UAE gold sales up 17% in 2008
Dubai: Sun, 22 Feb 2009
The World Gold Council's regional office has announced that the UAE gold jewellery sales increased by 17 per cent in 2008 to cross Dh13.7 billion ($3.7 billion) compared to Dh11.4 billion in 2007.
Total gold demand in the Middle East in Q4 of 2008 was up one per cent on the levels of Q4 of 2007. Around 90 per cent of total consumer off take in the region is in the form of jewellery, and weakness in this sector (down seven per cent) largely offset extremely strong growth in the net retail investment (139 per cent).
The surge in investment demand was reasonably widespread across the region, 300 per cent in Saudi Arabia, 67 per cent in Egypt, 38 per cent in UAE and two per cent in other Gulf countries (all compared to Q4 of 2007).
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