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Standard Chartered Bank offers US$5 million mortgage
Standard Chartered Bank has launched a new mortgage facility in the UAE that offers a loan amount of up to US$5 million.
DFM records 98 per cent compliance
The Dubai Financial Market (DFM) said that its UAE listed companies have achieved a solid 98 per cent compliance to disclose their quarterly results for the first quarter of 2010 ending on March 31, within the 45 days deadline from the stated period end.
Nakheel inches closer to agreement
Nakheel has secured agreement on over 50 per cent of total agreed claims by its trade creditors, bringing the company closer to settling agreed claims to its trade creditors as part of its recapitalisation plan.
NASDAQ Dubai trading report
Equities trading value on NASDAQ Dubai rose by 100 per cent in the first four months of 2010 to 574 million dollars, compared to 286 million dollars in the same period of 2009.
NBAD opens new branch in Dubai
The National Bank of Abu Dhabi (NBAD) has opened a new branch in Al Quoz on Sheikh Zayed Road's industrial area.
GCC funds turn around in Q1
The first quarter 2010 GCC Fund Market Insight Report from Lipper reveals that equity funds registered for sale in the GCC ended on a positive note, gaining 3.93 per cent compared with a fall of 7.54 per cent in the same period last year.
IBQ confirms merger discussions
International Bank of Qatar (IBQ) has confirmed that it is in preliminary discussions with Al Khaliji regarding a potential merger of the operations of the two Doha-based financial institutions.
New guide to Gulf launched
Al Manakh: Gulf Continued, a comprehensive guide to the Gulf that delves into the challenges facing the region in the wake of the financial crisis, was launched on May 13.
Danube eyes IPO listing
Danube Building Materials is looking at an IPO listing in Saudi Arabia or the UAE within the next five years, according to company officials.
GCC mortgage industry surge
Saudi Arabia's mortgage sector is set to lead regional growth as the Kingdom's burgeoning housing sector takes shape, according to R. Lakshmanan, CEO of Bahrain-based Sakana Holistic Housing Solutions.
EFG Hermes opens Jeddah office
EFG Hermes has opened a new office in Jeddah, Saudi Arabia. The firm is looking to expand and diversify its fast-growing operations in the Kingdom. The new Jeddah headquarters, EFG Hermes' second KSA office, will serve the western region of the country.
DFM celebrates 10th anniversary
The Dubai Financial Market (DFM) hosted a celebration at the Emirates Towers Hotel in Dubai last Monday to commemorate 10 years of momentous achievements.
Cash is king among ME consumers
The Middle East is set to see strong growth in the prepaid cards segment, according to global market research company Euromonitor International.
DMCC redeems sukuk
The Dubai Multi Commodities Centre (DMCC) has redeemed its US$200 million Islamic bond, or sukuk, issued in May 2005. The final US$20 million repayment on the five-year sukuk was made on schedule.
StanChart launches savings account
Standard Chartered UAE has launched a new savings account aimed at rewarding customers for the longer they keep their saving deposits with the bank.
Middle East IPO activity rises
IPO activity in the Middle East rose significantly in the first quarter of 2010, recording a fivefold increase in the funds raised, according to Ernst & Young.
IFC and CGC sign deal
City Group Company (CGC), a Kuwait-based listed public transport company, has signed a US$30 million loan agreement with IFC, a member of the World Bank Group. The agreement will support CGC's regional expansion plans.
Housing takes priority in Saudi
The Kingdom of Saudi Arabia is considering the implementation of a comprehensive national strategy to augment the country's stock of affordable housing.
New Franklin Templeton funds
Franklin Templeton Investments has launched three new funds - the Franklin Gold and Precious Metals Fund, the Templeton European Corporate Bond Fund and the Franklin Real Return Fund.
Sale of Harrods to Qatar Holding
The Al Fayed Family Trust, owners of Harrods, has sold the Harrods Group to Qatar Holding. Lazard & Co. advised the trust on the transaction.
Air Arabia net profit declines
Air Arabia's net profit for the three months ending March 31, 2010, stood at AED50 million, a decline of 51 per cent compared to AED103 million in the corresponding period in 2009.
New EMEA team at BofA ML
BofA Merrill Lynch Global Research has announced the formation of a new combined Economics and Fixed Income Strategy Group for Emerging Europe, Middle East and Africa (Emerging EMEA), which will be led by David Hauner, currently head of Emerging EMEA Economics.
15 per cent dining cash back
Standard Chartered Bank has introduced a credit card promotion giving its credit card holders 15 per cent cash back when they use their cards at any dining outlet in the UAE.
Currency futures drive DGCX growth
The Dubai Gold & Commodities Exchange said that 107,641 contracts were recorded in April, a nine per cent increase on the same period last year and valued at US$6.12 billion.
Investcorp buys US retail property
Asset management firm Investcorp has acquired Deerbrook Marketplace, a retail shopping centre in Houston, Texas.
