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DailyFX Currency Update

NBK offers a multi asset investment opportunity
National Bank of Kuwait (NBK) announced the launch of NBK Frontier Multi-Asset Fund SPC. The Fund's launch will provide clients with an investment vehicle that allows investing in eight different asset classes within a single fund. Salah Al Fulaij, General Manager of the Investment Services and Treasury Group, stated that the Fund was established to provide NBK private banking clients with multi asset global diversification at low costs through investing in three distinct portfolios with different risk tolerances according to the needs of investors.
Kuwait: Thursday, December 27 - 2007 at 10:52

Hefty Kuwaiti pay hikes
Kuwaitis working in government ministries are to enjoy pay hikes ranging from 10% up to 50%, according to the Kuwait Times. The Gulf state's Civil Service Commission has completed a study alongside the World Bank and this will be submitted to the Cabinet in the next few weeks. Kuwait's inflation rate, which has now almost reached 7.4%, was a key factor in the salary increases.
Kuwait: Monday, December 24 - 2007 at 07:36 |

Dubai First credit card
Dubai First, in association with MasterCard Worldwide, has launched its Dubai First MasterCard credit card. The new card, which is offered in both 'classic' and 'gold', offers a cash back feature, with cardholders able to earn up to 4% for every purchase at retail locations in the UAE and abroad. The card also includes the 'Tap & Go' MasterCard PayPass feature, offering 'contactless' payments at selected locations on transactions below Dhs100.
United Arab Emirates: Sunday, December 23 - 2007 at 07:22 |

Gold at one week high
Gold hit a one week high yesterday, Friday, rising from its overnight position of $795.3 an ounce to peak at $812.2 before falling back a little to a shade over $811, reported Reuters. The yellow metal's ascent was helped by a weaker dollar and stronger oil prices as well as speculation that gold producer AngloGold Ashanti could partly close its hedge book.
US: Saturday, December 22 - 2007 at 07:56

Mortgage firm for Saudi
The Saudi Home Loans (SHL) Company, a new mortgage provider, has been established in Saudi Arabia. The firm's headquarters can be found on King Abdul Aziz Road in Riyadh but the SHL will operate out of branches of the Arab National Bank (ANB) for its first of operation before opening offices across the kingdom. The ANB has a 40% stake in the closed joint stock firm.
Saudi Arabia: Monday, December 17 - 2007 at 07:45 |

Kuwait may wipe loan debts
The Chairman of the Kuwaiti Banks' Union Abdulmajeed Al Shatti has said local lenders have held talks with the Central Bank of Kuwait regarding the issue of the government buying off consumer loans to help alleviate the debts of citizens, reported the KUNA. The matter was discussed earlier this month at the National Assembly where protests were staged by crowds of Kuwaiti citizens demanding government assistance.
Kuwait: Sunday, December 16 - 2007 at 07:43 |

Dollar pushes gold down
Spot gold hit a one week low yesterday, Friday, as the US dollar continued with a recent rally, reported Reuters. The yellow metal hit a low of $787.6 an ounce, its lowest since December 6, before rallying to $792.7. Analysts say rising consumer prices in the US should boost gold's appeal as a hedge but in the very near future its direction will be governed by the dollar's performance.
US: Saturday, December 15 - 2007 at 07:43 |

Emirates Post to be payment agent
As the deadline for the UAE Ministry of Labour's requirement of paying salaries of private companies through approved agencies draws near, several private companies have signed agreements with Emirates Post to have their employees' salaries distributed through post offices. The new rule is effective from January 1, 2008. Emirates Post has been appointed an approved agent for paying out private sector workers' salaries as part of the Ministry's efforts to curb malpractices, such as late payment or non-payment of salaries.
United Arab Emirates: Wednesday, December 12 - 2007 at 08:25 |