The dark days of UAE mortgage rates at levels of 9 per cent or even 10 per cent appear to be behind us thanks to the recent lowering of interest rates by several UAE institutions.
The latest announcement comes from United Arab Bank (UAB), which last week dropped its interest rates to 4.99 per cent - currently the lowest rate in the Emirates.
Its new mortgage rate follows HSBC Middle East's announcement of a 5.49 per cent interest rate for 25-year mortgages, while Barclays is offering 5.99 per cent.
The flurry of lower interest rates is expected to bolster the nation's property market, which has struggled to recover from the damage caused by the recent financial crisis. New mortgage lending has dropped steadily since last November, when UAE banks issued Dh164.2 billion in mortgage loans.
UAB hopes its new rate will help to revitalise the market because it is intended for Emiratis and long-term expatriates who are committed to living and working in the UAE.
"We strongly believe this will bring renewed impetus to the mortgage market and give our target customers an opportunity to own their own home with the most competitive interest rate in the market," says Paul Trowbridge, the bank's chief executive.
•••
Arabian Automobiles has launched a new finance programme offering customers the chance to refinance, return, retain or upgrade their Nissan, Infiniti or Renault models.
Called "Nissan Freedom", the personal contract purchase programme offers customers the chance to settle 50 per cent of the loan amount on their new car over three years before choosing one of the four options mentioned above.
The programme complies with the UAE Central Bank's new regulations on consumer lending, which includes a 20 per cent deposit on all new cars and a maximum loan period of 48 months.
Michael Ayat, the chief executive of Arabian Automobiles, says: "We work towards providing our valued customers with promotions and finance programmes which suit their budgets and make car purchases a less stressful affair for them."
•••
Najm credit card has upped its cash-back scheme by offering customers double the rewards across all levels of cards.
The credit card, which is operated by Majid Al Futtaim Finance, offers cash back on everything you spend and even more on any purchases made at Carrefour.
Under its new scheme, the top-tier Gold card customers can earn 4 per cent cash back on all Carrefour purchases and 2 per cent on all other spends, giving card holders the chance to earn back as much as Dh6,000 a year.
Silver card members also have increased benefits of 3 per cent at Carrefour and 1 per cent on all other transactions. And Free-For-Life Najm card holders can now earn rewards for the first time, with 2 per cent on Carrefour spends and 1 per cent elsewhere.
The Najm credit card also offers exclusive discounts on retail, entertainment and leisure activities, such as a 30 per cent discount on both Ski Dubai and Playnation.
Company Profile
Company name: Hoopla
Date started: March 2023
Founder: Jacqueline Perrottet
Based: Dubai
Number of staff: 10
Investment stage: Pre-seed
Investment required: $500,000
A QUIET PLACE
Starring: Lupita Nyong'o, Joseph Quinn, Djimon Hounsou
Director: Michael Sarnoski
Rating: 4/5
Confirmed bouts (more to be added)
Cory Sandhagen v Umar Nurmagomedov
Nick Diaz v Vicente Luque
Michael Chiesa v Tony Ferguson
Deiveson Figueiredo v Marlon Vera
Mackenzie Dern v Loopy Godinez
Tickets for the August 3 Fight Night, held in partnership with the Department of Culture and Tourism Abu Dhabi, went on sale earlier this month, through www.etihadarena.ae and www.ticketmaster.ae.
THE BIO
Mr Al Qassimi is 37 and lives in Dubai
He is a keen drummer and loves gardening
His favourite way to unwind is spending time with his two children and cooking
The specs
Engine: 0.8-litre four cylinder
Power: 70bhp
Torque: 66Nm
Transmission: four-speed manual
Price: $1,075 new in 1967, now valued at $40,000
On sale: Models from 1966 to 1970
RESULT
Huddersfield Town 1 Manchester City 2
Huddersfield: Otamendi (45'+1 og), van La Parra (red card 90'+6)
Man City: Agüero (47' pen), Sterling (84')
Man of the match: Christopher Schindler (Huddersfield Town)
Pearls on a Branch: Oral Tales
Najlaa Khoury, Archipelago Books
COMPANY PROFILE
Company: Vault
Started: June 2023
Co-founders: Bilal Abou-Diab and Sami Abdul Hadi
Based: Abu Dhabi
Licensed by: Abu Dhabi Global Market
Industry: Investment and wealth advisory
Funding: $1 million
Investors: Outliers VC and angel investors
Number of employees: 14
Sarfira
Director: Sudha Kongara Prasad
Starring: Akshay Kumar, Radhika Madan, Paresh Rawal
Rating: 2/5
Company profile
Company name: Fasset
Started: 2019
Founders: Mohammad Raafi Hossain, Daniel Ahmed
Based: Dubai
Sector: FinTech
Initial investment: $2.45 million
Current number of staff: 86
Investment stage: Pre-series B
Investors: Investcorp, Liberty City Ventures, Fatima Gobi Ventures, Primal Capital, Wealthwell Ventures, FHS Capital, VN2 Capital, local family offices
Fixtures
Opening day Premier League fixtures for August 9-11
August 9
Liverpool v Norwich 11pm
August 10
West Ham v Man City 3.30pm
Bournemouth v Sheffield Utd 6pm
Burnley v Southampton 6pm
C Palace v Everton 6pm
Leicester v Wolves 6pm
Watford v Brighton 6pm
Tottenham v Aston Villa 8.30pm
August 11
Newcastle v Arsenal 5pm
Man United v Chelsea 7.30pm
KEY DATES IN AMAZON'S HISTORY
