DUBAI, 22 October 2007 — Emirates Islamic Bank (EIB) announced its profits on investment and savings accounts for the 3rd quarter of 2007, recording the highest profit rates in the market for the 3rd consecutive year. The bank has attractive returns on investment & saving accounts. The annual rate of 6.86 percent on the two-year investment accounts is considered the highest return declared by all banks in UAE. The one year, 9 months, 6 months, and three months investment accounts annual rates of 6.10 percent, 5.71 percent, 5.33 percent, and 4.95 percent respectively, are also considered to be among the highest return in the local banking industry. Faisal Aqil, general manager for retail banking at Emirates Islamic Bank, said: “These results confirm that we are the fastest growing bank in the country, despite our network expansion which requires huge investments but we are still topping all other banks in profit distribution.”
Sharjah Hosting Watch & Jewelry Show
SHARJAH, 22 October 2007 — The five-day Mid-East Watch and Jewelry Show will open at Sharjah Expo Center on Wednesday. Organizers said that the show will have strong participation from Hong Kong, China, India, Italy, Thailand, and Singapore. “Hong Kong will be the biggest with 57 exhibitors. The Indian and Italian pavilions that will feature 23 exhibitors and 12 exhibitors, respectively. Thailand and Singapore will continue to be a major attraction for those on the look out for precious stones, gems, and medium ranged gold and diamond jewelry,” organizers added. Among the countries from which a majority of the individual exhibitors have confirmed participation in the event are Turkey, Lebanon, Qatar, Bahrain, Kuwait, Saudi Arabia, Sri Lanka, Malaysia, and the UAE. “The MidEast Watch and Jewelry Show is once again ready to enthrall visitors,” said Saif Al-Midfa, director general of Expo Center Sharjah.
BBK Unveils $132m IPO
MANAMA, 22 October 2007 — The $132-million BBK rights, which opened for subscription yesterday, will run until Nov. 4, said a top bank official. The bank’s 100 million new ordinary shares at $1.32 each on a rights privileged subscription, will be used to finance its growth strategy, according to BBK chief executive officer Dr Farid Ahmed Al-Mulla. “The additional capital would also reinforce the bank’s position in relation to Basle II capital requirements,” he added. Some of the money raised will be used to support additional capital requirements of the bank’s subsidiaries, joint venture and branches including Al-Khaleej Islamic Investment Bank and Sakana. It will also offset the possible negative impact of Basle II implementation on the bank’s capital adequacy ratio. The bank, which had shareholders’ funds of $474 million and total assets of $5.56 billion as on June 30 this year, currently operates through its 16 branches in Bahrain, one branch in Kuwait, two branches in India and a representative office in Dubai. (Walid Mazi)
Jordan, Japan Set Up Joint Venture
AMMAN, 22 October 2007 — The Jordan Phosphate Mines Company (JPMC) has singed a memorandum of understanding with Japan’s Mitsubishi conglomerate for setting up a Phosphoric acid plant in Jordan at an estimated cost of $300 million, JPMC Chairman Walid Kurdi said yesterday.
“JPMC and Mitsubishi will immediately embark on a feasibility study for the project, with a capacity of 1,000 tons a day, which is expected to go into production within three years,” Kurdi was quoted as saying by the official Petra news agency. (Abdul Jalil Mustafa)
Bahrain Era to Build Era Tower
MANAMA, 22 October 2007 — Taking the advantage of the booming real estate sector of Bahrain Era Projects, the Bahraini-based real estate development company unveiled its latest project, Era Tower the $115 million development in the Seef District. The project to be financed by local investors will be the first of its kind to be its kind in the business district of Seef and also will be the first 50 story residential tower. “The tower’s breathtakingly unconventional design is expected to make the building another symbol of Seef’s fast growing business demand,” said Abdul Hussain Al-Khudur, CEO of Era Projects. Covering a built-up area of 77,792 square meters, Era will tower around 400 flats varying from one, two and three bedroom apartments with sizes getting up to 176 square meters. The tower will accommodate facilities that would be requirements for a luxurious living such as 4 floor parking for around 487 cars a full recreational floor that exceeds 40,000 sq meters with 2 gyms, 3 swimming pools, Jacuzzi, sauna, children’s playground, picnic area, jogging track, scenic water falls and a fully equipped business center. (Mahmood Rafique)
14th Annual WIBC to Be Held in Bahrain
MANAMA, 22 October 2007 — The 14th annual World Islamic Banking Conference (WIBC) 2007 will take place in Bahrain from Dec. 8 to 10. The conference titled “Combating Competition and Capturing New International Growth Markets” will attract large number of banks and financial institutions, policy makers, investors and regulators from across the world. It will be held at the Gulf International Convention Center Gulf Hotel.
