Latest news with #Dh11
Khaleej Times
20-05-2025
- Business
- Khaleej Times
Dubai: Gold prices rise to Dh392, recover in early trade after big drop
Gold prices increased at the opening of the markets in Dubai on Tuesday after losing over Dh11 in yesterday's session. At 9am on Tuesday, the 24 karat traded at Dh392, recovering some of the losses recorded yesterday. Among the other variants, 22 karat, 21 karat and 18 karat were trading at Dh362.75, Dh348 and Dh298.25 per gram, respectively. Spot gold was trading at $3,258.43 per ounce, up 1 per cent. Precious metal plunged yesterday after the US and China announced a trade deal, prompting investors to move away from the safe haven commodity. Analysts said positive trade developments reduced demand for safe-haven assets. US-China trade tensions showed signs of easing following a major breakthrough in talks held in Switzerland. The two countries agreed to temporarily suspend tariffs. The 90-day pause provided further relief to global markets. 'There is some value-buying happening on gold at current levels which is helping to prop up the price, despite the generally better outlook for global growth with the US and China on better terms. The consolidation move in the dollar has allowed the gold price to make a mild push higher," said Tim Waterer, chief market analyst at KCM Trade. Traders await the US Consumer Price Index report which is due today for fresh signals on the US Federal Reserve's monetary policy trajectory. The market is expecting a 55-basis-point rate cut this year by the Fed, starting September. 'If the inflation data happened to produce a downside miss this could take some momentum away from the US dollar, which could see gold make forward progress," Waterer said.
Khaleej Times
20-05-2025
- Business
- Khaleej Times
Dubai: Gold prices plunge further, losing over Dh11 per gram
Gold prices plunged further on Monday afternoon, taking the day's drop to over Dh11 per gram. The Dubai Jewellery Group data showed 24-karat trading at Dh389 per gram, down from Dh400.5 per gram at the close of the markets over the weekend. It was trading at Dh395.25 per gram when markets opened at 9am UAE time. Similarly, 22-karat, 21-karat and 18-karat slipped to Dh360, Dh345.25 and Dh295.75 per gram, respectively. Spot gold fell to $3,234 per ounce, down 2.7 per cent, at 5pm UAE time as the precious metal lost its appeal as a safe haven due to US-China temporarily agreeing to slash tariffs in order to defuse trade war. Vijay Valecha, chief investment officer of Century Financial, said gold's Friday rally was short-lived as prices stuck to intraday losses through the Asian session on Monday, and the latest optimism over a US-China trade deal undermined demand for traditional safe-haven assets. 'The US and China will temporarily lower tariffs on each other's products… in a move to cool trade tensions and give the world's two largest economies three more months to resolve their differences,' he said. The combined 145 per cent US levies on most Chinese imports will be reduced to 30 per cent including the rate tied to fentanyl by May 14, while the 125 per cent Chinese duties on US goods will drop to 10 per cent, according to the statement and officials in a briefing Monday. 'This, along with the Federal Reserve's pause on rate cuts, assisted the US dollar to stand firm near a multi-week top, exerting pressure on the commodity.' On the geopolitical front, Valecha added that risks have shown tentative signs of easing. Russian President Vladimir Putin has agreed to hold direct talks with Ukrainian President Volodymyr Zelenskyy on May 15, without preconditions. Meanwhile, Hamas announced plans to release Edan Alexander, the last known American hostage held in Gaza, and confirmed it will engage in direct discussions with the US aimed at achieving a ceasefire and resuming humanitarian aid. 'Looking ahead, the spotlight shifts to upcoming US inflation data and a key speech from Federal Reserve Chair Jerome Powell on Thursday. These events are likely to offer fresh insights into the Fed's monetary policy path and could play a pivotal role in shaping gold's trajectory in the near term,' added Valecha. He added that the yellow metal could test the psychological $3,200 level, followed by the $3,163 level. Resistance can be seen at $3,300, and any recovery above this level can solidify bullish momentum.
Khaleej Times
20-05-2025
- Business
- Khaleej Times
Dubai: MGM tower set to open in 2027, says CEO
The construction of the MGM tower in Dubai is in full swing and is set to open in 2027, said William Hornbuckle, CEO and President of MGM Resorts International. 'The building is due to be completed in the third quarter of 2027. We're literally up on the fifth floor of the MGM tower as we speak. It's an exciting project, a truly interesting resort with all kinds of features. Hopefully we'll get to add gaming,' Hornbuckle said during the first quarter earnings call. The US-based hotel and gaming operator said last month that it has 'a non-gaming management agreement with Wasl Hospitality to bring the Bellagio, Aria, and MGM Grand brands to Dubai". In 2017, Dubai-based Wasl Hospitality and Leisure signed an agreement with MGM Hospitality to advise on the development of a premier destination resort in Dubai and to operate the resort when completed. The 26-acre prime beachfront development would feature an MGM Hotel, MGM Residences and a Bellagio Hotel, marking the debut of the MGM and Bellagio brand names in the Middle East region, the US company had said in a statement at the time of agreement. Last month, a high-level MGM team, including chairman Paul Salem, visited Dubai and met Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance of the UAE. William said the key mission to visit Dubai was to discuss opportunities that MGM could bring to the UAE, especially Dubai and to update the government about 'opportunities that we could bring to the UAE and Dubai specifically". Although MGM struck a non-gaming management agreement in Dubai, the UAE gaming market will reach $3-$5 billion (Dh11 to Dh18.35 billion) over the years. The multi-billion dollar Wynn Al Marjan — coming up in Ras Al Khaimah — is the first integrated gaming resort coming in the Middle East. It received a licence in October last year from the UAE regulator — General Commercial Gaming Regulatory Authority (GCGRA). Construction work on Wynn Al Marjan is underway at a fast pace with one floor per week. It is scheduled to open in early 2027.
