2007
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Gold touches 27 year high
Gold prices hit their highest level since 1980 yesterday, Friday, before profit-booking forced a retreat, reported Reuters. Spot gold was at $732.5 an ounce late on Friday in New York after having reached $739 in Europe earlier in the day. The run on the gold price has stoked inflation fears, especially in the US.
DIB offers Ramadan promotion
Dubai Islamic Bank's new Al Islami Auto Finance Ramadan promotion during the month of Ramadan provides attractive rates for new car buyers. The promotion offers profit rates starting from 3.99%, financing up to 72 months, first payment after 60 days and an attractive insurance and service contract. The promotion witnessed a very high demand since its launch at all DIB branches across the UAE.
KSA allows multiple-entry visas
Saudi Arabia's government has authorized its embassies abroad and other immigration authorities to issue multiple-entry visas valid for 12 months to foreign businessmen, reported Arab News. The multiple-entry visa means that business travelers to the Kingdom will no longer need to go through the process of getting a letter, authorized by the local chamber of commerce, each time they need to come to Saudi Arabia.
NBD launches offset home loans
National Bank of Dubai has announced the launch of NBD Offset Home Loans, the first offset mortgage product in the UAE. The key feature of the loan is that the mortgage balance is offset by the credit balance in the current account, thus saving the customer interest and facilitating earlier repayment of the loan without being subjected to early repayment charges. The customer also enjoys the freedom of using a high interest bearing current account, and the flexibility of being able to use an ATM card and a cheque book to deposit and withdraw funds at any time.
Gulf Bank sets evening hours
Gulf Bank in Kuwait is offering special night times hours for Ramadan. A total of 34 of Gulf Bank's 40 branches will open between the hours of 10am and 1.30pm and again in the evenings from 8pm to 10pm throughout the holy month. Gulf Bank was the first bank in Kuwait to open at night during Ramadan.
New fund from Schroders
Schroders has launched a new fund, the Schroder ISF Middle East. The fund will invest in a portfolio of between 30 and 70 Middle Eastern companies, including some in emerging Mediterranean markets, and it will aim to outperform a customised Greater Middle East (GME) benchmark by 2% per annum over a rolling three year period.
CBD Ramadan offer
The Commercial Bank of Dubai (CBD) has launched a promotion for its credit and debit card holders throughout Ramadan. The 'Shop for free this Ramadan' offer will enable five winners to win back the value of their shopping at the end of the promotion period up to a maximum amount of Dhs10,000. The CBD offers a selection of credit cards including the World MasterCard, Visa Infinite and Visa Gold.
New NBD branch in AD
The National Bank of Dubai (NBD) has opened its third branch in Abu Dhabi, with the new office located in the Al Musaffah industrial area. The branch, which will offer round-the-clock ATM access, will open from 8am to 2pm, from Sunday to Thursday, and will provide both retail and corporate banking services. The NBD has a network of well over 40 branches in the UAE.
SABB opens Riyadh centre
Saudi Arabia's SABB Bank has opened its first SABB Premier Centre in Riyadh, with two further centres set to open in Jeddah and Dammam in the next three months. The service has been devised by SABB's associate, the HSBC, and is aimed at offering high net worth customers easier global banking facilities. The Premier Centre in Riyadh is located at SABBs branch in North Olaya.
Gold well above $700
Gold trading was volatile yesterday, Friday, as safe haven buying pushed spot gold up to a new 16 month high at $717, before it later fell back to $707.4, slightly down on its Thursday close in New York, reported Reuters. Analysts pointed to profit-taking on the back of weak gold mining stocks and suggested the market had become over-stretched in recent days.
NBAD plans mobile payment service
National Bank of Abu Dhabi is teaming up with LUUP, the leading mobile payment service provider in Europe and the Middle East, to permit secure money transfers and payments worldwide, reported Gulf News. Under the plan, registered users in the UAE will be able to use their mobile phones to make secure payments and money transfers to any bank, merchant, government service, or person-to-person across the world. The plan will be rolled out in phases over a six month period.
Free banking services via mobile
Abu Dhabi Islamic Bank has announced the launch of its new mobile banking service '123 Mobile Banking' in partnership with Etisalat, the UAE's leading mobile operator. The new service enables ADIB customers to perform banking services from their mobile phones free of charge by dialing *123# from any Etisalat mobile. ABID is the first bank in the UAE to use this technology.
New CBD mortgage loan offer
Commercial Bank of Dubai has launched a mortgage loan solution that will make home buying more affordable. The product includes loans of up to Dhs10m, highly competitive pricing, one of the lowest loan processing fees in the market, a six-month payment holiday option for completed properties, and a repayment period of up to 25 years. The program is being launched in Dubai but will be extended across other emirates.
Gulf Bank Ramadan hours
Kuwait's Gulf Bank has revealed special opening hours for the month of Ramadan, with branches opening late into the evening. A total 34 of Gulf Bank's 40 branches will open between the hours of 10am and 1.30pm and again in the evenings from 8pm to 10pm. But the KOC, Ministries Complex, Mina Al Zour, Shuwaikh Port, Shuaiba, Sabhan and Sulaibiyah branches will open from 10am to 2pm only.
Eurex offers online trading
Eurex, the derivatives exchange unit of Deutsche Boerse, is to move into the Middle East region by rolling out four new firms including a brokerage in Dubai, reported Gulf News. The new brokerage will enable UAE based investors to carry out online trading in Eurex's portfolio of derivatives. Eurex has already obtained regulatory approval from the Emirates Securities and Commodities Authority (Esca) and the Dubai Financial Services Authority (DFSA).
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