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UAE food price inflation may hit 40%
The inflation rate of food prices in the UAE could rise up to 40% this year, reported Gulf News. Dr Jamal Al Saeidi, director of the Emirates Consumer Protection Society, said food price inflation the UAE was between 27 and 30% in 2007, but could rise to 40% in 2008, unless the government takes strong measures. He also called for increased government subsidies on fuel.
GCC investors eye UK
UK investment opportunities are attracting increased interest from the Middle East according to Grant Bovey, CEO of Imagine Homes, a Dubai-based firm specializing in UK property investment. 'Many GCC residents and expatriates are looking for guaranteed, long term investment footholds that markets like the UK provide,' said Bovey. 'As a result, we've had an incredible response at Abu Dhabi and at the International Property Show last week in Dubai.'
Dubai diamond hits $11.23bn
Dubai's total diamond trade increased by 53% in 2007, reaching $11.23bn, according to the statistics released by the Dubai Diamond Exchange. Rough diamond trade recorded a 29% increase from 2006, while polished diamonds increased by 88% to $6.41bn.
Quick cash from Dubai First
Dubai First has ventured into the personal financing segment with 'Quick Cash', offering a mechanism where post-dated cheques are used rather than salary transfers. It processes requests by discharging money to any bank account across the UAE, within the shortest possible turnaround time.
Gold goes higher
Gold went up above $975 on Friday, as speculative buying on the back of record high oil and a lifetime low dollar against the euro continue, reported Reuters. Gold set a record for the third straight day, and has risen 16% this year on the top of a 32% rise in 2007. Meanwhile, silver went near $20 an ounce, jumping to a 27-year peak.
Gold hits $967
Gold futures surged to their highest level ever on Wednesday after the dollar plunged to a record low, reported Reuters. Gold for April delivery jumped to a new all-time record of $967.70 an ounce on the New York Mercantile Exchange, before pulling back to settle at $961, still up $12.10.
Banks to offer custody services
National Bank of Abu Dhabi and the Abu Dhabi Securities Market have signed a custody agreement to be the first national bank providing these services to investors, reported Khaleej Times. Both institutions are working to finalise the necessary procedures to launch these services to all segments of investors.
Gold bounces back
Gold soared above $955 an ounce on Wednesday, its highest price ever, after oil hit a record above $101 a barrel and the U.S. dollar tumbled against other currencies, reported Reuters. Silver alsos hit a 27-year high and palladium jumped to its best level in more than six years.
Gold prices fall
Gold prices continued their fall on Tuesday after the U.S. Treasury said it would support gold sales by the International Monetary Fund, which holds more than 3,000 tonnes of bullion, reported Reuters. The Treasury had resisted seeking congressional approval for the gold sales until the move was tied to an IMF cost cutting plan, and has enough votes in the Fund to block any sales. Gold fell to $934.00/934.80 an ounce from $937.80/938.60 an ounce late in New York on Monday.
Cost of living causes discontent
The rising cost of living has been a major source of discontent among employees working in the GCC, according to a survey sponsored by Bayt.com and YouGovSiraj. The survey showed 37% consider leaving their current jobs to look elsewhere that offer better opportunity, as cost of living outstripped wage increases. The survey polled 15,000 employees in six GCC countries, covering 20 industry sectors, which included automotive, finance, advertising, information technology and pharmaceuticals.
Morgan Stanley names best markets to invest
A new report by Morgan Stanley finds that Kuwait, Abu Dhabi and Qatar are the best markets in which to invest in the Gulf, reported Reuters. Meanwhile banks and telecom companies were rated the most attractive industries in which to invest. The lender recommends stocks such as Dubai's Arabtec Holding, Dubai Islamic Bank and First Gulf Bank.
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.
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.
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.
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.
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