DUBAI // Majid Al Futtaim Group has announced a three-way joint venture with JCB, Japan's leading international credit card company, and ORIX Corporation, Japan's largest financial services conglomerate, to launch a regionally-oriented credit card.
At the launch yesterday, Rasool Hujair, the chief executive of the new company, Majid Al Futtaim JCB Finance (MAF JCB) said the financial outlook of the UAE remained strong. "In this difficult time, if there is one, this product provides extreme value for consumers. They will be able to make incredible savings," he said. "We are glad to launch at this time because the value of our product will be seen as even greater."
The new card is called the Najm JCB Credit Card. While he would not reveal the value of the venture, Mr Hujair said MAF Group would be the largest shareholder in the new company with 60 per cent, followed by ORIX with 30 per cent and JCB with 10 per cent. The deal marks the first joint venture for JCB in the Middle East.
"The subprime issue, I don't deny, has a negative impact on every sector, but the consumer sector will probably be the least affected," said Tamio Takakura, the president and chief executive of JCB.
The Bank of Japan injected ¥1 trillion (Dh35.6 billion) into the Tokyo money market on Tuesday as part of efforts by the world's central banks to ease the global credit crunch.
However, officials with ORIX and JCB said Japan's economy remained strong, calling last week's meltdown merely a "side effect from the big wave" hitting the US financial markets.
"To a certain extent, we have been affected, but this is not our financial problem," said Yukio Yanase, the executive officer, president and chief operating officer for ORIX Corporation. "We are in the middle of a financial crisis and it is an unprecedented scare, [however] this region is safer and stable."
The Najm JCB Credit Card will provide consumers with a basket of savings and benefits, including 50 per cent off purchases at Carrefour, 25 per cent off of many MAF Fashion brands and discounts at other MAF brands including Ski Dubai and the Kempinski Hotel at the Mall of the Emirates.
Consumers will receive two per cent cash back for purchases at MAF retail partners including Carrefour, Mexx, Liz Claiborn and others, plus one per cent cash back on all other purchases with no minimum spending caps.
Mr Hujair said MAF JCB expected to hold as much as 20 per cent of the market share in five years, adding that they hoped to make the card available to consumers across the region in the near future.
Despite the confidence of MAF JCB executives that the region is resilient in the face of the global slowdown, recent surveys have been a cause for concern. The latest Bayt.com-YouGovSiraj survey released in August showed a drop in consumer confidence in the UAE, Bahrain, Saudi Arabia and Qatar, as well as in Morocco, Algeria and Egypt.
vsalama@thenational.ae
2017 RESULTS: FRENCH VOTERS IN UK
First round
Emmanuel Macron: 51.1%
Francois Fillon: 24.2%
Jean-Luc Melenchon: 11.8%
Benoit Hamon: 7.0%
Marine Le Pen: 2.9%
Second round
Emmanuel Macron: 95.1%
Marine Le Pen: 4.9%
Neymar's bio
Total club appearances 411
Total goals scored 241
Appearances for Barca 186
Goals scored for Barca 105
COMPANY PROFILE
Company name: Mozn
Started: 2017
Founders: Mohammed Alhussein, Khaled Al Ghoneim, Abdullah Alsaeed and Malik Alyousef
Based: Riyadh, Saudi Arabia
Industry: FinTech
Funding: $10 million
Investors: Raed Ventures, Shorooq Partners, VentureSouq, Sukna Ventures and others
Essentials
The flights
Return flights from Dubai to Windhoek, with a combination of Emirates and Air Namibia, cost from US$790 (Dh2,902) via Johannesburg.
The trip
A 10-day self-drive in Namibia staying at a combination of the safari camps mentioned – Okonjima AfriCat, Little Kulala, Desert Rhino/Damaraland, Ongava – costs from $7,000 (Dh25,711) per person, including car hire (Toyota 4x4 or similar), but excluding international flights, with The Luxury Safari Company.
When to go
The cooler winter months, from June to September, are best, especially for game viewing.
Kamindu Mendis bio
Full name: Pasqual Handi Kamindu Dilanka Mendis
Born: September 30, 1998
Age: 20 years and 26 days
Nationality: Sri Lankan
Major teams Sri Lanka's Under 19 team
Batting style: Left-hander
Bowling style: Right-arm off-spin and slow left-arm orthodox (that's right!)
Where to submit a sample
Volunteers of all ages can submit DNA samples at centres across Abu Dhabi, including: Abu Dhabi National Exhibition Centre+(Adnec), Biogenix Labs in Masdar City, NMC Royal Hospital in Khalifa City, NMC Royal Medical Centre, Abu Dhabi, NMC Royal Women's Hospital, Bareen International Hospital, Al Towayya in Al Ain, NMC Specialty Hospital, Al Ain
WHAT MACRO FACTORS ARE IMPACTING META TECH MARKETS?
• Looming global slowdown and recession in key economies
• Russia-Ukraine war
• Interest rate hikes and the rising cost of debt servicing
• Oil price volatility
• Persisting inflationary pressures
• Exchange rate fluctuations
• Shortage of labour/skills
• A resurgence of Covid?
The specs
Price, base: Dh228,000 / Dh232,000 (est)
Engine: 5.7-litre Hemi V8
Transmission: Eight-speed automatic
Power: 395hp @ 5,600rpm
Torque: 552Nm
Fuel economy, combined: 12.5L / 100km
The specs: 2018 Mercedes-Benz GLA
Price, base / as tested Dh150,900 / Dh173,600
Engine 2.0L inline four-cylinder
Transmission Seven-speed automatic
Power 211hp @ 5,500rpm
Torque 350Nm @ 1,200rpm
Fuel economy, combined 6.4L / 100km
Match info
Uefa Champions League Group F
Manchester City v Hoffenheim, midnight (Wednesday, UAE)
Bahrain GP
Friday qualifying: 7pm (8pm UAE)
Saturday race: 7pm (UAE)
TV: BeIN Sports
Sarfira
Director: Sudha Kongara Prasad
Starring: Akshay Kumar, Radhika Madan, Paresh Rawal
Rating: 2/5
The years Ramadan fell in May
How it works
1) The liquid nanoclay is a mixture of water and clay that aims to convert desert land to fertile ground
2) Instead of water draining straight through the sand, it apparently helps the soil retain water
3) One application is said to last five years
4) The cost of treatment per hectare (2.4 acres) of desert varies from $7,000 to $10,000 per hectare
Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
Itcan profile
Founders: Mansour Althani and Abdullah Althani
Based: Business Bay, with offices in Saudi Arabia, Egypt and India
Sector: Technology, digital marketing and e-commerce
Size: 70 employees
Revenue: On track to make Dh100 million in revenue this year since its 2015 launch
Funding: Self-funded to date
Company Profile
Name: Direct Debit System
Started: Sept 2017
Based: UAE with a subsidiary in the UK
Industry: FinTech
Funding: Undisclosed
Investors: Elaine Jones
Number of employees: 8
UAE currency: the story behind the money in your pockets