National Bank of Fujairah (NBF) said it would step in and meet the funding needs of diamond manufacturers and traders after the Antwerp Diamond Bank (ADB), once a leader in its field, closed its global operations last year.
NBF’s move to create a specialised team to fund diamond cutters, polishers and traders comes as Dubai vies with Antwerp, Belgium, to become the world’s biggest diamond hub.
The Fujairah-based lender said it had brought on board industry experts from ADB, which had a Dubai office, to run its new division and will focus mostly on providing short-term purchase and sales financing to established diamond businesses that ship raw diamonds from producing countries in Africa and Europe to manufacturers in India and the Far East. ADB shut its doors after its owner, KBC Bank in Belgium, failed to find a buyer.
“Our competitive advantage lies in the bank’s track record for operational excellence and compliance, its strong client relationships in the jewellery and gold sectors and now the in-house expertise from ADB, all of which would help NBF play a definitive role in the development of the diamond trade in the UAE,” said Vikram Pradhan, NBF’s head of corporate and institutional banking.
Dubai’s diamond trade was valued at nearly US$35 billion last year, up from less than $5 million in 2001, according to the Dubai Diamond Exchange, a regional trading hub overseen by the Dubai Multi Commodities Centre (DMCC).
That compares with the $55bn worth of diamonds traded in Antwerp last year, according to the Antwerp World Diamond Centre, an industry association that supports the city’s diamond business.
“One of the factors crucial to Dubai’s ongoing success as a global diamond centre is financial support,” said Ahmed bin Sulayem, the executive chairman of the DMCC. “With the gradual withdrawal of multinational banks from the diamond market, it is heartening to see strong local names such as National Bank of Fujairah stepping in to take their place.”
mkassem@thenational.ae
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David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
Opening weekend Premier League fixtures
Weekend of August 10-13
Arsenal v Manchester City
Bournemouth v Cardiff City
Fulham v Crystal Palace
Huddersfield Town v Chelsea
Liverpool v West Ham United
Manchester United v Leicester City
Newcastle United v Tottenham Hotspur
Southampton v Burnley
Watford v Brighton & Hove Albion
Wolverhampton Wanderers v Everton
What is an ETF?
An exchange traded fund is a type of investment fund that can be traded quickly and easily, just like stocks and shares. They come with no upfront costs aside from your brokerage's dealing charges and annual fees, which are far lower than on traditional mutual investment funds. Charges are as low as 0.03 per cent on one of the very cheapest (and most popular), Vanguard S&P 500 ETF, with the maximum around 0.75 per cent.
There is no fund manager deciding which stocks and other assets to invest in, instead they passively track their chosen index, country, region or commodity, regardless of whether it goes up or down.
The first ETF was launched as recently as 1993, but the sector boasted $5.78 billion in assets under management at the end of September as inflows hit record highs, according to the latest figures from ETFGI, a leading independent research and consultancy firm.
There are thousands to choose from, with the five largest providers BlackRock’s iShares, Vanguard, State Street Global Advisers, Deutsche Bank X-trackers and Invesco PowerShares.
While the best-known track major indices such as MSCI World, the S&P 500 and FTSE 100, you can also invest in specific countries or regions, large, medium or small companies, government bonds, gold, crude oil, cocoa, water, carbon, cattle, corn futures, currency shifts or even a stock market crash.
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
Company Profile:
Name: The Protein Bakeshop
Date of start: 2013
Founders: Rashi Chowdhary and Saad Umerani
Based: Dubai
Size, number of employees: 12
Funding/investors: $400,000 (2018)
Going grey? A stylist's advice
If you’re going to go grey, a great style, well-cared for hair (in a sleek, classy style, like a bob), and a young spirit and attitude go a long way, says Maria Dowling, founder of the Maria Dowling Salon in Dubai.
It’s easier to go grey from a lighter colour, so you may want to do that first. And this is the time to try a shorter style, she advises. Then a stylist can introduce highlights, start lightening up the roots, and let it fade out. Once it’s entirely grey, a purple shampoo will prevent yellowing.
“Get professional help – there’s no other way to go around it,” she says. “And don’t just let it grow out because that looks really bad. Put effort into it: properly condition, straighten, get regular trims, make sure it’s glossy.”
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