2007
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Indians to remit $20bn
Gulf based Indians will remit around $20bn back to their home country this year, reported Gulf News. The UAE Minister of Economy, Sheikha Lubna Al Qasimi, said 6m Indians currently live in the Arab region and due to the geographical proximity, trade between the GCC and India has blossomed. The Minister also said that India is now the third most popular destination for foreign direct investment.
Amlak into Egypt
Dubai's Amlak is to launch an Egyptian office in Cairo as part of its expansion programme. The company will operate under the name Amlak Finance and Real Estate Investments. Registered under the Egyptian joint stock company law as a home finance company, and due to start operations this month, Amlak will offer a range of shariah compliant products; Amlak is hoping to secure tie-ups with various developers in the country.
Saudi ATMs, $18.8bn in Q3
Cash withdrawals from ATMs in Saudi Arabia totalled $18.8bn in Q3 according to figures released by the Saudi Arabian Monetary Agency and cited by Arab News. The cash was withdrawn via more than 169.5m transactions. The agency has also estimated the total number of credit cards in the country at more than 9.5m, compared to 7.6m a year ago.
Mashreqbank, bond issue
Dubai's Mashreqbank is to release a ten year, dollar denominated lower tier two bond, according to lead managers JP Morgan Securities and UBS Investment Bank and cited by the Gulf News. The bond will be callable after a five year period and will be launched later this month following a road show in Europe and Asia.
Global to release buyout fund
Kuwait's Global Investment House is to launch its first buyout fund shortly, according to a Money Works report cited in Gulf News. The Global Buyout Fund will have separate traditional and Islamic structures; the Islamic fund will be registered in Bahrain and will raise $500m, while the $1.5bn traditional fund will be registered in the Cayman Islands. Global will also release several mutual funds in the next two months.
UAE banks seek credit bureau
The UAE's competitive banking sector has led to more institutions offering increasingly attractive personal loans, reported Gulf News. Customers can now obtain finance without transferring salaries and credit limits are on the rise but banking experts say an official credit bureau should be set up to reduce the risk of defaulting. Banks currently monitor a blacklist of those with a poor credit history provided by the UAE Central Bank.
NI, JCB card deal
Network International, a UAE-based provider of card solutions, has signed an agreement with Japan's JCB which will increase the acceptance of JCB cards in the UAE. The deal will allow JCB cardholders to use cards at NI's chain of 10,000 merchants, which includes hotels, restaurants and other entertainment facilities.
Saudi expats finding saving hard
Expatriates in Saudi Arabia are finding it more difficult to save because of the high cost of living, according to a report by GulfTalent.com cited by Arab News. The report claims 23% of expatriates working in the kingdom are unable to put away any of their wages. The financial incentive to work in the region is being diminished by increased housing costs, the report concluded.
Increased dividends expected
UAE listed companies could pay out increased dividends of between 15% and 20% following strong Q4 2006 performance, reported Emirates Today, citing head of research at Emaar Financial Services, Wadah Taha. But payouts will depend on individual companies' liquidity, he said.
UAE ranks high in savings
The UAE is ranked in the top 10 countries for personal savings, with 53% of the population choosing to save, according to an ACNielsen survey cited by Emirates Today. The study found around 82% of UAE consumers are optimistic about their personal finances for the next 12 months, compared with a world figure of 58%.
DSF boosts currency business
Currency exchange houses in Dubai have reported a surge in business after the start the Dubai Shopping Festival, Gulf News reported. Companies expect increased trade from tourists of between 20%-30% during the 45-day event. Most transactions involve converting US dollars to local dirhams.
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