2007
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Instant Cash promotion
Instant Cash, a division of the Wall Street Exchange and a subsidiary of the Emirates Post, is running a Ramadan promotion. Customers will receive a 'Postcard Millionaire' pack, containing a ticket giving them a chance to win a weekly prize of Dhs100,000 and a sum of Dhs200,000 every three months, when they send a remittance outside of the UAE. Instant Cash has over 14,000 locations around the globe.
Oman tops salary poll
Private sector salaries in the GCC increased at an average rate of 9% over the past year, according to figures released by GulfTalent.com. Oman saw the biggest increases with an average pay rise of 11%, while the UAE and Qatar weren't far behind with private sector employees receiving hikes of 10.7% and 10.6% respectively. Saudi Arabia came last with average pay increases of 7.7% - up from 6.5% last year.
HSBC opens UAE brokerage
The HSBC is to establish a brokerage company that will trade on the Abu Dhabi Securities Market and the Dubai Financial Market. The company, to be called HSBC Middle East Securities, will offer UAE domestic market brokerage services to both institutional and retail investors. The company is expected to begin trading for institutions by the end of 2007 and to offer retail brokerage services in 2008.
First Gulf offers First Wealth
Abu Dhabi's First Gulf Bank has launched its wealth management services called First Wealth. The new service will offer high net worth individuals, both expatriate and local, a selection of around 3,600 investment and insurance products across asset classes. Relationship managers will oversee the management of investment portfolios.
Gulf Insurance, positive rating
Standard and Poor's Ratings Services has revised its outlook on Kuwait's Gulf Insurance Company, the parent company and a core operating entity of the composite insurer the Gulf Insurance Group, from stable to positive. The outlook revision is due to a substantial reduction in Gulf Insurance's risk profile following the sale of its largest equity holding. Standard and Poor's also expects Gulf Insurance to strengthen its enterprise risk management.
Gold hits new 27 year high
Gold prices hit the $750 an ounce level in New York yesterday, as investors sought a safe haven away from the weakening dollar and with oil trading well over $80 a barrel, reported the AP. The yellow metal ended the quarter 15% higher, while silver also advanced 13% over the past three months. Gold prices have not been this high since January 1980 when they touched $850 an ounce.
Jordanians are big spenders
A survey by Jordan's Department of Statistics has revealed that Jordanian households spend more money they earn, mostly on nonfood items, reported the Jordan Times. In 2006, the annual average expenditure of each Jordanian family was JD7,550, while the annual household average income was just JD6,220. The study added that 64% of Jordanian household expenditures in 2006 were on nonfood items.
Doha Bank offers BNP's mutual fund
Doha Bank has signed up with Sundaram BNP Paribas Assets Management Company Ltd to distribute mutual fund in Qatar. This tie up would be facilitated and serviced through the International Relations Centre of Doha Bank.
Christie's to go online in UAE
A new website being launched in the UAE by the auction house Christie's will allow people in the emirate to make bids online during live public sales for the first time, reported Emirates Today. Bidding on modern and contemporary art using the new website, Christie's Online, will begin for people in the UAE at 6.30pm on October 31 and on contemporary jewellery and watches the following day at 6.30pm.
NBD ups Internet security
The National Bank of Dubai (NBD) has introduced triple factor dynamic authentication on its Internet banking services. The additional layer of security requires both personal and commercial customers to input an authentication code when transferring funds via NBD Online. The code is transmitted via a token device given to customers, while personal account holders can also receive it via SMS.
MasterCard offers Hummers
MasterCard has launched a 'Win a Hummer' promotion which will continue until October 20. MasterCard customers who use their cards to spend more than Dhs100 at either Choitram or Geant supermarkets will be handed scratch cards, offering them the chance to win shopping vouchers worth up to Dhs100. Customers can then fill in their details on the scratch card to enter a draw to win one of two free Hummer H3s.
Saudi insurance to grow
Saudi Arabia's insurance sector is set to undergo significant growth in the next ten years due to legislation making health insurance for expatriate workers mandatory, reported Arab News. Mohammed Abbas Abdul Jaleel, the Assistant GM of the Allied Co-operative Insurance Group, said Saudi's insurance market will be worth around $8bn by 2017, up from the present level of $1.9bn. 24 new firms are expected to enter the insurance sector.
UAE expats face squeeze
Expatriate workers in the UAE are being hit by inflation rates of around 9.3% and currency depreciation, reported Gulf News. The Indian rupee has risen more than 14% against the dirham since the start of the year, while the UAE's dollar pegged currency has fallen 17% against the euro over the past 18 months. Expats have seen both their savings potential decline and their day-to-day cost of living spiral.
DGCX holds seminars
The Dubai Gold and Commodities Exchange (DGCX) has recently conducted two educational seminars in Abu Dhabi and Dubai. The seminars sought to familiarise current and future investors regarding the intricacies of electronic commodities derivatives markets. Participants were briefed on all aspects of commodities and currencies futures, including portfolio diversification and its role in risk management; reference material was also handed out to help guide investors in trading and settlement.
Riyal at 21 year high
Saudi Arabia's riyal hit a 21 year high against the US dollar on Thursday, as speculation it might ditch its peg to the greenback led to heavy buying, reported Reuters. A total of 3.74 riyals to the dollar was the highest level since December 1986 according to Reuters data. Analysts say if the 3.74 mark is breached then the kingdom's central bank will have allowed a revaluation of the riyal.
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