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Emirates Bank salary offer
The Emirates Bank has launched a promotion, running until the end of December, whereby any customer who decides to transfer their salary into a Select Gold or Select Silver account could win back their annual earnings as a prize. New and existing customers will automatically be entered into the draw. One Select Gold and one Select Silver account holder will each scoop the prize.
Daman funds make gains
The UAE's Daman Investments has revealed that three of its funds posted solid gains during October, on the back of both the Dubai Financial Market and the Abu Dhabi Securities Market advancing more than 20%. The Daman Second Emirates Fund increased in value by 12.8%, while the Daman Islamic Fund lifted by 6.8% and the Daman Arabian Programmed Trading Fund climbed 5.8%.
Real Estate, DIB agreement
The UAE's Real Estate Bank has signed an agreement with the Dubai Islamic Bank (DIB), whereby the latter will offer Islamic home finance solutions to buyers at Real Estate's projects in Liwan City and the Dubai Industrial City. The tie-up will enable the DIB to provide up to 95% finance to buyers at the Salam Gardens residential development at Liwan and the Al Hayat Complex projects at Dubai Industrial City.
Profit-booking cools gold
Gold for December delivery fell $2.8 to reach $834.7 an ounce on the New York Mercantile Exchange yesterday, Friday, as prices retreated from 27 year highs, reported the AP. Analysts put the fall down to profit-booking after five straight days of gains. The yellow metal advanced a total of $26 last week as investors sought a safe haven as the dollar continued to weaken.
Precious metal prices soar
Precious metals soared on Wednesday, with gold near an all-time high, platinum setting a record and silver reaching its highest level in 27 years, reported Reuters. Silver hit an intraday high of $16.19 ounce, while platinum hit a record high of $1,484 an ounce. Gold hit a high of $845.50 an ounce, the highest since January 1980.
Dubai retailers add extra fees
Some small retailers in Dubai are charging customers an additional fee of up to 1.6% for using credit cards in violation of their agreement with the banks and card issuing companies, reported Emirates Today. The move comes after petrol stations introduced similar charges before banning the use of credit cards entirely. Shopowners say they cannot afford the fees charged by banks every time a customer uses a credit card to pay for goods because their profit margins are low.
Gold hits 28-year high
Gold rallied to its highest in nearly three decades on Tuesday, reaching an intraday high of $814.10 an ounce, reported Reuters. The price hike came after crude oil jumped more than a dollar on supply concerns, and dealers said worries in the U.S. credit market will also ignite safe-haven buying in coming days.
Futures investors need awareness
Individuals who invest in derivatives for commodities or currencies need to fully understand the potentials offered by such instruments, said speakers at a seminar held by the Emirates Securities and Commodities Authority (ESCA). The authority is working on drafting rules to introduce new instruments in the UAE markets. The Dubai Gold and Commodities Exchange is the only exchange in the Arab world for derivatives, reported Khaleej Times.
CBD signs insurance deal
The Commercial Bank of Dubai (CBD) has signed an agreement with the National General Insurance Company to provide insurance cover for all the home finance loans given by the bank. The move follows the launch last month of the CBD's Home Finance Programme, which provides competitive interest rates and low processing charges. The programme covers 90% of a property's value.
National Bonds, DIB deal
National Bonds, the UAE based savings scheme, and the Dubai Islamic Bank (DIB) have agreed a strategic partnership which will see the bonds made available to customers at DIB's 45 local branches. The expected launch date for the sale of National Bonds via the DIB is November 17. Following the tie-up, the bonds will now available at 265 outlets across the UAE.
Darkom gets recognition
Darkom has been officially recognised by the Central Bank of Jordan as the first and only qualified housing loan insurer in Jordan. The firm began operating in July and penned a deal in August with the Bindar Trading and Investment Company enabling Bindar's clients to receive affordable housing loans. Darkom has a paid-up capital of $14.2m and its Chairman is Dr. Fayez Tarawneh.
Gold breaks through $800
Gold prices smashed through the $800 an ounce barrier on Friday, the first time since 1980, thanks to record high oil prices and the ever weakening dollar, according to MarketWatch. Gold for December delivery advanced $14.8 to close on $808.5 an ounce on the New York Mercantile Exchange, with the yellow metal also setting an intraday high of $810.7. Experts are now watching to see if gold can penetrate $850.
Private equity event for investors
Private Equity World MENA will take place in Dubai from November 18th - 21st for the third consecutive year. Topics on the agenda will include how globalization is impacting the private equity market, insight into where the attractive investment opportunities are and the process of building a portfolio to access the global private equity opportunity.
UAE acts to curb price increases
The UAE's Higher Committee for Consumer Protection has rejected a request from certain companies to increase prices of basmati rice, cement and fast food items, reported WAM. The committe has also asked Oasis Water Company to minimise their price hike from 30% to within ten per cent following complaints by consumers.
ICICI launches new service
ICICI Bank, India's second largest Bank, has announced the launch of a money transfer service called 'Call and Remit' for its customers in Bahrain. Under this offering, customers of ICICI Bank Bahrain can transfer money to their families in India by calling up a toll free number, without visiting the branch.
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