2007
- The news you choose »
- Login to Add to Watchlist
UNB approves dividend
UAE-based Union National Bank will pay out a 35% cash dividend, or Dhs0.35 a share, after shareholders approved the proposal at an AGM on 6 March. Shareholders also approved a doubling of the bank's euro medium term note programme from $1.5bn to $3bn.
$200m Markaz property fund
Kuwait-based investment bank Markaz has launched its Markaz Real Estate Opportunities Fund. Markaz expects the $200m fund to return 15% per year over five years. Minimum subscription is $250,000. The Bahrain-based shariah-compliant fund will invest in development projects in the Middle East and North Africa.
Sorouh allows 20% foreign stake
The board of directors of Abu Dhabi-listed Sorouh Real Estate has agreed to allow foreigners to own 20% of its shares. The stock market authority suspended trading in Sorouh's shares on Tuesday to allow investors to absorb the information, an official told Gulf News. Trading resumes today. Sorouh listed its shares in June 2005 with a capital of $680m.
Islamic smart card out
Kuwait Finance House - Bahrain will introduce an Islamic EMV compliant chip-based card with the support of Arab Financial Services. The card is said to be the first such Islamic smart card in the region, and conforms to Visa standards, according to an AFS statement.
Gold hits six-week low
Gold prices fell to a six-week low of under $639 on Monday as investors sold off holdings to pay for equity market losses, Reuters reported. The precious metal hit a none-month high of $689 on 26 February. Other base metals fell as investors moved to reduce exposure to riskier assets.
Happiness linked to income
Nearly 62% of UAE residents say they are happy living in the country, with those on higher incomes the happiest, according to a Gulf News/YouGov-Siraj survey. Seven out of ten respondents who earned more than $6,666 a month were happier than the rest. 27% of respondents said they were unhappy and 11% were unsure. Asians were the least happy, with 44% either totally unhappy or ambivalent about the question.
FPI diversifies services
Independent financial adviser Mondial/Financial Partners International is to diversify its activities and will now additionally offer wealth management, investment banking and asset management services, reported Gulf News. Chief Executive Jason Blick said the firm is targeting corporates and high net worth individuals. The firm has offices in nine countries, including in Dubai in the UAE, and is hoping to achieve revenue of $55m this year.
NBD to the QFC
The National Bank of Dubai has opened a branch in Qatar. Located at the Qatar Financial Centre and authorised by the QFC Regulatory Authority, the NBD branch will offer advisory and private banking services, in addition to arranging project finance. The NBD's network now includes 40 branches across GCC countries, while the bank also has a branch in London as well as a representative office in Tehran.
Hawala operators cleared
Sultan Nasser Al Suwaidi, the Governor of the UAE Central Bank, has said the investigation into hawala operators supposedly involved in money laundering in Dubai, which led to 21 arrests last week, has turned its attention to the UAE's banks, reported Gulf News. It has emerged money from drug deals in western countries was funnelled into UAE based accounts via European banks; Al Suwaidi said no hawala operators were involved.
Enmaa shares extension
The 3iC Group has extended the offer period for Enmaa, Dubai Growth Fund, Class A shares, via Emirates Islamic Bank branches throughout the UAE, until March 21 due to heavy demand. The shariah compliant Enmaa fund, for which the minimum investment is $1,000, will also shortly be made available in Saudi Arabia. This is the first of three classes of shares that form the $272m Dubai Growth Fund.
Saudi remittances second highest
Saudi workers send around $14bn by way remittances out of the country every year, with around 70% going to South Asia, a Western Union official told Gulf News. Saudi is the second biggest market for remittances in the world behind the US. The global market is worth around $269bn and is growing at an annual rate of 8%.
UTI online trading desk
UTI Securities, India's largest brokerage, is starting an online trading desk in Bahrain, Gulf Daily News reported. The portal at usectrade.com is mainly aimed at non-resident Indians wanting to trade in Indian rupee shares, according to head of equities Milind Pradhan. UTI has a 35% stake in local operator Indo Gulf Financial Services and is a member of the Bahrain Stock Exchange.
Golden Gate deposits seized
The UAE's market regulator has seized $2.7m deposits from Golden Gate Securities, a brokerage company which has been banned from activities on UAE capital markets, Arabian Business reports. All brokerage offices have to deposit $2.7m to guarantee investors' rights. DFM said previously that Golden Gate's 3,000 investors will not lose their money.
EP expands remittance service
Emirates Post plans to open remittance offices in Asia and Europe, Gulf News reported. Offices are slated for the Philippines, Thailand, Malaysia and Singapore. The postal service currently provides remittance services through its Wall Street Exchange Centre.
DIB launches REIT notes
Dubai Islamic Bank has launched shariah-compliant four-year capital protected global real estate income trust notes. The notes will invest through property income trust investors to gain exposure to markets in the US, Europe and Japan. A minimum investment of $10,000 is required.
It looks like you are using a Mac - check out our 
Web Feeds