2007
- The news you choose »
- Login to Add to Watchlist
Gold at $762 an ounce
It was a volatile day in the gold sector as spiking crude oil prices helped drive the yellow metal up to $772 an ounce in early trading but profit booking eroded the gains, reported Reuters. December gold closed the day 20 cents lower at $762 an ounce but analysts see the market as stable.
Al Abbas, CBD Lynx finance
The Al Abbas Group and the Commercial Bank of Dubai (CBD) have signed an agreement offering home finance packages for purchasers at the Lynx project located within Dubai Silicon Oasis. Lynx offers office space and apartments, comprising studio, one, two and three bedroom units. The development should be completed by December 2008.
Gold nears 28 year high
Gold rose steeply yesterday, Monday, on the back of a dwindling dollar and spiking oil prices as investors sought the traditional safe haven of the yellow metal, reported the AP. December gold rose $8.4 to hit $762.2 an ounce on the New York Mercantile Exchange. The figure represents the highest closing point for a front month contract in almost 28 years.
Pak-Qatar appointments made
Sheikh Ali bin Abdullah Al Thani and Izzat Rashid have been elected as the Chairman and Vice Chairman respectively for both Pak-Qatar Family Takaful and Pak-Qatar General Takaful, which will be based in Karachi. Both firms have already started operating following the receipt of their licences in August. The Qatar International Islamic Bank and the Qatar Islamic Insurance Company are the insurance firms' main backers.
Video surveillance on the rise
The head of a Swedish network video firm said video surveillance in shopping stores and other industries is on the rise in the Middle East as consumers are now more accepting of technology that ensures security in daily activities, reported Khaleej Times. Ray Mauritsson, president and CEO of Axis Communications, said said the penetration rate for network cameras in the region will exceed 50% by 2011 as 'acceptance for surveillance is growing.'
Meat prices soar ahead of Eid
Consumers in dubai can expect meat prices to more than double in the next few days as livestock prices have shot up ahead of Eid Al Fitr, reported Emirates Today. Thousands of cows, sheep and goats are being sold every day at the live animal market in Dubai and sales traditionally spike before the holiday, when families buy animals for feasts. Traders said the hike is common ahead of the holiday rush.
Cash rewards for home buyers
Scandinavia's largest real estate company in Dubai, Scandia Real Estate Broker, and Vice Versa International, the management company behind the Vice Versa card, have teamed up to provide a card that allows home buyers to make money when they purchase their new home. Under the terms of the offer, customers who buy an apartment or villa from one of Scandia's chosen developers will immediately receive Dhs7,500 on their Vice Versa card.
Egypt to reduce property tax
Egypt's Finance Minister Youssef Boutros Ghali said the government plans to reduce property tax to 8% of annual rental value from 46%, reported Arabic daily Al Sharq Al Awsat. Ghali said the ministry will present this new law along with other new tax laws for discussion in the parliamentary session that will start on November 7.
NBAD SMS money transfer
The National Bank of Abu Dhabi (NBAD) has launched an SMS money transfer service. Customers need to call the bank, enter the beneficiary's mobile number, the amount to be transferred and the account to be debited. The NBAD will then SMS the recipient notifying them of the transfer and providing them with a temporary pin number to access any ATM to collect the payment.
UAE Bangladeshi remittances up
Remittances sent home by Bangladeshi workers resident in the UAE reached $804.8m in the last fiscal year which ended in July, according to Gulf News citing statistics from the Bangladesh Bank. The figure is a 57% increase on the previous year when $512.6m was remitted. The sum represents 7.4% of all remittances sent to Bangladesh in the last tax year, which totalled almost $6bn.
Dubai gold scrap spike
Moaz Barakat, the Managing Director of the World Gold Council (WGC) for the Middle East, Turkey and Pakistan, has said Dubai has seen an increase in the sale of gold scrap in recent weeks, reported Reuters. The spike in scrap sales has coincided with spot gold prices hitting a 27 year high recently, with the yellow metal trading at $747.2 an ounce late last week.
Gold at $747.2 an ounce
Gold prices rose yesterday, Friday, as the dollar continued to endure a mixed performance against other currencies due to inflation concerns, reported the AP. Gold was consequently seen as a haven and December gold rose $3.4 to close on $747.2 an ounce on the New York Stock Exchange. The yellow metal declined 0.4% over the course of the week.
Islamic bank opens in Dubai
Badr Al-Islami Finance, a subsidiary of Mashreq, has launched its first branch in Dubai which will offer customers a full range of products in accordance with Islamic Shari'a principles. The bank, located in the Al Masood Building on Dubai Airport Road, will be open from Saturday to Thursday from 8am until 4pm and will be operated by experts in Islamic financial services.
Amlak to provide mortgages
Amlak Finance, which complies with Islam's ban on receiving interest, has agreed to provide loans for investors buying properties in two projects built by Dubai-based Cayan Investment and Development, reported Reuters. Amlak's mortgages would cover up to 90% of the value of properties in Silverene Towers and Cayan Business Centre.
Visa to launch contactless cards
Visa plans to launch contactless credit cards in the UAE by the end of this year, reported Money magazine. The cards, which are being made available on a pilot basis, are already widely used in the US, Europe, and Asia. The card's radio frequency identification technology allows users to pay without a signature, pin number or direct contact with a reader.
It looks like you are using a Mac - check out our 
Web Feeds