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  <description>2002 news and features</description>
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    <title>Jordan Post Company's new services</title>
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    <pubDate>Tue, 31 Dec 2002 13:20:48 +0400</pubDate>
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        Jordan Post Company (JPC) is set to introduce a host of new products to attract more customers, including receiving payments of utility bills, and handling tax transactions. JPC, which was established earlier in 2002 as a shareholding company to replace the Ministry of Post, will also introduce e-mail services in some centres. JPC will operate as a new entity on January 1 with a capital of JD14 million, with 150 vehicles and 2,300 clerks in 434 post offices.
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    <title>New bank rule</title>
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    <pubDate>Tue, 31 Dec 2002 13:01:41 +0400</pubDate>
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        Banks in the UAE which fail to raise their national employee strength by four per cent annually will not be allowed to open new branches, after a decision of the UAE Central Bank board.
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    <title>IDB to be commercial bank</title>
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    <pubDate>Mon, 30 Dec 2002 13:41:59 +0400</pubDate>
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        An amendment to the law governing the establishment and operations of Jordan's Industrial Development Bank (IDB) will be announced soon to transform the institution into a commercial development bank, an official source told Jordan Times. The amendments will enable the bank to operate on semi-commercial basis before functioning commercially at a later stage, for up to four years.
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    <title>Saudi bank profits rise</title>
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    <pubDate>Mon, 30 Dec 2002 13:28:44 +0400</pubDate>
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        Interim results of Saudi Arabia's nine listed commercial banks show mixed outcome until September 2002, with overall net income dropping by 0.8 percent to SR6,188 million compared to SR6,238 million during the first three quarters of 2001. This decline was attributed to a drop of 15.8 percent and 22.2 percent in Saudi American Bank's (SAMBA) and Al-Rajhi's net profits, respectively. Meanwhile, the other seven listed commercial banks have continued to enjoy double-digit growth rates in net profits, as economic conditions continued to improve, owing to stronger than expected oil prices and record low interest rates. 
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    <title>Islamic Development Bank is AAA</title>
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    <pubDate>Mon, 30 Dec 2002 13:25:08 +0400</pubDate>
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        Standard and Poors has assigned an AAA rating to Jeddah-based Islamic Development Bank (IDB) with a stable outlook. The rating was based on the bank's strong capitalisation and highest performance of its development-related asset portfolio despite financing its Least Developed Member Countries (LDMCs), a statement said.
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