Over 1 million pilgrims benefit from golf cart service at Grand Mosque during Ramadan    Visitors welcomed with Eid initiative at Thee Ain Heritage Village in Al-Baha    Tebuk emir reviews rain response in Tayma    Saudi Arabia considers rent cap as part of major real estate reforms    Messi's bodyguard banned from touchline at Inter Miami games    Screen time in bed linked to insomnia, study finds    Le Pen vows to appeal political ban, calls verdict a 'denial of democracy'    Death toll from Myanmar earthquake rises to 2,719 as rescue efforts continue    Russia, Ukraine trade blame over new energy strikes    Putin orders Russia's largest military call-up in over a decade    Albania hosts MWL chief for Eid sermon at largest mosque in the Balkans    Haramain High-Speed Railway transports over 1.2 million passengers during Ramadan    Saudi Transport Authority says passengers can ride for free if taxi meters are off    Ministry of Education forms 425 community partnerships with SR653 million impact    Mexico bans junk food in schools to fight childhood obesity epidemic    Sweet sales surge ahead of Eid as Saudi chocolate imports top 123 million kg in 2024    Saudi creatives shine at Jeddah's Fawanees Nights with art, fashion, and storytelling    T1 CEO confirms Gumayusi's return for LCK Spring after lineup shakeup    100 Thieves claim Marvel Rivals Invitational NA crown as 2025 scene heats up    Bollywood actress vindicated over boyfriend's death after media hounding    Saudi Arabia hold Japan to goalless draw in Saitama to stay in World Cup hunt    Grand Mufti rules against posting prayers and preaching in mosques on social media    King Salman prays for peace and stability for Palestinians in Ramadan message King reaffirms Saudi Arabia's commitment to serving the Two Holy Mosques and pilgrims    Bollywood star Saif Ali Khan 'out of danger' after attack at home in Mumbai    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



UAE gold demand slumps 33% in '09
Published in The Saudi Gazette on 18 - 02 - 2010

quarter gold demand fell 32 percent on the year as jewellery sales continued to feel the impact of high prices and the global economic downturn, the World Gold Council said on Wednesday.
Jewellery demand makes up the bulk of gold consumption in the Middle East, leaving gold sales more sensitive to consumer trends than in other parts of the world where investors account for a higher portion of sales.
Egypt and the UAE saw the biggest slump in fourth-quarter jewellery demand, with Egypt falling 35 percent and the UAE 32 percent on the year, the council said. Dubai, which brands itself as the city of gold, has felt the pinch at its gold souks, the council said.
The souks are an attraction for tourists, but the number of holidaymakers in Dubai has dwindled as consumers tightened their belts during the downturn.
Expatriate workers from India, one of the world's biggest gold consumers, were another big buying population in Dubai, but their numbers too have dwindled as hundreds of billions of dollars worth of construction projects have been put on hold.
“Jewellery sales in the UAE and Dubai in particular are continuing to suffer under the pressure of future expatriates (in particular Indian workers), the economic downturn and problems in the property sector,” the council's report said.
“Lower than normal tourist numbers have also continued to impact, although these showed signs of improvement in the latest quarter.”
Demand in the United Arab Emirates fell 33 percent in full-year 2009, a little higher than the average fall of 31 percent recorded across Gulf Arab states, the council said. Saudi Arabia, the region's largest gold market, saw 2009 demand drop 24 percent on the year.
Total Middle East gold consumption in 2009 fell 28 percent on the year to 250.6 tonnes, the council said. Record international gold prices, driven by investors seeking a safe haven from volatility in other financial markets, have also hit demand.
To encourage cautious investors in the region into gold, the World Gold Council plans to launch two gold investment hedging products this year, one in the UAE and the other in Saudi Arabia, Anan Fakhreddin, managing director of the World Gold Council Middle East and Turkey told reporters in Dubai.
The Saudi product would probably be Shariah-compliant, he said, to encourage investment from those looking for instruments that match Islamic principles, including a prohibition on interest.


Clic here to read the story from its source.