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DailyFX Currency Update

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

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.
Thursday, February 14 - 2008 at 11:54 |

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.
Thursday, February 14 - 2008 at 10:18

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.
Thursday, February 14 - 2008 at 07:22

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.
United Arab Emirates: Wednesday, February 13 - 2008 at 09:44

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.
Tuesday, February 12 - 2008 at 07:26 |