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
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How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
Company%20Profile
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COMPANY%20PROFILE
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Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
TRAP
Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue
Director: M Night Shyamalan
Rating: 3/5
What is a robo-adviser?
Robo-advisers use an online sign-up process to gauge an investor’s risk tolerance by feeding information such as their age, income, saving goals and investment history into an algorithm, which then assigns them an investment portfolio, ranging from more conservative to higher risk ones.
These portfolios are made up of exchange traded funds (ETFs) with exposure to indices such as US and global equities, fixed-income products like bonds, though exposure to real estate, commodity ETFs or gold is also possible.
Investing in ETFs allows robo-advisers to offer fees far lower than traditional investments, such as actively managed mutual funds bought through a bank or broker. Investors can buy ETFs directly via a brokerage, but with robo-advisers they benefit from investment portfolios matched to their risk tolerance as well as being user friendly.
Many robo-advisers charge what are called wrap fees, meaning there are no additional fees such as subscription or withdrawal fees, success fees or fees for rebalancing.
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
The years Ramadan fell in May
Company%20Profile
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Company%20Profile
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What is graphene?
Graphene is extracted from graphite and is made up of pure carbon.
It is 200 times more resistant than steel and five times lighter than aluminum.
It conducts electricity better than any other material at room temperature.
It is thought that graphene could boost the useful life of batteries by 10 per cent.
Graphene can also detect cancer cells in the early stages of the disease.
The material was first discovered when Andre Geim and Konstantin Novoselov were 'playing' with graphite at the University of Manchester in 2004.
Hotel Silence
Auður Ava Ólafsdóttir
Pushkin Press
Our Time Has Come
Alyssa Ayres, Oxford University Press
COMPANY%20PROFILE
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BRAZIL SQUAD
Alisson (Liverpool), Daniel Fuzato (Roma), Ederson (Man City); Alex Sandro (Juventus), Danilo (Juventus), Eder Militao (Real Madrid), Emerson (Real Betis), Felipe (Atletico Madrid), Marquinhos (PSG), Renan Lodi (Atletico Madrid), Thiago Silva (PSG); Arthur (Barcelona), Casemiro (Real Madrid), Douglas Luiz (Aston Villa), Fabinho (Liverpool), Lucas Paqueta (AC Milan), Philippe Coutinho (Bayern Munich); David Neres (Ajax), Gabriel Jesus (Man City), Richarlison (Everton), Roberto Firmino (Liverpool), Rodrygo (Real Madrid), Willian (Chelsea).
The%20specs%20
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Company Profile
Company name: Big Farm Brothers
Started: September 2020
Founders: Vishal Mahajan and Navneet Kaur
Based: Dubai Investment Park 1
Industry: food and agriculture
Initial investment: $205,000
Current staff: eight to 10
Future plan: to expand to other GCC markets
Elvis
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Baz%20Luhrmann%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Austin%20Butler%2C%20Tom%20Hanks%2C%20Olivia%20DeJonge%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
BORDERLANDS
Starring: Cate Blanchett, Kevin Hart, Jamie Lee Curtis
Director: Eli Roth
Rating: 0/5
if you go
The flights
Etihad and Emirates fly direct from the UAE to Seoul from Dh3,775 return, including taxes
The package
Ski Safari offers a seven-night ski package to Korea, including five nights at the Dragon Valley Hotel in Yongpyong and two nights at Seoul CenterMark hotel, from £720 (Dh3,488) per person, including transfers, based on two travelling in January
The info
Visit www.gokorea.co.uk
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