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Burgan Bank launches 'king size' offer
Kuwait's Burgan Bank has introduced its new Al Thuraya Salary Account that offers customers the opportunity to live life 'king-size', the company said. The Account entitles holders to enter two draws a year where they can emerge as the lucky recipients of an all-expenses paid lifestyle worth up to KD60,000 for a whole year. Holders are also entitled to 'Scratch and Win' coupons where they can win up to 500 grams of gold, as well as discounts and offers from merchant partners.
Gold prices jump 2%
Gold jumped more than 2% to a one-week high on Monday, as bullion buying gathered pace after oil climbed and the dollar pared gains. Gold rose as high as $927.70 an ounce and was quoted at $927.40/$928.30 at 1501 GMT, against $908.40/$909.20 late in New York on Friday. But the metal is still 10% below its record high hit on March 17.
Emirates NBD on loan spree
Emirates NBD announced its latest promotion for its personal loan customers, which offers the chance to 'Live for Free for 1 Year'. The promotion applies to customers wishing to top-up their loans or applying for a new personal loan from 6th April to 5th July, 2008. The promo will award 9 winners drawn daily to enjoy an expense free year with their annual house rent, utility bills, telecom bills, petrol expenses, groceries, cosmetics, and school being reimbursed.
Bonds for housewives
The UAE's National Bonds has launched a campaign empowering housewives to purchase National Bonds without any income requirements. A significant rise to 30% of bondholders among women has led National Bonds to initiate the campaign.
QNB loans for La Riviera
Qatar National Bank (QNB) has agreed to offer mortage loans for property buyers at La Riviera, First Qatar Real Estate Development Co.'s luxury homes at the Pearl-Qatar. QNB will finance up to 90% of the property value for both Qatari and resident expatriates, with loan tenors up to 30 years for Qatari nationals and up to 25 years for resident expatriates.
Consumers to be hit by rice export ban
Consumers in the UAE will need to further tighten their grocery budget as rice and pulses are expected to become more expensive in the next few weeks because of a ban on their exports by India and Pakistan, reported Gulf News. The possible price hike will have a major impact on the monthly budget of average consumers living in the country, analysts say.
Etisalat to offer money transfer to India
Etisalat will soon be giving UAE-based Indians the opportunity to send money home through a short message service (SMS) on their mobile phones. Customers who wish to use the Mobile Money Transfer service will be given a mobile wallet (mWallet) that can be loaded by transferring money from their accounts in partner banks. The same service will be extended by the end of this year to UAE expatriates who send remittances to the Philippines, Egypt and Pakistan. Etisalat is offering the service in partnership with Mashreq Bank, Tata Communications, and Idea Cellular.
Jadwa launches new funds
Saudi-based Jadwa Investments has launched three new Shariah compliant funds with dynamic asset allocation strategies. The Fund of Funds investment approach provides diversification of asset classes, markets, risks and managers. The assets of FOF can be spread into a diverse range of funds investing in equities, real estate, private equity, Sukuk and Murabaha.
Global remittance hits $318bn
The World Bank said global remittances hiked 7% in 2007 to reach $318bn, cited Gulf News. Top recipient countries include India with $27bn, China at $25.7bn, Mexico by $25bn, the Philippines with $17bn, and France at $12.5bn. The main source of remittances are led by the US with $42bn in recorded outward flows in 2006 while Saudi Arabia ranks as the second largest with $15.6bn.
BDO Jawad covers 1% tax
BDO Jawad Habib has borne the cost of a 1% salary tax for its employees. The tax being deducted from employees is part of Bahrain Government's campaign to fund a national unemployment programme. BDO Jawad Habib is a management consultancy firm in Bahrain, and a member of tax auditing firm BDO International.
UAE to centralise Zakat Fund
Beginning next year, the UAE's Zakat Fund has said local Islamic banks and companies will have to pay 2.5% of their net operating capital to the fund, reported Gulf News. Zakat Fund collects zakat (alms) from Muslims as a percentage of their wealth. According to a fund official, about 8 Islamic banks and 13 Islamic finance and insurance companies will have to pay their zakat. Bylaws will be amended to make it obligatory for these companies to submit audited accounts and pay the required share.
GCC locals getting richer quick
Rich Arabs living in the Gulf states will boost their assets by 81% to $3.8 trillion by 2012, according to Marsh & McLennan research reported in Bloomberg. Those with assets worth more than $1m are expected to see their collective investments grow from $2.1 trillion today, it said.
Dubai gold may reduce import
Due to sharp fluctuations in gold prices, Dubai might import less gold this year as price volatility will weaken consumer demand for jewellery, according to the World Gold Council, cited by Gulf News. In 2006, Dubai Multi-Commodities Centre noted 559 tonnes of imported gold, while exports touched 287 tonnes.
IMF warns GCC inflation to hit 7%
The International Monetary Fund (IMF) warns that inflation rate in the Gulf Cooperation Council states is set to rise to about 7%, cited news reports. The IMF's earlier forecast on overall inflation in the GCC countries to be 6% in 2008. IMF said housing costs contributed to about 67% of inflation in Qatar and dominated inflation factors in the UAE.
Gold in volatile mood
After surging over $1000 recently, gold has shown volatility, plummeting back towards $900, and is being considered as a portfolio diversifier more than ever, reported Gulf News. Meanwhile, analysts say gold buying on a retail level has dramatically reduced, typically in the Middle East and on the Indian subcontinent markets. However, local jewelers claim buyers have not dipped as ordinary consumers consider buying gold items as a form of investment.
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