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UAE remittances to Philippines surge 10.5%
The UAE led Saudi Arabia and Kuwait in the growth of remittances sent by Filipino workers in the Middle East through the banking system for the first five months of the year, reported Khaleej Times. Remittances by the 450,000 overseas Filipino workers in the UAE grew 10.5% to Dhs928.9m ($252.9m) for the five-month period from Dhs840.41 a year earlier, based on a report by the Bangko Sentral ng Pilipinas. Saudi Arabia remains the biggest source of remittances in the Middle East while money sent from Kuwait dropped year-on-year from January to May.
AUB launches platinum credit card
Bahrain-based Ahli United Bank has launched its new platinum credit card which gives card holders access to over 500 VIP lounges across the world whilst also enjoying significant discounts at major international hotel chains and car rental companies. The card also offers free comprehensive travel insurance, personal liability cover of up to $1m and medical insurance cover of up to $250,000.
Gold hits four-month high
Gold rose to a four-month high above $970 an ounce on Monday amid lingering fears of financial market instability and rising inflation. Spot gold climbed $970.70 an ounce - the highest since March 19 - before easing to $968.15/$969.150 an ounce at 1509GMT from $963.00/965.00 late in New York on Friday.
FGB card offers trip to Makkah
First Gulf Bank (FGB) has launched an Islamic unsecured credit card which offers a trip for two to the Holy City of Makkah in the last 10 days of Ramadan. Customers who apply for a Makkah Credit Card from now until 20 August are eligible to win the trip. The card uses Shariah-compliant payment methods.
Abu Dhabi sets up consumer index
The Department of Planning and Economy in Abu Dhabi has launched an index to monitor price trends of essential commodities, Gulf News has reported. The index will contain commodity prices at major stores in Abu Dhabi and will be initially published monthly. Items such as bread and cereals, beef and poultry products, fish, milk, cooking oil, vegetables, sugar, tea, coffee and other beverages top Abu Dhabi families' shopping lists.
Gold rallies to four-month high
Gold has rallied more than 2% to a four-month high on Friday as the dollar weakens again against the euro and markets fell on renewed fears over the scope of the credit crisis, Reuters has reported. Spot gold was at $962.60/963.60 an ounce on Friday, up from $944.10/945.30 on Thursday.
Mortgage lending soars in UAE
Mortgage lending in the UAE nearly doubled in 2007 amid a building boom, reported Reuters. The UAE's central bank said total home loans at the end of December were worth Dhs58.86bn ($16.02bn) compared with Dhs31.02bn a year earlier.
New Shariah-compliant money market fund
Tharwa Investment Company, a closed Kuwaiti shareholding company, has launched a new Shariah-compliant money market fund. The Tharwa Islamic Money Market Fund provides liquidity and current income to investors so they can meet short term and medium term cash flow requirements, while aiming to maintain capital stability by investing in instruments that comply with Islamic Shariah rules and regulations in Kuwait, the company said.
Gold demand to rise
Gold demand in the first quarter of 2008 fell from year-earlier levels by 19% in the UAE, 25% in Saudi Arabia and 30% in other Gulf countries, according to a report by the World Gold Council. Despite the decrease, gold's 'safe haven and hedging characteristics have been a major attraction to investors', the report said. Consumers are now 'less sensitive' to the volatile gold price, the report said, adding that that demand would be 'more buoyant' in the second half of 2008.
Western Union's new agency in Oman
Western Union has signed Modern Exchange as its new partner agent in Oman, and will be offered across all their 9 branch offices. Western Union has 100 network locations in Oman.
Emirates NBD offers credit installment
Emirates NBD has launched a credit card which allows Emirates Bank cardholders to convert any retail purchases over Dhs1000 into an installment plan and settle in monthly installments. The Credit Card Installment Plan has an interest rate 0.80% per month.
Al Rajhi offers Visa Platinum Debit card
Al Rajhi Bank has launched a Visa Platinum Debit card for its customers, which offers leisure and travel perks under the Visa Platinum Privileges program. Al Rajhi Visa Platinum cardholders will also have access to the Visa Platinum Club, Visa Platinum Golf, Platinum Events, and Unique Travel programs.
Saif Belhasa opens exchange house
Saif Belhasa Group in the UAE has entered the money exchange business, recently opening the Belhasa Global Exchange's first branch in Al Qusais. The branch offers remittance to all banks in India, issue of Indian Rupee drafts drawn on State Bank of Travancore, and remittances through Western Union and Xpress Money anywhere in the world.
Consumer spending in UAE soars
Consumer spending in the UAE jumped 17.7% to Dhs319.87bn ($87bn) in 2007 -- more than double its level five years earlier, according to the Abu Dhabi Department of Planning and Economy. Per-capita spending in the country is about $27 a day, some eight times higher than average daily spending in the rest of the Arab world, the department said.
Insurance for low-income UAE expats
Expatriates in the UAE earning Dhs5,000 ($1,362) per week or less will now be eligible to enroll in the country's basic health insurance plan due to high inflation, reported Gulf News. As of June 1 more than 700,000 expatriates with a salary of Dhs4,000 or less were enrolled in the plan.
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