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CBB offers info on bank charges
The Central Bank of Bahrain (CBB) has launched a campaign that disseminates information related to fees charged for various consumer-related banking services by retail banks. The Banking Services Charges schedule will update information on a regular basis and will include schedule of fees charged by individual banks, as well as interest rates applicable for consumer loans. The information is now available to the public on the CBB website.
Consumers still confident in Saudi
according to the findings of the MasterCard Worldwide Index of Consumer Confidence survey for the second half of 2008, consumer confidence in Saudi Arabia is still strong despite a slight decline in optimism, reported Khaleej Times. The results noted consumers remain optimistic on employment, economy, regular income and quality of life while confidence in the stock market has dropped from high optimism.
New card offers worldwide airport lounge access
Gulf Bank has launched a new benefit on its credit cards whereby cardholders can get complimentary unlimited access to business lounges worldwide. The airport lounge access on Gulf Bank credit cards allows every credit card holder entry for up to two people, the cardholder and a guest, simply by presenting the card at the entrance of the lounge, according to a statement. The newly introduced Airport Lounge Access feature is available on all Gulf Bank MasterCard and Visa Credit Cards.
ADCB-Lulu MasterCard launched
Abu Dhabi Commercial Bank and retail chain-EMKE Group together with MasterCard Worldwide have launched the ADCB Lulu MasterCard credit card, which offers a wide range of savings and rewards on every purchase. Cardholders receive 1.5 LuluPoints for every Dh1 spent at Lulu, Emirates General Markets and Al Falah Plaza outlets in the UAE, and 1 LuluPoint for every Dh1 spent elsewhere.
Bank gives away mobile phone a day
ABN AMRO bank has launched an ATM promotion giving customers in the UAE a chance to win a Motorola L6 mobile phone every day in June and July. Every cash withdrawal ABN AMRO cardholders make each day automatically qualifies for the daily prize draw to win a phone. The bank has 50 ATM locations across Dubai, Sharjah and Abu Dhabi and plans to add additional machines in the coming months.
CBI offers weekly prize draw
Dubai-based Commercial Bank International has announced the launch of Mabrook, a low entry product to encourage savings, reported Gulf News. Mohammad Dahi, product development manager for CBI, said the Mabrook account will have a low entry amount, Dhs100 ($27), and customers are automatically entered into a raffle with the chance to win Dhs10,000 each week. Other features of the scheme include free accidental life insurance, free debit card, a 0.5% interest per annum, and no minimum balance.
Dubai Bank opens JBR branch
Dubai Group subsidiary Dubai Bank has opened a new branch in the emirate's Jumeirah Beach Residences development. The opening brings the total number of branches operated by the bank to 16 and will offer access to the finance house's range of Shariah-compliant services.
Reef offers BFB financing
Bin Faqeeh Real Estate Investment Company, the group behind Bahrain's BFB Tower project, has signed a MoU with Reef - Real Estate Financing Company to offer potential investors access to financing. The offer is open to Bahraini nationals or expatriates who are resident in the GCC. Funding if available over a 25 year period.
EmCredit to be notified of defaulters
The Dubai Public Prosecution has signed an agreement with credit checking company EmCredit to share data on judged cases involving individuals and businesses who have defaulted on cheques. The information will be used by lenders to assess the risks associated with potential borrowers.
Ahli opens ATM network
Ahli Bank-Oman has opened a network of ATMs across the Sultanate. The machines are currently operational in seven branch locations including Wattaya, Sur, Sohar, Nizwa, Seeb, Salalah and Ibri. A further 13 machines are scheduled to become operational by the end of the year.
Aldar closes $1bn sukuk
Abu Dhabi-based Aldar Properties has announced the closure of its Al Ijara sukuk, having reached its price benchmark of Dh3.75bn ($1bn). The company, which has been given ratings of A3 by Moody's and A- by S&P, said that it had good responses from both domestic and international investors.
Time to diversify, experts say
Analysts and wealth managers are increasingly worried that high concentrations of real estate assets in portfolios and unrealistic valuations could backfire on regional investors, reported Gulf News. Analysts believe that Gulf investors who traditionally favoured US Treasuries and western stocks are blinded by the high real estate returns and are ignoring huge diversification opportunities that are available within the region.
Investors boost Gulf markets
Markets are riding a rising wave across the Middle East. On Wednesday, five Gulf markets registered record trading, including Muscat, Abu Dhabi, Doha, Kuwait and Bahrain. The Tadawul in Saudi Arabia rose 1.6% to end the week up 1.7%, while Muscat rose 1.4% to a record high, edging ever closer to its historical 12,000 points.
Consumer confidence dips
The UAE is the only country in South Asia, the Middle East and Africa in which consumer confidence is on the rise, according to a new survey by MasterCard. The survey found that overall consumer confidence across the Middle East & Levant has slightly decreased, likely influenced by the global economic slow down, sub prime crisis, increasing oil prices and rising inflation. The UAE ranked third in consumer confidence with Kuwait and Qatar currently ranked in first and second position.
Region's first flexible interest credit card launched
Dubai First, the consumer finance company from Dubai Group, a member of Dubai Holding, has launched a first-of-its-kind business credit card offering unmatched flexibility, according to a statement. Launched in association with Visa, the card is first in the region to offer complete financial flexibility in three areas: a flexible interest rate mechanism that offers the potential of the lowest interest rates in the industry - as low as 1.33% per month; a flexible rewards program that lets customers redeem their points for cash, business services like free car rentals or for leisure, as well as the possibility of using the card at merchants where cards are not accepted - through its dial a draft facility.
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