recognise, support and reward entrepreneurs who have developed successful local businesses
Oman insurance boost
Yahya bin Said Abdullah Al Jabri, the Executive President of Oman's Capital Market Authority, has said he expects to see the insurance sector in the sultanate grow by around 20% this year, reported the Oman Daily Observer. The increase in business would be witnessed in both the general insurance and life insurance categories. Last year, well over 600,000 general policies and nearly 20,000 life insurance policies were issued.
Gold still glitters
Heavy end-of-week trading helped US gold futures hit a two month high yesterday, Friday, reported Reuters. Gold for August delivery was trading at $684.7 an ounce on the New York Mercantile Exchange, its highest level since May 10, thanks to the ongoing weakness of the dollar, strong oil prices and increased jewellery demand. Analysts feel the current climate could see gold test the $700 barrier shortly.
EIB MasterCard chip card
Emirates Islamic Bank has introduced an unembossed debit card with MasterCard chip. The chip stores encrypted data and cards can only be used at electronic points of sale using a PIN, reducing fraudulent use and disputed payments, the bank said.
Gold up on dollar demise
Gold surged to a six-week high on Wednesday as the dollar fell to a record low against the euro. But the upward price movement may not be sustainable, with investors looking to book profits after recent spikes, according to analysts quoted by Reuters. Spot gold was trading at around $670 an ounce.
Islamic trusts advice at DIFC
DIFC Investments and Dubai Islamic Bank are setting up a company that will provide Islamic trust services from the Dubai International Financial Centre. Waqf Trust Services will help corporate and individual clients protect assets and family wealth, and give succession planning advice according to shariah principles.
Dollar new sterling low
The US dollar hit a 26-year low against the British pound Tuesday, with the euro near an all time high, Gulf News reports. Economists say the greenback's continued weakness will encourage a rethink in GCC exchange rate policies, which are currently pegged to the US dollar.
Syrian bank launches Visa card
Bank Audi Syria has launched a Visa Gold credit card which Visa says is the country's first international credit card. The dollar-denominated card carries features such as 50% discounts at more than 20,000 hotels worldwide, access to VIP lounges in over 500 airports, and travel, accident and purchase protection insurance.
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