Stay fit, earn more: Dubai bank offers fitter clients better interest rate

Health indeed is wealth and a Dubai based bank appears to have taken the slogan quite literally. Commercial Bank of Dubai in an effort to promote healthy lifestyles among its customers has been giving away more cash or rather increase the interest rates to its clients provided they exercise regularly.

The feature was unveiled in August last year when the bank launched its CBD Active Saver mobile application which has been downloaded by about and today has about 6000 downloads on both iTunes and Android Playstore.

The app invites customers to link their CBD saving account with their Fitbit or Jawbone or Apple watch or Android wear devices and can even read the readings from Android S Health application.

Customers can then transfer money from their CBD account to a special high-interest savings account based on how active they are.

The amount that can be transferred is also linked to the targets. Starting from a minimum of Dh10 a user can transfer upto Dh3000 every day. Users can also transfer the amount between accounts using their Apple or Android Watch.

The more the customer walks and exercises, the higher the interest rate they can earn.

Higher interest rates and transaction limits are tied to the number of steps taken in a day and become more attractive as the goals become higher. Interest is then accrued according to each customer’s monthly average balance and paid at the end of every month.

Users (non CBD customers can trial the app for a month but will need a CBD account in order to avail the benefit) need to walk a minimum of 5000 steps to reach their first goal and start saving. The more they walk the more they can save and better interest rates. The bank says it can offer a maximum of 1.5 per cent to those who regularly exercise and manage to achieve the set goals.

The bank is also offering special insurance premium rates for to all Active Saver customers .

The initiative is part of the CBD’s Personal Financial Management Solution launched that was launched in 2014 and part of the CBD nEXT initiative.

The bank on Wednesday showcased its range of range of digital solutions that it has planned as part of the CBD nEXT transformation programme that aims for greater digital involvement.

in 2013, Dubai Municipality had launched a similar initiative where residents were being rewarded with gold coins for shedding weight. According to the Municipality the three month ‘Your Weight in Gold’, campaign saw at least 10,000 people participate and about 3000 of them took away a total of 17 kilograms of gold.

 

Source:: Emirates 247

Stay fit, earn more: Dubai bank offers fitter clients better interest rate

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SaudiGulf Airlines to start Dubai flights from September

Saudi Arabia has granted SaudiGulf Airlines a licence to operate domestic flights within the kingdom, the first such award in a long-planned liberalisation of the aviation market, state news agency SPA reported.

SaudiGulf, based in the eastern city of Dammam, received regulatory approvals from Saudi Arabia’s General Authority of Civil Aviation (GACA) on June 9 and was granted its air operator certificate in a formal ceremony in Riyadh on Wednesday night.

Previously, only national carrier Saudi Arabian Airlines and budget operator National Air Services were allowed to serve a domestic market of about 27 million people.

Foreign carriers could fly in and out of Saudi Arabia, but not within the country.

The Saudi authorities began accepting applications to allow other airlines to operate internal flights in 2012 and SaudiGulf, owned by the Abdel Hadi Al-Qahtani & Sons group, had initially planned to start operating internal flights in 2014.

The “Arab News” website reported that SaudiGulf will begin domestic flights in September and expects to start international flights to Dubai by the end of the year.

Representatives of SaudiGulf were not available for immediate comment on Thursday.

Qatar Airways, through its subsidiary for the Saudi market, Al Maha Airways, also received an initial carrier licence in 2012 but has yet to be given final approval to operate flights in the kingdom.

 

Source:: Emirates 247

SaudiGulf Airlines to start Dubai flights from September

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Commercial Bank of Dubai closes in on up to $500m loan

Commercial Bank of Dubai (CBD) is expected to sign a three-year loan in the next few days worth up to $500 million to refinance existing debt, sources familiar with the matter told Reuters on Thursday.

Eight to 10 banks are providing the CBD loan including Citigroup, National Bank of Abu Dhabi, Commerzbank and Standard Chartered, two of the sources said. Commerzbank was coordinating the loan, they said.

