2007
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Citibank launches World Privileges
Holders of Citibank Credit Cards throughout the Middle East will now enjoy the benefits of Citibank World Privileges, a unique global value program which gives Card Members access to more than 40,000 selective outlets in 30 countries. CWP provides access to exclusive offers, exceptional services and superior benefits at the world's leading hotels, retail shops, car rentals, restaurants, tourist attractions, spas, golf courses and more.
Specialised courts for consumers
The UAE is considering developing specialised courts to protect consumers, reported Gulf News. Minister of Economy Shaikha Lubna Al Qasimi said her ministry is looking at setting up new judicial institutions with the objective of controlling random price hikes more effectively and for protecting consumer rights.
Gold down to $780
Gold prices dipped yesterday, Monday, as the US dollar firmed slightly against the euro and with thinner liquidity adding to price volatility, reported Reuters. Spot gold fell to $780.1 an ounce in New York, down from Friday's close of $784.8. The yellow metal touched a three week low of below $775 in early trading.
Global opens fund
Kuwait's Global Investment House has opened its Global Distressed Fund to new and existing investors until the end of December. The fund has generated a return of 7% year-to-date, while it has produced total returns of 86.5% since its inception in October 2002. Global may offer interested parties loans with which to make their investments.
Dubai Bank offers prestige
The Dubai Bank has rolled out a prestige banking service aimed at customers who earn at least Dhs10,000 a month. The service offers benefits such as a pre-approved auto finance facility, free 24 hour AAA roadside assistance as well as a free credit card and a dedicated lounge at the bank's branches. Account holders are not required to transfer their salaries in order to receive the benefits.
Finance House launches loan
Abu Dhabi's Finance House has launched a personal finance facility for both UAE nationals and expatriates earning at least Dhs10,000 per month. A customer can borrow a maximum of Dhs250,000 but the exact amount will be dependent upon salary levels. The maximum repayment period is 48 months and this is linked to the purpose of the loan.
UAE tops tax chart
The UAE has topped a personal tax environment chart put together by consulting firm Mercer. Mercer's Worldwide Individual Tax Comparator Report looked at 32 countries and assessed their tax and benefits systems from the perspective of managers earning an annual salary of $91,000 and who were either single, married with no children or married with two children. The UAE topped all three lists with a take-home pay of 95%.
Shuaa launches UAE fund
The UAE's Shuaa Asset Management, a division of Shuaa Capital, has been mandated by Societe Generale to launch the SG S&P/IFCI UAE Price Return Fund. The open-ended index tracker fund, which is registered in the Cayman Islands, was launched earlier in the year with Societe Generale investing $62m as seed capital. It tracks the S&P/IFCI UAE Price Return Index which is designed and maintained by Standard and Poor's.
Gold at $784.8 an ounce
Gold prices dipped further at the back end of last week as profit-booking continued to dominate, reported Reuters. Spot gold was at $784.8 an ounce in New York with a slightly stronger dollar and a marginal fall in oil prices behind the yellow metal's decline. Gold is now well down on last week's highs of $845 and is widely considered to be in corrective mode.
Housing, food fuel inflation
Domestic housing and global food and commodity prices are fuelling Saudi inflation rather than the dollar's decline, reported the Financial Times. Inflation in the world's largest oil exporter rose to 4.89% in September, its highest in at least a decade. Annual rent costs jumped 11% and food 7.2%.
Gold over $800
Gold was trading above $800 an ounce on Tuesday after falling overnight to a one-week low, as bargain-hunters resurfaced and a weaker dollar supported the market, reported Bloomberg. Gold hit a low of $790.80, its lowest since Nov. 2, before rising to $808.70.
Three new branches for DIB
The Dubai Islamic Bank (DIB) has opened two new branches in Sharjah and one in Abu Dhabi, increasing its UAE wide branch network to 44. The new offices are located at the Clock Roundabout and in the Al Mowailih area in Sharjah and in the Corniche area in Abu Dhabi. The DIB is hoping to open six more branches before the end of the year.
HBG closes $200m fund
Dubai's HBG Holdings, a private equity firm, has announced the second closure of its $200m pan-regional investment vehicle focused on the Middle East and South Asia region - HBG Investment Holdings Fund 1. The fund has attracted high net worth individuals and financial institutions. The fund was launched in February and its first closure was at $45m; it is targeting an internal rate of return of 20%.
Gold down on profit-booking
Gold prices hit a ten day low yesterday, Monday, as falling oil prices and a slight strengthening of the dollar sparked a round of profit-booking as the yellow metal slumped 3.5%, reported Reuters. Spot gold fell to a low of $798.3 an ounce in New York before rallying to $803.1. December gold nose-dived $27 to settle at $807.7 an ounce.
NCB Capital launches BRIC fund
Saudi Arabia's NCB Capital, the investment and asset management arm of the National Commercial Bank, has launched the AlAhli BRIC Secured Equity Fund which will invest in shariah compliant firms in Brazil, Russia, India and China, reported Arab News. Minimum investment in the fund has been set at $30,000 and it has been 'secured through Murabaha with capital protection'. The fund will have a life of two years.
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