July 5, 1994: Jeff Bezos founds Cadabra Inc, which would later be renamed to Amazon.com, because his lawyer misheard the name as 'cadaver'. In its earliest days, the bookstore operated out of a rented garage in Bellevue, Washington
July 16, 1995: Amazon formally opens as an online bookseller. Fluid Concepts and Creative Analogies: Computer Models of the Fundamental Mechanisms of Thought becomes the first item sold on Amazon
1997: Amazon goes public at $18 a share, which has grown about 1,000 per cent at present. Its highest closing price was $197.85 on June 27, 2024
1998: Amazon acquires IMDb, its first major acquisition. It also starts selling CDs and DVDs
2000: Amazon Marketplace opens, allowing people to sell items on the website
2002: Amazon forms what would become Amazon Web Services, opening the Amazon.com platform to all developers. The cloud unit would follow in 2006
2003: Amazon turns in an annual profit of $75 million, the first time it ended a year in the black
2005: Amazon Prime is introduced, its first-ever subscription service that offered US customers free two-day shipping for $79 a year
2006: Amazon Unbox is unveiled, the company's video service that would later morph into Amazon Instant Video and, ultimately, Amazon Video
2007: Amazon's first hardware product, the Kindle e-reader, is introduced; the Fire TV and Fire Phone would come in 2014. Grocery service Amazon Fresh is also started
2009: Amazon introduces Amazon Basics, its in-house label for a variety of products
2010: The foundations for Amazon Studios were laid. Its first original streaming content debuted in 2013
2011: The Amazon Appstore for Google's Android is launched. It is still unavailable on Apple's iOS
2014: The Amazon Echo is launched, a speaker that acts as a personal digital assistant powered by Alexa
2017: Amazon acquires Whole Foods for $13.7 billion, its biggest acquisition
2018: Amazon's market cap briefly crosses the $1 trillion mark, making it, at the time, only the third company to achieve that milestone
ROUTE TO TITLE
Round 1: Beat Leolia Jeanjean 6-1, 6-2
Round 2: Beat Naomi Osaka 7-6, 1-6, 7-5
Round 3: Beat Marie Bouzkova 6-4, 6-2
Round 4: Beat Anastasia Potapova 6-0, 6-0
Quarter-final: Beat Marketa Vondrousova 6-0, 6-2
Semi-final: Beat Coco Gauff 6-2, 6-4
Final: Beat Jasmine Paolini 6-2, 6-2
How to help
Donate towards food and a flight by transferring money to this registered charity's account.
Account name: Dar Al Ber Society
Account Number: 11 530 734
IBAN: AE 9805 000 000 000 11 530 734
Bank Name: Abu Dhabi Islamic Bank
To ensure that your contribution reaches these people, please send the copy of deposit/transfer receipt to: juhi.khan@daralber.ae
57 Seconds
Director: Rusty Cundieff
Stars: Josh Hutcherson, Morgan Freeman, Greg Germann, Lovie Simone
Rating: 2/5
SPIDER-MAN: ACROSS THE SPIDER-VERSE
Directors: Joaquim Dos Santos, Kemp Powers, Justin K. Thompson
Stars: Shameik Moore, Hailee Steinfeld, Oscar Isaac
Rating: 4/5
COMPANY PROFILE
Company name: Almouneer
Started: 2017
Founders: Dr Noha Khater and Rania Kadry
Based: Egypt
Number of staff: 120
Investment: Bootstrapped, with support from Insead and Egyptian government, seed round of
$3.6 million led by Global Ventures
SPECS
Engine: 2-litre direct injection turbo
Transmission: 7-speed automatic
Power: 261hp
Torque: 400Nm
Price: From Dh134,999
COMPANY PROFILE
Company: Growdash
Started: July 2022
Founders: Sean Trevaskis and Enver Sorkun
Based: Dubai, UAE
Industry: Restaurant technology
Funding so far: $750,000
Investors: Flat6Labs, Plus VC, Judah VC, TPN Investments and angel investors, including former Talabat chief executive Abdulhamid Alomar, and entrepreneur Zeid Husban
More on animal trafficking
History's medical milestones
1799 - First small pox vaccine administered
1846 - First public demonstration of anaesthesia in surgery
1861 - Louis Pasteur published his germ theory which proved that bacteria caused diseases
1895 - Discovery of x-rays
1923 - Heart valve surgery performed successfully for first time
1928 - Alexander Fleming discovers penicillin
1953 - Structure of DNA discovered
1952 - First organ transplant - a kidney - takes place
1954 - Clinical trials of birth control pill
1979 - MRI, or magnetic resonance imaging, scanned used to diagnose illness and injury.
1998 - The first adult live-donor liver transplant is carried out
More on animal trafficking
Company Profile
Company name: Cargoz
Date started: January 2022
Founders: Premlal Pullisserry and Lijo Antony
Based: Dubai
Number of staff: 30
Investment stage: Seed
Pros and cons of BNPL
Pros
- Easy to use and require less rigorous credit checks than traditional credit options
- Offers the ability to spread the cost of purchases over time, often interest-free
- Convenient and can be integrated directly into the checkout process, useful for online shopping
- Helps facilitate cash flow planning when used wisely
Cons
- The ease of making purchases can lead to overspending and accumulation of debt
- Missing payments can result in hefty fees and, in some cases, high interest rates after an initial interest-free period
- Failure to make payments can impact credit score negatively
- Refunds can be complicated and delayed
Courtesy: Carol Glynn
Isle of Dogs
Director: Wes Anderson
Starring: Bryan Cranston, Liev Schreiber, Ed Norton, Greta Gerwig, Bill Murray, Jeff Goldblum, Scarlett Johansson
Three stars
Company Profile
Company name: Namara
Started: June 2022
Founder: Mohammed Alnamara
Based: Dubai
Sector: Microfinance
Current number of staff: 16
Investment stage: Series A
Investors: Family offices