2007
- The news you choose »
- Login to Add to Watchlist
Saudi public sector 30% hike
Government employees in Saudi Arabia are set for a whopping 30% pay rise as part of a strategy for dealing with rising inflation in the kingdom, reported Arab News. The move follows that of a number of private sector firms which have given their staff 40% salary increases. Satellite TV channel Al Arabiya said a decision would be taken on the pay hike very shortly.
Shuaa closes Frontier
The UAE's Shuaa Partners, the private equity arm of Shuaa Capital, has closed its 'Frontier Opportunities Fund I', with total commitments of $100m. The fund will have a four year investment cycle and its primary focus will be on Syria, but it will also consider investments in Lebanon and Jordan. The fund has already made an unspecified investment in telco operator Syriatel.
Gold just above $800
Gold fell on Friday as oil prices declined and a strong US jobs report reduced the chances of large interest rate cuts by the Federal Reserve, reported Reuters. February gold on the New York Mercantile Exchange retreated $6.9 to end at $800.2 an ounce; it had hit an intraday low of $796.4 and a high of $811.4. Analysts are predicting a strong 2008 for the yellow metal.
Kuwait to set up citizen fund
Kuwait's ruler Sabah Al Ahmad Al Sabah has called for his government to establish a $1.09bn fund to help citizens pay off debts, reported Emirates Today, citing the stage-controlled Kuwait News Agency. No details were given by the agency.
Dubai bank caters to women
Dubai Islamic Bank has launched two new products for its female customers - an Islamic credit card and a unique auto finance offering with comprehensive features such as road assistance and insurance. The new features are part of the bank's 'Johara' program, which offers exclusive banking services tailored for ladies. The bank has five Johara branches and nine exclusive ladies' sections attached to their branches. Four new Johara branches are planned for 2008.
Hilton discounts for Egypt residents
Local and expatriate residents of Egypt can now enjoy a special discount when staying at Hilton properties in Egypt when paying with their Visa cards. Hilton Hotels will receive a 10% discount off the local package rate when paying with their Visa cards. Offer is available from December 1st this year through to May 31st, 2008, at all 13 Hilton properties in Egypt.
Doha Bank to City Centre
The Doha Bank opened a new branch last week at City Centre, taking its coverage across Qatar to 30 branches, ten electronic branches, five pay offices as well as three mobile banking units. The new office will be open from 9am to 9pm and will provide a full range of personal, business and corporate products.
NCB Capital offers GREF
Saudi Arabia's NCB Capital has launched the shariah compliant Alahli Global Real Estate Fund (GREF) which will invest in firms around the world that are involved in real estate development including sectors such as the rental, maintenance, management and development of offices, hospitals, shopping malls, stores, restaurants and hotels. The GREF requires a minimum investment of $2,000.
ICICI offers $25m art fund
Non resident Indians based in the Gulf are being targeted by a $25m fund being rolled out by the ICICI Bank, reported Gulf News. The offshore fund will invest in the work of major Indian artists and if there is strong interest, it could be increased in size by a further $10m. Minimum subscription for the five year, close-ended fund is $100,000; Crayon Capital will be the investment adviser.
Gold down to $789
Gold prices continued to fall at the end of last week as the dollar firmed and oil prices dipped, reported the AP. Gold for February delivery retreated $13.2 to finish on $789.1 an ounce on the New York Mercantile Exchange on Friday. Analysts predict ongoing volatility in the price of gold as some speculators, hoping to see prices above $900, have exited the yellow metal.
Bahrain may double expat fee costs
Bahraini Prime Minister Khalifa bin Salman Al-Khalifa said the kingdom may raise the cost of two-year work permits to 200 Bahraini dinars ($532.9), and charge a monthly fee of 10 dinars for the duration, reported the Bahrain Tribune. Foreign workers currently pay a one-off fee of about 170 dinars for two-year papers, which include work and residency permits.
NBD eyes consumer finance market
Emirates NBD, the region's leading bank is considering a foray into the consumer finance market. The company has chalked out a detailed strategic plan to cater to the rapidly expanding consumer finance market by offering a series of products and services designed to ease the everyday financial needs and cater to a completely new set of customers.
47 billionaires in Arab world
The Arab world now boasts a record 47 billionaires, according to the annual Arabian Business Rich List. The list of the world's 50 richest Arabs contains a record number of new entries, with the entry level to become a member of the world's most exclusive club having risen to $700 million from $520 million. The new tycoons are mainly from Iraq and Syria.
Emerging markets hold promise
Emerging market equity valuations can rise to 50% above valuations in developed markets before they reach bubble territory, according to Jeff Chowdhry, head of emerging equities at fund manager F&C Investments. He said developed markets and emerging markets sell on the same PE valuations, but return on equity is significantly higher in emerging markets, adding that emerging market valuations will go up another 50% if developed markets continue to rise, reported Reuters.
Gold hits $825
Gold rose strongly on Friday as investors once again turned their backs on the weak US dollar, reported Reuters. The yellow metal gained around 3% to hit an intraday high of $825.7 an ounce before falling back to $821.2 in late New York trading. Experts believe gold may make another attack on its recent 28 year highs.
It looks like you are using a Mac - check out our 
Web Feeds