The loan carried all-in pricing, which is inclusive of margin and fees, of 155 basis points over the London interbank offered rate (Libor), the sources said.

Two of the sources said CBD was looking for $500 million but might have to settle for $450 million if it could not get sufficient uptake.

CBD declined to comment.

The money is being raised to refinance a $450 million loan that matures in December, the sources added. That three-year facility had pricing of 125 bps over Libor, according to Thomson Reuters data.

 

Source:: Emirates 247

Commercial Bank of Dubai closes in on up to $500m loan

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Sharjah rolls out Smart Waste Bins with free Wi-Fi connectivity

It is natural to keep distance from garbage containers due to hygiene, but the ten Smart Waste Bins installed at the Sharjah Corniche will soon see people flocking and connecting to the rest of the world.

Within the radius of forty metres, these Smart bins will provide free connectivity to residents.

The first Wi-Fi connection through a smart waste bin has been initiated by the waste processing company Bee’ah in association with Du and more such Wi-Fi bins will come up in different parts of the Emirate.

This also makes Sharjah the first city in the world to launch solar powered bins which supports Wi-Fi technology.

On Thursday Bee’ah installed Wi-Fi supported solar-powered bins at the Heart of Sharjah District, with strategic partnerships established with Du and Shurooq.

Designed and built by BigBelly, a leading provider of bin solutions in the US, the 10 new free Wi-Fi units represent the first phase of months-long installation plan, to roll out several hundreds of Wi-Fi bins across Sharjah and the UAE.

“Currently, Sharjah is the first location to operate this type of advanced bin technology. With an open Wi-Fi connection available to the public, these smart bins will soon be deployed across the UAE – in prominent and high footfall locations,” Bee’ah officials said.

Double-streamed for increased solar capacity, the smart bins are equipped with sensors to detect when the bin is full, allowing the smart bin to communicate with the Bee’ah control room, alerting its cleaning and collection service division, ‘Tandeef’, when to empty them.

The bins’ solar panels provides energy to an internal compactor, which allows the bins to collect five-times more garbage, before needing to be emptied.

Commenting on the new partnerships and the deployment of the new batch of smart bins, Khaled Al Huraimel, Group CEO of Bee’ah said: “In cooperation with our strategic partners, Du and Shurooq, the roll-out of BigBelly smart bins across Sharjah is another step forward in cementing Bee’ah’s commitment to environmental innovations, while increasing efficiency and utility of waste collection in the emirate.”

Al Huraimel added, “Bee’ah is proud to be leading the way in this area and to be the first in the world to deploy this type of technology; this is also in line with Sharjah’s vision and aim to become the Environmental Capital of the Middle East.”

Marwan Bin Jassim Al Sarkal, CEO of Shurooq said: “Shurooq’s tourism projects, such as the Heart of Sharjah, reflect our commitment to creating and developing destinations that are full of innovation and environmentally friendly technologies.

In 2010, Shurooq and Bee’ah signed an MoU to work on transforming upcoming and existing tourism projects into eco-friendly destinations. Since then, Shurooq has begun considering multiple details when developing its projects, such as eco-friendly building materials, recycled materials, eco-friendly lights and various initiatives that reduce carbon footprints, truly positioning these projects physically unique.

For the first time in the world, we will enable public visitors and tourists to experience this unique hybrid concept, as well as contribute to keeping our destinations clean and “green”. We are proud and pleased behind Bee’ah’s latest Wi-Fi Bin deployment in the Heart of Sharjah, which reflects our commitment to positioning Sharjah as a true tourism and investment destination in the region, as well as a leading destination for “green” initiatives.”

Jihad Tayara, Vice President Business Development and Partnerships, du, said: “This kind of environmental innovation is a groundbreaking first in Middle East. As a responsible Emirati business, we always look for various ways to contribute to sustainability initiatives throughout the UAE, we are proud to partner with Bee’ah for the Wi-Fi bin roll out in Sharjah.

