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Saudis, expats, voice inflation concerns
With prices of essential commodities and house rents increasing by 30 to 50% in Saudi Arabia, locals and expatriates are calling for government intervention to curb the unprecedented phenomenon and for increasing their salaries to cope with the situation, reported Arab News. Dr. Abdul Ilah Saaty of King Abdul Aziz University said the country needs to implement a monitoring regime that keeps a close eye on inflation.
Willis enters Saudi market
Willis Group Holdings has been awarded the license to operate in Saudi Arabia by the Saudi Arabian Monetary Agency under the provisions of the Insurance Law of 2004. The company will operate under Willis Saudi Arabia.
Prices stabilise in UAE
The latest consumer price index released by the UAE Ministry of Economy has shown stability in prices of many basic items, reported Gulf News. Earlier this month, the ministry set a ceiling on the maximum price retailers could charge for some food prices. Also this month, the ministry signed an MOU with Union Cooperative Society (UCS), by which the 2007 prices of some basic food products such as oil, rice, flour, eggs, sugar, powdered milk, tea, meat, chicken, fish and bread would be kept unchanged throughout 2008.
Oman plans welfare scheme for elderly
Oman is drafting long-term strategy that seeks to support the elderly and their families in maintaining an independent lifestyle in familiar surroundings, reported Khaleej Times. It is estimated that people aged 65 and above currently account for 3.5 per cent of the country's indigenous population of nearly two million. The figure is expected to reach 10 per cent by 2025 and 20 per cent by 2050.
Gold price hits new record
Gold soared to a new record high of $1030 during trading before closing at $1,022, still well above the $1,000 high it hit last week. The surge has been caused by the continuing weakness of the dollar The price of oil of expected to continue trading at over $100 a barrel this week, having hit a high of $111.
Baroda bank offers mortgage
BSEL Infrastructure Realty has made a tie up with Bank of Baroda to offer mortgage finance to property buyers for its seven residential towers at Ajman's Emirates City. Under the scheme, Bank of Baroda will offer 70% of the value of the property up to a maximum tenure of 15 years, with rate of interest starting from 8.50%.
Gold moves up $1,000
Gold has moved further up, reaching above $1,000 per ouncem while the euro hit fresh highs against the dollar yesterday, reported news agencies. Analysts say gold got support from sliding dollar and soaring oil prices as the precious metal is regarded as a safe store of value in times of economic uncertainty and rising inflation.
Gold climbs to $980
Gold gained nearly one per cent on Wednesday as the dollar continued to struggle and oil prices remained firm. The metal rose to $980.30/$981.00 an ounce by 1408 GMT from $971.00/$971.80 late in New York on Tuesday, when it fell to a low of $964.35 on a dollar rally, reported Reuters.
UAE may subsidize nationals
The UAE cabinet is studying a plan to give its citizens discounts on food items, gasoline and cooking fuel to help offset inflation, reported Reuters. The plan would benefit only UAE nationals, who comprise only about a fifth of the 4.5 million people living in the Emirates. Jamal Al-Saeedi, executive manager of the Emirates Society for Consumer Protection, said the plan would allow UAE nationals to buy rice, bread, tea, sugar, milk, butter and other basic food items at cost.
Dubai First launches 'quick cash'
Dubai First, the first consumer finance company from Dubai Group, a member of Dubai Holding, has launched a new programme - Quick Cash - for meeting credit needs. Designed for credit-hungry consumers, the programme employs a mechanism where post-dated cheques are used rather than salary transfers, thus saving significant time for the customer through a quicker delivery process.
Saudi Re launches in Riyadh
A new insurance company Saudi Reinsurance Company (Saudi Re) was launched in Riyadh, reported Arab News. Saudi Re has a SR11bn capital divided into 100 million shares. Saudi Re benefits from the new regulations, which have liberalized the market and opened it to regional and international players.
MRP not good on goods- retailers
Retailers warned that the price ceiling set by the UAE Government to control the prices of essential goods could seriously affect the supply and quality of goods in the market, reported Gulf News. The Ministry of Economy earlier issued a circular to retailers on Maximum Retail Price (MRP) on essential goods.
Superfund offers gold funds
Superfund has launched in the Middle East, the Superfund Gold Funds, as the first providers of gold-based managed futures funds. These funds combine the universal safe-haven investment (gold) with the Superfund managed futures trading strategy in one single product.
Gold gold prices could double, experts say
With the price of gold near $1,000-per-ounce barrier, experts predict it could reach higher records and even double this year, reported Reuters. Jay Taylor, who produces an investor newsletter, Gold & Technology Stocks, said gold could spike to $1,500 this year. Peter Spina, who runs goldseek.com, a gold investor web site, said prices in the $1,500-$2,000 range in the next 12 months is 'definitely possible'. On Wednesday, gold rose to a record high $995.20 an ounce in the April futures contract.
Gang steals ATM data in UAE
The UAE Central Bank has announced that the ATM card details of potentially thousands of UAE residents have been stolen by a gang of fraudsters who hacked into a bank's ATM machine, reported the Peninsula. The central bank has provided lenders with a list of ATM cards used on the machine and advised all banks to block the affected cards immediately and either replace them or have users change their pin number. The bank has also advised lenders to check all their ATMs to make sure they had not been tampered with and there were no traces of an electronic reader, commonly known as a skimming machines.
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