Al Etihad
06-05-2025
- Business
- Al Etihad
Etihad Airways announces 30% discount on flights to popular destinations
6 May 2025 12:47 ABU DHABI (ALETIHAD)Etihad Airways has launched an exclusive Business Sale, with up to 30% on business class fares, offering travellers the chance to experience luxury travel at exceptional prices across its expanding global until May 8, the offer features Business fares to sought-after summer destinations including our new destinations launching later this year with Al Alamein at Dh3,595, Sochi at Dh5,995, Warsaw at Dh6,995, Prague at Dh9,995, and Taipei at Dh11,995 as well as seasonal routes to Mykonos and Santorini at Dh6,995, Antalya at Dh8,595 and Nice at Dh11,795. These special fares are valid for travel between June 1 and September 30, Jin, VP Revenue Management at Etihad Airways, said: "Summer is a time for unforgettable experiences, and we're making luxury travel more accessible with these exceptional Premium Cabin offers. These Business sale fares give travellers the perfect opportunity to turn their dream summer holiday into reality, enjoying the comfort, space and personalised service that defines Etihad's premium experience."The special promotion follows Etihad's reveal of its new A321LR aircraft cabins at the Arabian Travel Market last week, bringing luxury flight experience on its widebody fleet to short and medium-haul routes. Premium guests across the Etihad network enjoy à la carte dining, access to dedicated lounges, and the airline's signature hospitality.
The National
03-05-2025
- Business
- The National
Ras Al Khaimah's residential inventory expected to double by 2030
The residential stock in Ras Al Khaimah is forecast to double by the end of 2030 with more than 11,000 units scheduled for completion as the emirate experiences rapid growth across its tourism and real estate sectors, according to global real estate consultancy Savills. The projection is based on supply anticipated from property launches up to the end of 2024. The growth in tourism and property sales is being driven by rising visitor numbers, new residential project launches and ongoing investment in high-profile projects such as the Wynn Al Marjan Island, the UAE's first integrated resort to be granted a commercial gaming operator's licence, Savills said in a report. The UAE's first gaming resort is expected to boost visits to Ras Al Khaimah and attract travellers until now unaware of the emirate's offerings. The $5.1 billion Wynn Al Marjan Island resort in Ras Al Khaimah secured the country's first gaming licence from UAE authorities last year. Gambling remains prohibited in the Emirates, as it is across the Gulf, but the UAE set up the General Commercial Gaming Regulatory Authority to oversee and supervise commercial 'gaming activities'. These include lotteries, internet gaming, sports betting and integrated gaming centres or resorts. 'There is growing demand for premium residential offerings in RAK,' said Andrew Cummings, head of residential agency at Savills Middle East. 'Branded residences now make up 32 per cent of anticipated supply on Al Marjan Island, reflecting buyer appetite for well-located, lifestyle-led investments.' About 40 per cent of all new developments coming up in the emirate are branded residences, The RAK Investment Pulse report by Stirling Hospitality Advisors found. Wynn Al Marjan Island, scheduled to open in 2027, will have 1,530 rooms, 22 restaurants, a nightclub, salon, spa, designer boutiques, an events centre, several pools and a marina. 'When you think about Wynn, it is arguably one of the best luxury integrated resorts in the world. And to have that type of brand coming to a destination like ours is something that I think will end up being a great new contributor to the tourism ecosystem,' Raki Phillips, chief executive of Ras Al Khaimah Tourism Development Authority, told The National on the sidelines of the Arabian Travel Market in Dubai. Ras Al Khaimah is preparing for an influx of employees to run the multibillion dollar developments springing up in the emirate. The hospitality sector is expected to create more than 25,000 jobs by 2030, according to data from Stirling Hospitality Advisors consultancy. Off-plan sales dominated the Ras Al Khaimah market in 2024 and communities such as Al Marjan Island, Mina Al Arab, and Al Hamra have recorded an upwards trend in capital values and rents since 2022, coinciding with the Wynn announcement, the Savills report said. Sales transaction values were worth more than Dh11 billion ($2.99 billion) in 2024. Savills attributed this demand for real estate to the increase in visitor numbers. Ras Al Khaimah welcomed 1.28 million tourists in 2024, a 5.1 per cent annual increase, and aims to boost that figure to 3.5 million by 2030. Ras Al Khaimah International Airport recorded 661,765 arrivals last year, up 28 per cent annually, with that number estimated to exceed two million by the end of the decade. The emirate is also expanding its hospitality portfolio, which stood at about 55 hotels and resorts, with 8,211 rooms, as of March. The number of rooms in the emirate is set to double in the next few years, with more than 7,500 rooms added. The emirate aims to boost tourism's contribution to the economy to a third by 2035 and position itself as one of the top 10 fastest-growing global destinations. The strategy is expected to create many jobs in the industry, with the Wynn resort alone forecast to employ about 7,000 people. 'The arrival of Wynn Al Marjan will significantly benefit the entire emirate, becoming a strong pillar of the broader destination strategy,' Alison Grinnell, chief executive of RAKHH, told The National. 'The integrated resort will create extensive job opportunities and increase demand for hotel keys.' While reliant on Dubai for luxury and lifestyle amenities, RAK is quickly building its own offering. 'RAK's evolution is now beyond tourism alone,' said Rachael Kennerley, head of research at Savills Middle East. 'We're seeing the pieces come together, infrastructure, education, entertainment, and residential development, which together make a compelling case for long-term investment and growth.'
