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Monday, 19th September 2005 (4108 views)

Gold consumption in the United Arab Emirates (UAE) has increased by ten per cent in terms of tonnage, according to the World Gold Council (WGC).

Moaz Barakat, the WGC's managing director for the Middle East, Turkey and Pakistan, partially accredited the rise to government measures, reports the Khaleej Times.

He highlighted the reduction in customs duty and the relaxation of the Saudisation rules, which previously required Saudi workers regardless of how well trained they were.

The Dubai Summer Surprises festival may also have raised demand as it kept gold in the public arena during the holiday period. Dubai has also experienced a growth in tourists, who have been buying gold items.

With the launch of Dubai's new exchange, Dubai Good Delivery, it is hoped that gold demand will continue to grow.

 

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