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Dubai bullish as gold imports rise 15% in first quarter
Source: BI-ME and Reuters , Author: BI-ME staff
Posted: Mon April 27, 2009 2:15 pm
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UAE. Dubai's gold imports in the first quarter of 2009 grew to 140 tonnes, up 15% from the same period of the previous year, according to data from Dubai World Group.

The value of the gold trade rose nearly 5% to US$7.4 billion in the first three months of the year when compared with the first quarter of last year, data showed.

Dubai exported 116 tonnes of gold in January to March. Switzerland and India were the top exporters to the emirate in the quarter, while Pakistan and India were the leading importers from Dubai.

Dubai has a long-established market for gold bullion and jewellery fuelled by strong demand from the Arab world and India.

The trade data indicated Dubai was coping well with the global financial crisis, said Harendra Kailath, director of gold at the Dubai Multi Commodities Centre (DMCC).

"A look at the gold sector in general suggests that there are sufficient reasons to remain bullish about Dubai's ability to ride out the storm and further enhance its position as the city of gold," he said

According to a WGC report last month, gold investment in the Middle East jumped 38% in 2008 compared with 2007's fourth quarter. Saudi Arabia saw a massive 300% jump in investment demand, Egypt 67% and other Gulf countries registered a 2% increase.

While UAE gold jewellery sales increased by 17% in 2008 to exceed AED13.7 billion (US$3.73 billion) compared with AED11.4 billion in 2007, total gold demand in the Middle East was up 1% in the fourth quarter of 2008 compared with 2007, said the Gold Council report.

Nearly 90% of total consumer offtake in the region is in the form of jewellery. Weakness in this sector which was down 7% largely offset strong growth of 139% in the net retail investment.

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

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UAE. Location and quality are driving apartment prices; while average prices decreased, select communities, including Palm Jumeirah and Downtown Burj Dubai, experienced slight increases according to Landmark Advisory's latest quarterly report.