SSMF-1 to engage brokers
The GCC region's leading economists and capital market specialists will address the first Saudi Stock Market Forum (SSMF-1) in Riyadh on May 24.
GCC M&A volumes
Gulf M&A activity is showing its first signs of life after a painful two years marked by cost cutting and balance sheet repair, according to a survey conducted by Zawya and M:Communications.
Emirates NBD online remittances
Emirates NBD has launched an online remittance facility for its Indian clients in association with HDFC Bank, an Indian bank headquartered in Mumbai.
Majid to develop four new malls
Majid Al Futtaim Properties said it is planning to develop four new shopping malls in the UAE, Egypt, Syria and Lebanon.
Gulf executives remain optimistic
The fundamentals are in place for strong economic growth in the GCC through the remainder of this year and in 2011, according to a study released by international business law firm Blake, Cassels & Graydon.
Dubai lease rates to fall
Lease rates in most areas of Dubai will fall in the coming months, especially for lower quality buildings in the least developed communities, according to a new report from Landmark Advisory.
Emirates NBD increases presence
Emirates NBD has inaugurated its new priority banking centre in the Tourist Club Area in Abu Dhabi. The priority banking centre is part of Emirates NBD's network of 14 branches in the emirate, along with 48 ATMs and CDMs.
Chedid sets up Saudi operations
Reinsurance broker Chedid Re has established a new subsidiary in the Saudi Arabia. The Riyadh-based entity has been licensed by the Saudi Arabian Monetary Agency to provide reinsurance brokerage services across the Kingdom.
Nakheel creditors sign agreements
Nakheel's trade creditors have embarked upon signing the settlement agreements presented to them last week following extensive meetings with Nakheel's chairman and executives.
Kotak establishes subsidiary
Kotak Mahindra Financial Services has launched its Dubai International Financial Centre (DIFC) operations. The firm is part of the Kotak Mahindra Group, one of India's leading financial conglomerates. Kotak Mahindra Financial Services has been incorporated in the DIFC as a 100 per cent subsidiary of Kotak Securities.
Gulf business confidence up
Business confidence rose across almost all Gulf countries in the first quarter of 2010, according to the latest HSBC Gulf business confidence index. Only Bahraini business people saw a slight dip in confidence.
Luxury goods market expanding
Global luxury goods industry revenues will increase four per cent (using constant exchange rates) from EUR153 million in 2009 to a projected EUR158 million for 2010, according to a study from Bain & Company.
Opportunities in Saudi Arabia
Following a recent study on Saudi Arabia's economy, global management consulting firm Value Partners has identified a number of business opportunities within the private sector in the Kingdom.
Nomura opens Riyadh office
Global investment bank Nomura has launched its Saudi Arabian operation in Riyadh. Nomura's operation in the Kingdom received its commencement letter from Saudi Arabia's Capital Market Authority in July 2009.
GAIN launches Arabic service
GAIN Capital Holdings, a global provider of online trading services, has launched a new Arabic service under its FOREX.com UK division.
New consultancy practice formed
Two experienced investment industry practitioners, Paul Forsyth and Felix Sim, have partnered to form Apache Advisors, a new independent consultancy practice.
Saudi Arabia leads job creation
Expatriates are more likely to secure a new job in Saudi Arabia than in any other country in the GCC, according to the latest employment data released by online recruitment firm GulfTalent.com.
1600 projects active in UAE
A total of 1296 projects valued at more than US$418 billion are currently being built in the UAE, with an additional 303 projects worth US$143 billion already in the design, planning and or bidding stage, according to the latest market analysis published by UAE-based research company Proleads Global.
Emirates NBD offers new fund
Emirates NBD has launched the Emirates Global Sukuk Fund. The fund will be managed by Emirates NBD Asset Management Limited.
Saudi economic activity robust
The Kingdom of Saudi Arabia's economic activity is forecasted to accelerate over the next three years. Investment in the sector should remain robust with the government allocating SAR260 billion.
Tenants search for better deals
Tenants in the northern emirates are continuing to move from one emirate to another in search of better accommodation and to be closer to their workplace, according to a report by UAE-based property services company Asteco.
Hydra offers units in Abu Dhabi
Abu-Dhabi-based Hydra Properties is offering units in the Marina Heights I residential tower, following an investment by the company in the project.
Cityscape gets down to business
A business-like approach to real estate development and investment rather than the speculation of the past will be reflected in this year's Cityscape Abu Dhabi opened yesterday, according to Cityscape organisers.
Emirates NBD offers seed capital
Emirates NBD has introduced a seed capital initiative for UAE nationals to start up their own businesses. The initiative will enable Emirati entrepreneurs to fund the initial capital requirement to start their own enterprises.
Burooj and PHD form partnership
Egypt-based Palm Hills Developments (PHD) has signed an agreement with Burooj Properties, the real estate arm of Abu Dhabi Islamic Bank (ADIB).