Banking & Insurance
Card provides unprecedented cashback and extensive privileges
Dubai, UAE – 22 May, 2013 – Standard Chartered Bank’s MasterCard Titanium Credit Card won the “Best New Credit Card in the Middle East” award during the Cards Middle East Forum 2013. The Standard Chartered Titanium Credit Card has been recognized for offering first-in-the-market cashback incentives and privileges on the everyday spend of cardholders in the UAE.
The Standard Chartered Titanium MasterCard Credit Card which features Chip and PIN technology provides cardholders with up to 10% cash back on purchases from all supermarkets in the UAE, all utility bill payments and even school fees payments. Cardholders also get up to 50% discount on all movie ticket purchases at VOX Cinemas and various dining outlets in the UAE.
Khalid El Gibaly, Regional Head of Consumer Banking, UAE and Middle East, Standard Chartered, said:
“The Titanium MasterCard Credit Card has been very well received in the UAE market. It comes as part of a series of value-added products that Standard Chartered is introducing to the UAE market this year. The ‘Best New Credit Card in the Middle East’ award is testament to the success of our customer-focused approach which aims to reward and add unique value to the specific financial needs of our customers.”
The comprehensive study, part of Visa’s ongoing e-commerce drive, is the first-of-its-kind report in the region that provides a worldwide comparison of key markets and is set to play a major part in benchmarking the e-commerce performance and the future growth potential across MENA. Based on 2012 data, this 2013 IMRG report reveals that the MENA region represents the fastest growing e-commerce region worldwide with an estimated 45% year-on-year increase [USD10bn in 2011 to USD15bn in 2012].
A lack of available information and market data has prevented businesses and government from effectively evaluating the potential for e-commerce growth and development in the region. The decision to commission this report enforces Visa’s mandate to build e-commerce in the region and will identify current levels of e-commerce performance and potential by assessing the breadth of existing research undertaken in the region.
The report is available to businesses and the government to help them understand the significant trends in the region and plan their e-commerce strategies – an important area of focus as internet usage in the region has grown by a staggering 1,500 per cent since 2000, up from 1.2 million users in 2000 to 18.7 million in 2010.
This week Forbes Middle East amidst much celebration forwarded its selection of 500 top companies as well as the top 500 most impacting companies in the Arabian countries. The event was held at Ritz Carlton, Abu Dhabi under the patronage of Minister of Culture and Youth and Community Development, UAE. Industrial sector companies have been in the top positions in this year while most industrial companies topped from Qatar. The banking sector has come second in the top rank and the insurance sector has come to the third position.
Prestigious International Credit rating firm, Fitch has rated seven Qatari banks as stable this week and they are QNB, Commercial Bank, Qatar Islamic Bank, Dohan Bank, Ahlibank, Al Khaliji and International Islamic Bank. The week witnessed the result of a survey done by Arab Time in Kuwait and according to the survey 45 percent of expats in Kuwait has said that they would send their salary increment to their homelands. Most expatriates have said that they have to support their families and they were here only for that purpose.Meanwhile, Clutton released a report this week on the hospitality industry in Oman. According to its report, occupancy rate of the hotels in the Kingdom have gone up considerably in 2012. However, the percentage of foreign occupancy is lower and the national occupancy rate is high. Meanwhile, according to the STR Global, the annual occupancy rate in the five star hotels have been increasing from 14.3 percent to 59.6 percent in 2012. From 2009 to 2012, there is 70 percent increase of Omani guests in the four and five start hotels, the reports pointed out.
Standard Chartered introduces VISA Infinite Credit Card Bank introduces the ‘absolutely everything card’
- The most exclusive credit card in the UAE, by Standard Chartered Bank
- Cardholders to get complimentary golf rounds at the UAE’s top golf clubs and unlimited free access to Fitness First clubs across the UAE
- Concierge service for cardholders’ every need and want
- Unlimited access to airport lounges, marhaba meet and greet services and limousine at Dubai International Airport
- Up to 50% discounts at premium merchants, high end retailers and dining outlets
- The best airline reward points redemption program on purchases across all airlines
Dubai, UAE, 13 May, 2013 – Standard Chartered has launched, in partnership with VISA, the Standard Chartered VISA Infinite Credit Card, the UAE’s most exclusive credit card, offering a wide array of luxury lifestyle privileges and unparalleled convenience to cardholders.
