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MasterCard and Grand Cinema offer prizes
MasterCard holders in the UAE can win prizes, including a trip to Hollywood, by using their card to purchase a ticket at Grand Cinemas this summer. MasterCard cardholders who purchase their tickets using the new online feature can double their chances to win.
UAE to India remittance soars
Bank of Baroda (BoB) has said that its foreign exchange remittances to India from BoB's UAE operations witnessed an almost threefold increase in 2007-2008, compared to the previous year, Gulf News has reported. The bank has requested the UAE Central Bank to allow the reopening of its branches in Fujairah and Umm Al Quwain that were closed in 1987, citing booming opportunities. The bank has now around 100,000 customers throughout the UAE.
UAE personal loans up 11%
According to a report from the UAE Central Bank, personal loans rose 11% in three months, reaching Dhs48.4bn during the first quarter of 2008 and up from Dhs43.5bn at the end of 2007, Gulf News has reported. The report recommends the lowering of personal loan ceilings, as some banks have been noted as giving loans worth up to 50 times salary amounts.
UAE millionaires up by 15%
The number of high net worth individuals in the UAE hiked by 15.3% last year to 79,000, The National has reported. One in 58 people in the UAE is a millionaire, representing a combined wealth of $91bn, according to Merrill Lynch in its annual World Wealth Report.
Kuwait raises salaries
The Kuwaiti parliament has passed a law to hike salaries of lower-paid workers for the second time in four months to help offset rising inflation in the country, reported AP. All workers earning less than the national average of 1,000 dinars ($3,750) a month will get a 50-dinar ($188) raise.
Pension plans on rise in Gulf
Pensions are an increasingly important feature of an employee's benefits package for expatriates living in the Gulf region, according to a new survey by Zurich International Life. The study, which questioned 700 expat professionals living in the UAE, found that 21% of firms in the UAE and Bahrain and 13% in Qatar include pensions as part of their overall package to employees.
Pak-Qatar launches Takaful for families in Pakistan
Pak-Qatar Family Takaful Limited has launched its first individual family Takaful products in Pakistan, starting with their Share & Care - Savings Takaful and ABC - Education Takaful plans. The plans, the first of their kind to be launched in Pakistan, are aimed at families who would like to save smaller amounts of money and accumulate them into large investments for particular future needs like buying a house or providing financial support in old age.
Citibank offers travel pass card
Citibank has launched a new Visa credit card which allows cardholders to earn points on card spend and redeem them for free tickets on various airlines operating in the UAE. The Citi Travel Pass cardholders are entitled to 2 free return flight vouchers to places such as India, Thailand, South Africa, Egypt, and Lebanon.
Mashreq uses CHIPS for wire fees
Mashreqbank is now using CHIPS, a real-time, large dollar payments system operated by The Clearing House Payments Company. The service offers streamlining operations for Mashreq's volume of wire transfer payments. It has features such as multilateral netting -- a patented process that maximizes the use of liquidity without daylight overdraft charges.
Citibank offers 'Ultimate' credit card
Citibank has unveiled in Bahrain its latest credit card facility, the Ultimate credit card, designed for lifestyle driven customers. The card offers two options, the Citibank Ultimate credit card, which earns CitiDollars and the co-branded Emirates-Citibank Ultimate credit card, which earns Skywards benefits.
Al Hathboor unveils staff pension scheme
Al Hathboor Group has implemented a staff pension scheme for 600 managers at the company. The scheme, which augments the state end-of-term gratuity system, means that qualifying Al Hathboor staff will receive a payment at the end of their service that has been properly funded and managed. HSBC is acting as adviser, trustee, custodian, administrator, record keeper, and fund manager of the scheme.
Gold group offers Dhs1.1m in prizes
The Dubai Gold and Jewellery Group, a sponsor of Dubai Summer Surprises, is offering shoppers a chance to win daily prizes of Dhs10,000 and nine weekly bumper prizes of Dhs50,000 in gold and jewellery vouchers during the summer festival. Shoppers must purchase Dhs300 worth of gold or other jewellery from any of the participating DGJG member outlets during the 65-day long DSS festival to be eligible for prizes. Over 300 DGJG jewellery outlets across Dubai are participating in this promotion.
New finance scheme for UAE nationals
Emirates NBD announced the launch of its special finance scheme for UAE nationals, which is designed to offer them finance amounts of up to Dhs2m ($545,000) to meet both their business and personal finance needs. The scheme is available to eligible UAE nationals with regular source of income and will offer them repayment periods of up to 156 months.
Visa card offers free talk time
Etisalat and Mashreq bank, in collaboration with Visa, have launched the region's first co-branded loyalty card which earns customers free talk time for every Dirham spent, according to a statement. Customers holding an Etisalat Mashreq credit card will earn Etisalat 'More' points for every Dirham spent on the card. Cardholders will earn additional points if they use the card to pay for Etisalat products and services.
HSBC offers 'FuturePerfect'
HSBC has launched a savings program for its Status account holders, called FuturePerfect. The plan offers flexibility in savings options for its customers who want to set aside a part of their income to children's education, marriage, buying a house or retirement. The plan is being offered in partnership with Zurich International Life.
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