2007
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Gulf proves taxing for expats
Expatriate workers in the Gulf are becoming concerned that the rising cost of living in the region due to high rates of inflation could be worsened by the introduction of subtle forms of taxation, reported the UK's Financial Times. Dubai is set to introduce a road toll from tomorrow, July 1, while Bahrain is to introduce a 1% social insurance tax on the salaries of expats and nationals.
UAE currency trader concerns
Inexperienced currency traders in the UAE are costing investors thousands of dollars by making unsuccessful trades, reported Gulf News. Money market traders at UAE based firms such as Royal Index receive only one week's training before being allowed to buy and sell currency on the open market. The trading firms also charge hefty commissions, often amounting to several thousand dollars, even if they run up sizeable losses.
Debit card payments online
Bahrain residents can now use debit cards to pay traffic fines, electricity and water bills online through the government's web portal www.e.gov.bh, Gulf Daily News reported. This follows an agreement between the finance ministry and Ahli United Bank. Formerly only credit cards could be used.
Qatar restricts personal loans
Qatar's central bank has ordered banks operating in the country to restrict personal loans to a maximum 2.5m rials and apply a maximum seven years repayment period, the Peninsula reported. Repayments will be restricted to 70% of a borrower's salary, down from 75%.
UAE has 15% more millionaires
The UAE had 9,100 new millionaires in 2006, taking its total to 68,100 and representing a 15.4% growth, according to a study cited by Gulf News. The number of Saudi millionaires increased by 11.8% to 89,600, a World Health Report study by Merrill Lynch said. Gulf businessmen are building wealth portfolios on booming local economies and high oil revenues.
Saudi centralises payments
Saudi Arabia is simplifying the payment system for utility and service bills, Arab News reported. All accounts can be consolidated in the one bill and paid for through various sales points and ATM machines. Under the system, residents will be able to pay bills from the passport department, traffic police, banks and water department, as well as make payments to several airlines.
Citibank $1m SME credit
Citibank is offering a credit facility of up to $1m for SME owners in the UAE. The facility, called Property Power, will be secured against freehold properties owned by customers in projects by Emaar, Nakheel and Dubai Properties. Terms are up to ten years and it carries an overdraft.
UAE consumer confidence rises
Consumer confidence in the UAE has reached a near all-time high, according to a MasterCard survey cited by Gulf News. MasterCard's latest Consumer Confidence survey suggests worries over an economic bubble have largely disappeared, analysts said. Kuwaiti and Saudi consumers are even more confident about the economy, jobs and their income, scoring a 92% rating; the UAE rated 89% and the Middle East average was 84%.
Emirates Bank double your deposit
Emirates Bank customers are being given the chance to double deposits made during the bank's Deposits Festival. Customers who make a minimum deposit of Dhs5,000 in meDeposit or Al Shaheen accounts until 20 August 2007 are placed in a draw. Al Shaheen account holders get five chances with every deposit of Dhs100,000. Conditions at www.emiratesbank.ae.
Barclays opens Dubai unit
Barclays Bank opens its first electronic banking unit at Bank Street in Bur Dubai today, Monday. The bank unveiled its retail banking portfolio of accounts, credit cards and loans at the back end of last month. The new centre will be open for business from 8.00am until 8.00pm, Saturday to Thursday.
CBD offers Al Dana
The Commercial Bank of Dubai has launched the Al Dana wealth management programme, aimed at its high net worth customers. Al Dana customers will have access to a range of shariah compliant and conventional investment funds, personalised current accounts and customised loan facilities among other services. The CBD will also offer relationship managers to all Al Dana customers.
Dubai Bank, JBR deal
The Dubai Bank has reached an agreement with Dubai Properties whereby it will offer up to 99% finance for the purchase of apartments at the Jumeirah Beach Residence. The offer will therefore enable buyers to secure a unit by making a 1% down payment and is open to UAE nationals and residents. The Dubai Bank will charge a processing fee of Dhs10,000 and mortgages are available for up to 20 years.
$26.7bn remitted from Saudi
Saudi Arabia's 7m expatriate workers remit around $26.7bn per year to their home countries according to statistics quoted by Gulf News. But some analysts say a report released by the Arab Monetary Fund earlier this year, which suggested a figure of $14bn, is more accurate. Saudi authorities claim the figure has shot up due to workers taking second jobs to boost their earnings illegally.
EIB launches new fund
The Emirates Islamic Bank has launched a new fund - the Islamic Alternative Strategies Fund. The fund is now open to investment from customers of the EIB's priority banking service, Ethmar, with a minimum subscription of $25,000. The Jersey registered, shariah compliant fund offers monthly liquidity and no initial lock-in period; investments should be viewed as medium to long term.
Citibank EBUs for UAE
Citibank has opened four new financial centres, or electronic banking units, in the UAE. The EBUs are located at the Al Heel Tower in Abu Dhabi, the Al Rigga Palace and Marina Heights Towers in Dubai and the Crystal Plaza on King Faisal Street in Sharjah. The centres offer various retail banking products including wealth management and credit card services as well as loans to individuals and SME customers.
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