Available to customers in the UAE, the Standard Chartered VISA Infinite Credit Card has been designed to provide unparalleled privileges and benefits to cardholders including access to the most exclusive golf clubs in the UAE as well as unlimited access to Fitness First centers across the country.
Oman Telecommunication Company (Omantel) announced this week its finance report for the past months. The report indicates that Omantel has increased revenue by 3.1% (RO 114.5 million). However, it shows a marginal decrease in profit when compared to the corresponding period last year that was a profit of RO 29.9 million whereas it shows RO 29.1 million for this year. Meanwhile, Oman Central Bank stated this week that commercial banks in Oman should lend at least 5 percent of its total lending to the Small and Medium entrepreneurs.
This week UAE Tourism Minister stressed that tourism plays a major role in attracting investors to the country. “It helps nurture knowledge based economy” he said. He stated so when he visited the venue of Arabian Travel Market 20th edition 2013. Meanwhile Oxford Economic issuing a report stated this week that between 2013 and 2021, the UAE would create 277,149 employments. Most of them would be in Travel and Tourism sectors, it highlighted.The main events in Middle East this week include the honouring the Qatar Airways with the Award for Best Cabin Crew. The readers of Business Traveler Mag Middle East have voted the Qatar Airways to win from the category. Meanwhile, the largest participation of Indian firms in a Qatar Exhibition is reported this week. Thirty companies are participating in Project Qatar 2013 highlighting immense preference that Indian firms have to invest in Middle East. Hilton hotel chain is expanding to Middle East Countries and under the program it has decided to locate Bahrain as well, top official from the Hilton Hotel chain stated this week.
Release of Ernst & Young aviation industry forecast reveals while consolidation is creating a new breed of mega carrier, aggressive sector growth in the Middle East is capturing demand from rising middle class
The next 10 years will see the aviation industry dominated by growth in the Middle East and Asia with consolidation in traditional markets creating a new era of streamlined operations and the introduction of a new mega-carrier business model.
These were the findings of a new Ernst & Young industry report, the results of which were revealed, yesterday, at an industry focus seminar session entitled ‘Looking to the skies: global aviation trends 2013 – 2033’.
Authored and presented by Sunil Malhotra, Director Aviation Sector, Middle East & North Africa for Ernst & Young, the report examined the industry today, looking ahead to the opportunities and challenges facing airlines, airports and governments looking to capture increased passenger traffic while managing soaring aviation fuel costs and new government-levied fees and taxes.
Visa Easy Payment Service launched for transactions worth AED 100 or less
Dubai, May 8, 2013: Visa, one of the world’s leading payment solution providers, has partnered with the premium grocery retailer Waitrose to offer shoppers in the UAE an even faster payment experience when using their Visa debit or Visa credit cards to pay for transactions worth AED 100 or less.
The new Visa Easy Payment Service (VEPS) has been launched at the new Waitrose store on Al Thanya Road in Umm Suqueim, Dubai which opened recently. The service is also expected to be available at all Waitrose and Spinneys stores in the UAE very soon, giving Visa debit and Visa credit cardholders the option to simply swipe their cards at the POS, without the need to enter a pin or sign a receipt. The service will also be rolled out to Spinneys stores in the UAE this month.
Mohanish Agni, Head of Acceptance for MENA at Visa, said: “Visa is delighted to be collaborating with Waitrose, and shortly Spinneys, as part of our ongoing commitment to create the best possible experience for Visa cardholders across the region. As the first offering of its kind in the region, Waitrose and Spinneys customers’ right here in the UAE can enjoy an even faster and more efficient checkout experience. “
GCC food industry with the growing affluence of the people, increasing population and governmental keen focus is poised to develop further in coming years, the high official from food industries stated. The private sector has great opportunity in the food sector in most of the Arab countries and people can invest in food sector individually as well, they opined. Alpen Capital issuing a report recently on food industry in the GCC shows that the field provides great opportunities to new local and foreign investors in the food sector as the GCC food consumption grows gradually year by year. According to the report, the GCC region will increase its food production to 49.1 metric tones by 2017.