This innovative project will help build an efficient and eco-friendly environment for the citizens of the UAE and in creating a sustainable smart solution which creates a valuable experience for customers, this is in line with our vision of a Smart future in the UAE.”

Claude LeBlond, Vice President International Business of BigBelly said: “We are extremely pleased to be part of the pioneering launch of Bee’ah’s Wi-Fi bins, with Sharjah being the leader city in the region to use BigBelly’s environmentally sustainable, ‘smart bin’ technology.

“Through our partnership with Bee’ah, this roll out is a fantastic platform for BigBelly to demonstrate its smart city solutions with this advanced innovation in waste management.”

Sharjah rolls out Smart Waste Bins with free Wi-Fi connectivity

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Watch: Dubai's latest megastructure takes shape

The world’s largest Ferris wheel is part of the Dh6-billion Bluewaters Island project near Jumeirah Beach Residence.

Dubai: Off the coast near Jumeirah Beach Residence, engineers are diligently working on the world’s largest Ferris wheel, which has been confirmed to reach a staggering 260 metres in height.

How tall is that?

The latest addition to Dubai’s list of megastructures will be more than double the length of two football fields.

Once completed, the Dubai Eye will steal the title from the 167m High Roller in Las Vegas as the world’s tallest Ferris wheel.

Meeras Holding has released a six-minute video clip, showing behind the scenes footage of construction of Dubai’s City Walk, Rainforest and Dubai Eye.

“We are on Bluewaters Island… Dubai Eye is going to be the biggest Ferris wheel in the world,” says an official in the video, who is involved in the project’s construction.

He explained that the diameter of the wheel will be 250 metres, and once it is set up on a four-legged frame, the wheel will be approximately 260 to 262 meters tall.

“It’s enormous… it’s the world’s largest observation wheel and to do that we had to employ a great team of people using some of the largest equipment’s in the world. The materials and components are being shipped in from all over the world,” said the official.

Commenting about the project, the engineer also explained that visitors will be provided with a 4D cinema experience, which will provide all the facts of Dubai. Two escalators will then carry visitors to the Ferris wheel’s capsule, where they can enjoy the city’s panoramic views for about 48 minutes as it goes up.

The world’s largest Ferris wheel is part of the Dh6-billion Bluewaters Island project near Jumeirah Beach Residence. Built by Meraas Holding, the ferris wheel will have 48 capsules to hold 1,400 visitors, and offer breathtaking views of Burj Al Arab, Palm Jumeirah and Burj Khalifa.

According to Meraas’s website, a rainforest will be constructed in the middle of a bio-dome at Dubai’s City Walk, which will be ready in time for Expo 2020. Known as The Green Planet, the project recreates the enchanting world of a tropical forest with its rich biodiversity of over 3,000 plants and animals. The enclosed ecosystem will also offer visitors an immersive expedition into the tropics, and provide first-hand experience of one of the world’s oldest living ecosystems.

“The rainforest is a biodome project in the middle of the desert, so it will be a tropical rainforest within a building. Its full of tropical plants [with] 3,000 animals in Dubai,” said an official working on the project.

“If you can’t jump on a plane and go to a tropical rainforest… this gives the opportunity to experience that,” she added.

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Source:: Gulf News

Watch: Dubai's latest megastructure takes shape

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Emirates Islamic lists $750 million Sukuk on Nasdaq Dubai

Hesham Abdulla Al Qassim, Chairman of Emirates Islamic and Vice Chairman and Managing Director of Emirates NBD Group, rang the market-opening bell today to celebrate the listing by the bank of a $750 million Sukuk on Nasdaq Dubai.

The nominal value of Sukuk currently listed on Nasdaq Dubai has reached $41.81 billion, the largest total of any exchange in the world. Total current Sukuk listings on Dubai exchanges stand at $44.56 billion, more than any other listing centre.

