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DailyFX Currency Update

Visa offers discount shopping packages
VisitBritain, the British tourist authority of the UK, has teamed up with Visa to announce its new 'Shop Till You Drop' campaign in both the UAE & Kuwait which offers travellers shopping packages to Manchester, London, Paris and Nice with prices inclusive of accommodation, rail tickets and discount vouchers. All travellers who book this offer through selected travel agents and pay with their Visa debit or credit card will receive complimentary discount cards and shopping vouchers. The promotion will run until end of April 2008.
United Arab Emirates: Sunday, February 24 - 2008 at 08:27

Emirates Islamic offers India fund
Emirates Islamic Bank has launched the Danat India RIA Fund, which capitalizes on the booming real estate market in India. The bank will acquire 77.78% equity in Danat RIA Company to develop an integrated middle income township within the boundaries of New Delhi. The fund is open to all through EIB exclusive Priority Banking channel 'Ethmar' and investments can be made in multiples of Dhs100,000.
United Arab Emirates: Saturday, February 23 - 2008 at 10:25

ARY to doubles its gold refining
Leading UAE gold group ARY will more than double its refining capacity and increase jewellery output multifold when its new $100m business complex is completed towards the end of 2009, reported Gulf News. The group operates a 40-tonnes-per-year capacity refining facility in Sharjah's industrial area, but it will be relocated to the new ARY Aurum Plus complex in the Dubai Multi Commodities Centre. The refinery at the treasure-box-shaped building will have a capacity to process 100 tonnes of gold per year.
United Arab Emirates: Thursday, February 21 - 2008 at 09:04

Sell US shares, buy Gulf stocks - fund manager says
The manager of the world's largest fixed-income fund said global investors should buy more stock in Gulf states and cut their holding of US shares because the world's biggest economy is slowing faster than expected, reported Bloomberg. Mohammad Al Erian, the co-chief executive officer of Pacific Investment Management, said the average investor throughout the globe is very under-exposed to the Middle East.
Wednesday, February 20 - 2008 at 07:25

Platinum hits $2,100
Platinum set a record high for the 13th straight session on Monday on lingering power problems in top producer South Africa that have hit mining and widened the gap between demand and supply, reported Reuters. The metal has jumped 22 per cent this month, 38 per cent so far in 2008 and nearly 75 per cent in the past 12 months on supply problems in South Africa, which produces 80 per cent of global platinum. Spot platinum surged nearly three per cent to a high of $2,107 an ounce.
Tuesday, February 19 - 2008 at 08:38

Dubai unveils new water, electricity rates
Dubai has introduced a new pricing scheme for water and electricity under which residents who use more will pay more, reported Gulf News. Currently residents pay 3 fils per gallon and will continue to do so as long they do not use more than 6,000 gallons, the price will then go up to 3.5 fils per gallon, and even 4 fils per gallon for consumers who sap more than 12,001 gallons from the tap. Electricity fees will range from 20 fils to 33 fils per kilowatt hour depending if usage exceeds 2,000 or 10,001 kilowatt hours for residents and industries respectively. Emiratis are exempt from the new rates.
United Arab Emirates: Monday, February 18 - 2008 at 07:16 |

UAE gold jewellery consumption climbs 8 per cent
Gold jewellery consumption in the UAE rose eight per cent to 99.8 tonnes in 2007 from 92.4 tonnes the previous year despite the 15 per cent increase in gold price. Retail sales jumped 24 per cent to AED9.5bn from AED7.7bn for the same period, reported Khaleej Times. In terms of gold consumption covering jewellery and investment, the tonnage increased 10.4 per cent to 348.4 for last year from 315.6 in 2006, according to a statement released by the Dubai office of World Gold Council (WGC). It said that UAE gold jewellery consumption in the fourth-quarter dropped nine per cent to 19.3 tonnes from 21 tonnes a year ago due to high and volatile prices of gold. The drop in Saudi Arabia was 10 per cent to 22.4 tonnes from 24.6 tonnes while the other Gulf countries lost 11 per cent to 9.1 tonnes from 10.1 tonnes.
United Arab Emirates: Sunday, February 17 - 2008 at 09:51

Gold remains robust in Middle East
The retail gold sales increased by 24% in 2007 in UAE, 33% in KSA, 29% in Egypt and 19% in the other Gulf countries, reported the World Gold Council. The total gold consumption which include jewellery and investment, in terms of tonnage increased from 315.6 in 2006 to 348.4 tonnes in 2007. This is despite the high and volatile gold prices during Q4 where the gold jewellery consumption dropped by 9% in the UAE, 10% in KSA, and 11% in other Gulf countries.
Middle East: Saturday, February 16 - 2008 at 14:08