Talking about the UAE economy this week, Mawarid Finance CEO stated this week that the UAE economy was booming. According to the statistics, he said that stocks market has recovered from its earlier decline and surging. It’s like a second boom in the UAE, he stated. It is reported that Dubai stock market year-to-date has surged 32 percent. At the Careers UAE exhibition being held at the World Trade Center till May 2, Nakheel meets job seekers and interview them to select eligible youngsters to its employments. The UAE nationals and fresh graduates will get chances to employee in one of the leading group of companies of Nakheel in this way, the high official from the company pointed out.
Meanwhile, International Air Transport Association (IATA) latest statistics report shows that the Middle East region has strongest traffic growth in the month of March when compared with other regions. The business booming in the Middle East after the Arab spring and the world monetary decline is one of the reasons that booms passenger arrival in the region, the report highlighted. Meanwhile, amidst the threat of cyber attacks, and the network hackers at large, the companies in Middle East are keen in implementing software that help fight ongoing web attacks. Many web security software companies are experiencing a boom in their business these days and new investors as well as experts in this field are in demand now, sources in the field stressed this week.
Kuwait has decided to deport 100,000 expats annually. However, Khalid Al-Shatti, an MP this week called on the government to clarify its position rather than putting expats in trouble with disguised propagandas. The new law must be applied in accordance with the international human rights law, he said and requested the government not to suppress the rights of any expatriates in the country when carrying out deporting measures. Meanwhile, Finance and Economic Affairs Committee in Kuwait is to issue licenses on the same day of applying. Normally, issuance of commercial licenses takes about five six months. But issuing temporary licenses on the same day will mitigate troubles of waiting a longer period to start a private business and it will help new investors to a great extent, it is reported.
On May 1, the Muscat Financial Market increased by 18.56 to the day high value of 6145.72 points and the Dubai Financial Market decreased by 7.88 to the day high value of 2128.79 points. The Bahrain Stocks Exchange decreased by 1.57 to the day high value of 1102.06 points and the Qatar Stocks Exchange increased by 80.83 to the day high value of 8748.68 points. The Kuwait Stocks Exchange increased by 31.01 to the day high value of 7593.84 points. The Saudi Stocks Exchange decreased by 4.44 to the day high value of 7175.36 points.
- 91% increase in Net Profit
- 124% increase in Net Interest Income
Muscat, April 30th 2013 – HSBC Bank Oman S.A.O.G. has announced its financial results for the first quarter of 2013 reporting that Net Profit increased by 91% to reach RO 5.7m. HSBC Bank Oman also posted an increase in Net Interest Income of 124% to RO 11.6m. Reflecting the costs of the integrated bank, Operating Expenses increased by 167% to RO 12.3m.
Simon Cooper, Chairman of HSBC Bank Oman said that the bank’s financial performance during the first quarter of 2013 demonstrated management’s progress in implementing the strategy of the merged entity. He explained that after the focus during 2012 on the challenges of integration, 2013 has been directed towards refining the bank’s product proposition and training frontline staff while streamlining and standardising operations to improve the overall HSBC Bank Oman experience.
“We believe that having completed a complex integration, high levels of customer satisfaction are now vital for retaining and developing our existing customer base, attracting new customers and building long lasting relationships founded on transparency and trust.” said Cooper.
- H.H. Sheikha Fatima Bint Mansour Bin Zayed Al Nahyan inaugurates Al Hilal Bank’s innovative child-oriented ‘Seghaar’ branch
- GCC energy sector to get power via massive investments
- Daman Funds announce Q1 2013 cash dividends
- Ex-Im Bank and Dubai Economic Council Sign $5 Billion Agreement
- Emirates NBD launches Signature Debit Card exclusively for Priority Banking customers
Page 1 of 53