The bell-ringing ceremony was held in the presence of Essa Kazim, Governor of Dubai International Financial Centre, DIFC, Secretary General of Dubai Islamic Economy Development Centre, DIEDC, and Chairman of Dubai Financial Market, DFM, Abdul Wahed Al Fahim, Chairman of Nasdaq Dubai, Jamal Bin Ghalaita, Chief Executive Officer of Emirates Islamic, and Hamed Ali, Chief Executive of Nasdaq Dubai.

Speaking at the ceremony, Essa Kazim said, “Emirates Islamic’s Sukuk underlines Dubai’s expanding leadership role in all aspects of the Sukuk sector, ranging from Sharia compliance and structuring to issuance and listing. Dubai’s exchanges are further enhancing their commercial and regulatory infrastructure in order to provide effective solutions for regional and international issuers who wish to raise capital through the Islamic financial markets and gain high visibility for their securities.”

The Sukuk was listed on Nasdaq Dubai on June 1st, 2016.

Hesham Abdulla Al Qassim, Chairman of Emirates Islamic and Vice Chairman and Managing Director of Emirates NBD Group, said, “As one of the leading Islamic financial institutions in the UAE, Emirates Islamic is committed to strengthening the development of Dubai as the global Capital of the Islamic Economy in line with the initiative launched by Vice President and Prime Minister and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum. Our latest Sukuk received strong interest from across the GCC, Europe and Asia, reflecting Emirates Islamic’s successful track record of profitability and expansion. Emirates Islamic has been one of the fastest-growing banks in the UAE in recent years and we will use the funding raised by the Sukuk to help drive our strategy of expansion across our business activities.”

Abdul Wahed Al Fahim, Chairman of Nasdaq Dubai, said, “Dubai’s Islamic capital markets are preparing for renewed expansion through the development of new products and services as well as continuing growth of the Sukuk sector. We look forward to further strengthening our relationship with Emirates Islamic and other Sharia-compliant financial institutions for the benefit of market participants.”

Jamal Bin Ghalaita, Chief Executive Officer of Emirates Islamic, said, “The Emirates Islamic Sukuk issuance was extremely successful and a testament to the growth potential of Emirates Islamic within the overall UAE banking sector. The issue was oversubscribed by nearly three times with overwhelming interest from investors across the globe. It is clear that there is a strong global appetite for Sharia-compliant financial instruments and as a leading Islamic bank in the UAE, we will continue our efforts to reinforce Dubai’s position as the global capital of Islamic economy.”

Hamed Ali, Chief Executive of Nasdaq Dubai, said, “As Dubai strengthens its position as the global leader for Sukuk listings, we will continue to develop our services for UAE, regional and international issuers including custody and transfer. Nasdaq Dubai will further enhance its listing infrastructure and procedures, to ensure streamlined access to the exchange for issuers of diverse asset classes.”

 

Source:: Emirates 247

Emirates Islamic lists $750 million Sukuk on Nasdaq Dubai

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MAF, Abu Dhabi mall sign Carrefour deal

Reem Mall today announced Carrefour as the hypermarket operator in the $1 billion project located on Abu Dhabi’s master planned development Reem Island.

Carrefour, operated by Majid Al Futtaim Retail, will form a core element of the mall’s family-focused retail, leisure and entertainment offering.

“Carrefour is a highly respected global brand and will play an integral role in forming Reem Mall’s unique retail offering,” said Shane Eldstrom, Chief Operating Officer for Reem Mall.

“Today’s announcement marks an important milestone for the project, as we enter into the next phase of development and start to form partnerships with future tenants. We are currently in discussions with a number of leading retailers and expect to make further announcements in the coming months.”

Miguel Povedano, Executive Regional Director, Majid Al Futtaim Retail, Carrefour franchisee in UAE, said: “Today’s announcement marks a significant step for Majid Al Futtaim Retail, as we continue to grow our Carrefour presence across the UAE. As one of the region’s most developed retail markets, Abu Dhabi presents a very attractive investment opportunity, and the Carrefour hypermarket in the upcoming Reem Mall development will further cement our presence in the region.

 

Source:: Emirates 247

MAF, Abu Dhabi mall sign Carrefour deal

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