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DailyFX Currency Update

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.
United Arab Emirates: Tuesday, March 11 - 2008 at 13:04

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.
Saudi Arabia: Monday, March 10 - 2008 at 08:51

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.
United Arab Emirates: Sunday, March 09 - 2008 at 09:50

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.
United Arab Emirates: Saturday, March 08 - 2008 at 13:25

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.
Thursday, March 06 - 2008 at 08:31 |

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.
United Arab Emirates: Wednesday, March 05 - 2008 at 12:08

UAE food price inflation may hit 40%
The inflation rate of food prices in the UAE could rise up to 40% this year, reported Gulf News. Dr Jamal Al Saeidi, director of the Emirates Consumer Protection Society, said food price inflation the UAE was between 27 and 30% in 2007, but could rise to 40% in 2008, unless the government takes strong measures. He also called for increased government subsidies on fuel.
United Arab Emirates: Wednesday, March 05 - 2008 at 06:49

GCC investors eye UK
UK investment opportunities are attracting increased interest from the Middle East according to Grant Bovey, CEO of Imagine Homes, a Dubai-based firm specializing in UK property investment. 'Many GCC residents and expatriates are looking for guaranteed, long term investment footholds that markets like the UK provide,' said Bovey. 'As a result, we've had an incredible response at Abu Dhabi and at the International Property Show last week in Dubai.'
Tuesday, March 04 - 2008 at 08:47