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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.
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.
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.
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.
Platinum hits $2,000
Platinum soared to record high above $2,000 an ounce on Thursday as supply concerns lingered in South Africa, the world's main producer, reported Reuters. Spot platinum jumped to as high as $2,002 an ounce, up from $1,985/1,995 late in New York on Wednesday.
Equity touted as best investment
Equity markets will present a better investment opportunity compared to global sovereign debt in the short to medium term, according to a top executive at Citi Global Wealth Management. Jeffrey Applegate, CGWM's CEO, said global sovereign debt is 'the least attractive asset' due to the declining long-term rates throughout the world. However, he said better opportunities exist in more credit sensitive sectors, especially after the aggressive cuts introduced by the US Federal Reserve.
Gold may hit $1000 in 2008
Golf may hit $1000 an ounce in 2008 due to inflation fears, global tensions and a further weakening of the dollar, reported Khaleej Times, citing leading global metals and commodity analysts. The analysts said the market is in a corrective phase at the moment, and will be volatile for the short term. However, over the long term, the the market is expected to find a level where support from physical demand will encourage investors to re-enter the market.
Tanmia extends support to Tawdheef 2008
Tanmia, the National Human Resource Development and Employment Authority, has announced that it is currently participating in 'Tawdheef 2008', the second Abu Dhabi Recruitment Show, being held from February 12 to 14 at the Abu Dhabi National Exhibition Centre. The three-day event features seminars, exhibits and networking opportunities for UAE Nationals to interact directly with employers, recruiters and managers from several of the region's leading companies.
Middle East stocks to 'outperform' this year
A new report by UBS AG said Middle Eastern stock markets will 'outperform' this year as the region's economies benefit from high oil prices and a recent correction, reported Bloomberg. Equities in the UAE, Egypt and other regional markets will 'continue to offer one of the more attractive opportunities to foreign investors in 2008,' helped by 'attractive valuations,' economic growth fuelled by high oil prices, and a 'low' correlation with global markets, the report said.
Gold jewellers posts 58% increase in sales
Pure Gold Jewellers, one of the region's leading jewellers, announced their annual profits have increased by double digit.As the year came to an end, company executives say that they have entered the New Year with great confidence. According to experts, the most significant growth rate this year was in the diamond jewellery. Firoz Merchant, Founder and Chairman of Pure Gold Jewellers said 'We are well on target toward our goal of operating 100 stores by 2010, reaching our planned 60 stores this past year. We also launched new multiple stores in Kuwait last year.' Pure Gold Jewellers has disclosed its plan to initiate major projects in the UAE by the year's end. The jewellers have planned to open a luxury sunglasses boutique under the name 'La Moda,' which will open its 1st store in the new luxury five-star Westin Hotel in the UAE beginning in March.
Abu Dhabi gold recovering
Abu Dhabi's gold sales, hit by last year's record prices, are slowly recovering as buyers adjust to current high prices, the Gulf emirate's Gold and Jewelry Group chairman said, reported Reuters. The market recovered in January and was unchanged compared to the same period in 2007. Prices have hit several peaks last year hitting gold sales in Abu Dhabi. Sales fell 25 percent in volume and 30 percent in value. A surge in oil prices boosted gold's appeal as a hedge against inflation. In 2007, gold sales for jewelry and investment in the UAE, a seven-member federation that also includes Dubai, rose almost 12 percent in volume and 20 percent in value from the year before as tourism grew, the World Gold Council has said.
Trading surges 95% in DGCX
Dubai Gold and Commodities Exchange has recorded trading volumes surging by 95% in January 2008. The total value of contracts traded were noted at just over $4.3bn, up 130% year-on-year from $1.9bn.
Ahli Bank's new loans scheme
Ahli Bank has launched loans facilities, MyLoan a consumer loan for Omani and expatriates and MyHome a new home loan from the experts in housing finance. MyLoan installments increase by less than 2% each year.
Platinum hits record high
Platinum hit a record high on Wednesday due to concerns about supplies from leading producer South Africa, reported Reuters. Other precious metals also advanced, with gold rising more than 1% to trade just below $900 an ounce and silver gradually moving towards recent 27-year highs. Spot platinum rose as high as $1,814 an ounce before easing to $1,805/$1,810 at 1240 GMT, against $1,770/$1,775 late in New York on Tuesday.
UAE consumer confidence shaken
Consumer confidence in the UAE has declined in the past six months, according to the latest MasterCard Worldwide Index of Consumer Confidence findings for the first half of 2008, reported Gulf News. From a score of 88.8 six months ago out of a possible score of 100, the UAE index came down to 78.5. Indications for the UAE are that consumer sentiment is overall positive and optimistic with a high index score. In the Middle East and Levant, the UAE ranked third in consumer confidence with Kuwait (93.3) and Saudi Arabia (92.2) ranked in the first and second positions.
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