Daily Personal Finance Insights – Supporting UAE youth

Daily Personal Finance Insights – Supporting UAE youth
27 March 2013

Emirates Foundation and BP supporting youth development

The Emirates Foundation for Youth Development, and BP Exploration '&' Operating Company Ltd, announced a 3.4 million dirham partnership agreement aimed to support youth development programmes throughout the UAE.

The programmes aim to help young people to contribute to the nation's long-term progress and sustainability through schemes focusing on leadership and empowerment, social inclusion and community engagement. 

NBAD repaying final AED3 billion government support

The National Bank of Abu Dhabi (NBAD), has received the approvals from the regulatory authorities to repay the remaining amount of AED3 billion to the UAE Ministry of Finance. 

NBAD had originally received an amount of AED5.6 billion as part of the UAE Government's support to the banking sector during the global financial crisis.

In line with its plan to repay the funds on a quarterly basis, beginning the third quarter of last year, NBAD repaid a total of AED2.6 billion in 2012. NBAD will complete its obligations by repaying the remaining AED3 billion in equal installments in the first and second quarter of 2013, the bank announced yesterday. Shares of NABD jumped 3.77%, closing at Dhs11 after the announcement

Gold forecast cut on potential Quantitative Ending?

HSBC cut its gold forecast for this year and next, the bank lowered its 2013 gold price forecast to US$ 1,700 per ounce from US$ 1,760 and the 2014 price outlook to US$ 1,720 per ounce from US$ 1,775. It sees the metal trading between US$ 1,525 and US$ 1,825 an ounce this year.

Gold prices are down 4% so far this year, primarily due to investor expectations that the Federal Reserve would curb its U.S. quantitative easing (QE) program.

Abu Dhabi rent cap clarified

Abu Dhabi authorities have clarified the limit or ceiling applicable to the permitted annual rental increase which can be imposed by a Landlord. Article 16 of the Landlord and Tenant Law states that the rent cap is applicable to contracts of three years or less and that the landlord could only raise the rent once a year by no more than 5%:

The rule states: “16(2) The landlord may not increase the rent specified in the contract except once each year by no more than five percent (5%) of said rent. It is permissible, by decision of the Chairman of the Executive Council, to increase, to decrease or cancel this percentage as deemed appropriate, and individuals concerned may resort to the committee if the landlord has exceed the defined percentage.”

EIB offers limited deals

Emirates Islamic Bank announced the launch of a special Friday campaign on various financial services and products at its Dubai Festival City branch. The (very) limited period offer, valid until April 8, 2013, provides special discounts and deals on Credit Cards and Personal Finance. 

Customers of Emirates Islamic Bank can obtain zero per cent processing fees on personal finance and a waiver of the annual fee for the first year on credit cards every Friday until April 8, 2013. The special offer also enables customers to earn 20,000 joining points on the Emirates Islamic Bank Rewards Credit Card. 

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Head of Behavioral Finance
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