Emirates NBD (ENBD), the country's biggest bank by assets, is offering discounted rates on a range of finance products, including personal loans, car loans, credit cards and bank insurance.
The move follows new regulations introduced by the UAE Central Bank since February in an effort to halt excessive lending and lower high service fees.
The Central Bank announced the new rules after a spike in the number of complaints from consumers. The regulations cover personal and car loans and caps the amount that can be borrowed at 20 times a person's salary for a maximum of 48 months. Lenders have also been restricted on the amount they can charge for service fees in relation to savings accounts, debit cards and cheques.
ENBD's two-month promotion is aimed at customers in Abu Dhabi and Al Ain and also offers them a chance to win one of 10 air tickets to Malaysia.
"Customers applying for a personal loan at any of the branches in Abu Dhabi and Al Ain will receive a 1.5 per cent discount, with minimum interest rates of 8.99 per cent," the bank said this week.
"Car loan applicants can avail reduced monthly payments in addition to a buy-back guarantee on Nissan and Toyota cars."
The lender is also offering a range of benefits to customers who apply for a free-for-life Mastercard Dnata Platinum, Gold or Silver credit card. And new Aviva savings account holders will receive travel insurance, home furniture insurance and a critical-illness plan free of charge for one year.
"Our personal banking clientele is spread across a wide range of demographics, professionals and age groups," says Saif Al Mansoori, the deputy head of group marketing and branding at ENBD.
"We aim to ensure that customers across the country can benefit from our innovative banking solutions. With this promotion, we are focusing on products and services that will appeal to our varied customers in the Abu Dhabi and Al Ain areas."
For more information, go to www.emiratesnbd.com.
Meanwhile, Emirates Islamic Bank (EIB), the Dubai-based shariah-compliant lender, is offering customers a 0.4 per cent rate on 10 per cent of their personal finance through its Investment Murabaha service.
Faisal Aqil, the general manager of retail banking and deputy chief executive of EIB, says Investment Murabaha is a service that allows customers to take out personal finance to invest in shariah-compliant shares traded on the Dubai Financial Market and Abu Dhabi Securities Exchange.
"Eligible customers will enjoy 10 per cent of their finance amount for only 0.4 per cent," he says. "For instance, a profit rate of only 0.4 per cent will be charged on 10 per cent of the personal finance - Investment Murabaha amount."
The promotion ends on July 31. For more information, call 04 316 0101.
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Water waste
In the UAE’s arid climate, small shrubs, bushes and flower beds usually require about six litres of water per square metre, daily. That increases to 12 litres per square metre a day for small trees, and 300 litres for palm trees.
Horticulturists suggest the best time for watering is before 8am or after 6pm, when water won't be dried up by the sun.
A global report published by the Water Resources Institute in August, ranked the UAE 10th out of 164 nations where water supplies are most stretched.
The Emirates is the world’s third largest per capita water consumer after the US and Canada.
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Known as The Lady of Arabic Song, Umm Kulthum performed in Abu Dhabi on November 28, 1971, as part of celebrations for the fifth anniversary of the accession of Sheikh Zayed bin Sultan Al Nahyan as Ruler of Abu Dhabi. A concert hall was constructed for the event on land that is now Al Nahyan Stadium, behind Al Wahda Mall. The audience were treated to many of Kulthum's most well-known songs as part of the sold-out show, including Aghadan Alqak and Enta Omri.
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The more you save, the sooner you can retire. Tuan Phan, a board member of SimplyFI.com, says if you save just 5 per cent of your salary, you can expect to work for another 66 years before you are able to retire without too large a drop in income.
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