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Barclaycard teams up with Du
As part of a first anniversary promotion applicants for a Barclaycard credit card will receive a complimentary Du sim card with inclusive talk time. The offer also include the waiver of the first three months fees for the talk plan.
Citibank sets up credit check
Independent credit information service Emcredit has signed a deal with Citibank in the UAE to provide credit checking and risk assessment facilities. Citibank is one of the largest issuers of credit cards in the UAE and will initially use the EmBounce service to assess customer's cheque honouring behaviour.
Visa launches Olympic Games promotion
Crédit Agricole Egypt has announced a new promotion in which three CAE Visa cardholders will win an all expenses paid trip for two to attend the 2008 Beijing Olympic Games in August. The exclusive CAE promotion will run from May 7th to June 21st. Customers who use any CAE Visa payment card for purchases or cash withdrawals are automatically entered into a draw for a chance to attend this summer's most awaited global sporting event.
Nexus launches Takaful savings plan
Financial adviser Nexus has announced the launch of a Unit-Linked Takaful and Savings Plan in the UAE, designed to provide investors with a Shariah-compliant opportunity to protect wealth for the future. The plan was developed in partnership with Dubai Islamic Insurance and Reinsurance Company and an international market leader in Takaful, FWU Group, according to a statement. The plans can be adapted for either regular or lump sum contributions.
Takaful House shares available to public
UAE-based Dar Takaful, a public joint stock company, has announced that shares of the company will be available for acquisition starting the 1st of July 2008. With a total of Dhs100m distributed over 100 million shares, and a nominal value of one Emirati Dirham per share, the company will offer 55 million shares for public acquisition, representing (55%) of the total capital for a nominal value of Dhs1 per share.
Dubai prices could climb
Consumers in Dubai could be faced with another spike in prices as transport companies consider a hike in the fees for their services following the recent increase in the diesel price in the emirate, reported Khaleej Times. If diesel prices were to jump, the prices of essential commodities could also go skyward, the daily noted.
Shuaa to delist
UAE-based Shuaa Capital has announced that it plans to stop trading its shares on the Kuwait Stock Exchange. In a statement posted on the Dubai Financial Market website the company said that shareholders would meet to vote on the issue on 10 June.
Aldar selects sukuk banks
Abu Dhabi's largest developer, Aldar Properties has hired eight banks to help it sell its first UAE Dirham Islamic bonds. Abu Dhabi Commercial Bank, Barclays Capital, Credit Suisse Group, Dubai Islamic Bank, First Gulf Bank, Lehman Brother Holdings, National Bank of Abu Dhabi and Noor Islamic Bank have all been selected. The banks will meet potential investors in Abu Dhabi, before moving on to Dubai, Bahrain and London.
Emirates NBD expands hours
Emirates NBD, the Dubai-based banking group, has announced extended banking hours at select branches. Following the introduction of extended hours at Emirates Bank branches, National Bank of Dubai branches at Mall of Emirates, Deira City Center, Dubai Festival City will now operate from 10 a.m. to 10 p.m., and NBD branches at Emirates Towers, Al Mizhar, and Muhaisnah will be operational from 8 a.m. to 8 p.m. throughout the week.
UAE private sector highest paid in Gulf
The UAE's private sector is the highest paid in the GCC and its salaries are increasing faster than in any other Gulf state, according to a study by Dubai-based Fursan Al Hayat Company. The study from June 2006 through June 2007 found that salary increases in the UAE's private sector climbed 14%, followed by Oman (12%), Qatar (10%), Bahrain (9%), Kuwait (9%) and Saudi Arabia (8%).
Gold prices hit one-month high
Gold rose to its highest level in almost a month on Tuesday as record-high oil prices fuelled fears of accelerating inflation, reported Reuters. Spot gold hit a high of $919.60 an ounce, its highest level since April 23, up from $905.00/$906.40 an ounce late in New York on Monday.
Investec unveils Mena fund
Investec Asset Management has launched its offshore Middle East and North Africa Fund. The fund seeks to offer offshore investors the opportunity to access the frontier markets of the Mena region. The fund aims to achieve long-term total returns through investment in equities of companies domiciled in the Mena region, or which derive a significant proportion of their earnings from these two regions. Investec's frontier markets investment team manages the fund.
ABK opens in shopping mall
Al Ahli Bank of Kuwait (ABK) has opened an express banking desk in the Avenues Mall in Kuwait. Open daily from 10am to 10pm, it offers core products, such as accounts and credit cards, as well as withdrawal facilities from the ATM. The company said setting up island banking within key locations was part of its customer strategy.
Gold price above $900
Gold prices have hit $905 an ounce on the New York exchange market, rising from $882 late last week. Rapidly rising oil prices, which reached $128 a barrel, have sparked a buying spree. Silver has also risen in price, reaching $17 an ounce. Earlier this year gold prices broke the $1,000 an ounce barrier before falling back again. Financial analysts believe gold could hit $2,500 an ounce within a few years.
Food prices to stay high for 2-3 years
High global food prices are likely to stay high for two to three years while the world replenishes food stocks, reported Reuters, citing a report by the US Council of Economic Advisors. Although prices are expected to remain, they are not predicted to rise at the same rate as they did last year, the report said.
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