Latest news with #Dh2.25
Khaleej Times
25-04-2025
- Business
- Khaleej Times
Emicool secures first-ever green financing to propel sustainable growth
Emirates District Cooling (Emicool), a leading provider of sustainable district cooling services in the UAE and a joint venture between Dubai Investments and Actis, has successfully secured its first-ever Green Financing, reinforcing its commitment to environmental sustainability and energy efficiency. The agreement was signed by Dr Adib Moubadder, CEO of Emicool, in the presence of other representatives from Emicool and the banks. The Syndicated Financing Facility is led by Dubai Islamic Bank and Abu Dhabi Commercial Bank, with a 60:40 share, totaling Dh2.25 billion — of which Dh1.95 billion is classified as green financing to be used for eligible green projects. Commenting on the deal, Dr Adib Moubadder, CEO of Emicool, said, 'Securing this green financing facility is a testament to our ongoing commitment to sustainability and innovation. This funding will optimise our capital structure while expanding our energy-efficient cooling services in line with the UAE's green economy vision. As a company deeply aligned with the UAE's Net Zero by 2050 strategy, this milestone reinforces Emicool's leadership in the green district cooling space. By embedding sustainability into both our financial and operational strategies, we are driving meaningful change across the utilities sector and setting new benchmarks for climate-conscious infrastructure.' Structured with a five-year moratorium and an extended facility term of 12 years, the financing mirrors a bond-like framework that enhances Emicool's capital efficiency. The liquidity generated will be strategically deployed to accelerate the company's district cooling projects across the UAE and the wider region. Commenting on the deal, Abdulaziz Bin Yagub AlSerkal, CEO – Industrial Platform, Dubai Investments, said: 'This green financing is not just a financial milestone for Emicool — it's a defining moment in the Company's journey toward building a more resilient, sustainable future. Dubai Investments sees this as a validation of the Group's strategy to invest in transformative infrastructure that delivers both commercial value and creates a sustainable and measurable environmental impact.' Max Burke, a representative from Actis, commented: 'Sustainability and responsible investment are at the heart of Actis' strategy. This milestone financing for Emicool underscores our vision for supporting environmentally and socially responsible infrastructure projects. We look forward to Emicool's continued leadership in sustainable district cooling and contribution to global climate goals.' Compliant with internationally recognised Green Loan Principles (GLP), the facility ensures funds are directed toward environmentally responsible projects that prioritize energy efficiency and carbon reduction. Emicool's district cooling solutions have consistently delivered superior energy savings compared to traditional systems, making the company an ideal candidate for green financing. Moody's has issued a Second Party Opinion, awarding the facility a Sustainability Quality Score of SQS3 (Good), affirming Emicool's alignment with global best practices in sustainable finance.
Khaleej Times
20-03-2025
- Business
- Khaleej Times
Dubai: Gold prices jump to new all-time high; 22K crosses Dh340 per gram
Gold prices jumped to a new all-time high at the opening of the markets in Dubai on Thursday as the precious metal crossed the $3,050 per ounce mark. At 9am, the 24K variant of the yellow metal opened at Dh367.5 per gram, up Dh2.25 from Dh365.25 per gram at the close of the markets on Wednesday. Similarly, 22K rose to Dh340.25, 21K to Dh326.25, and 18K to Dh279.75 per gram. Globally, spot gold was trading at $3,051.96 per ounce, up 0.61 per cent, as the US Federal Reserve held interest rates steady on Wednesday. The yellow metal rally is also driven by tariff jitters and tension in the Middle East. George Pavel, general manager at Middle East, said gold prices traded at record highs after surpassing the $3,000 level, as rising geopolitical tensions in the Middle East fuelled risk aversion. 'The end of the ceasefire saw a resurgence in hostilities and could drive investors toward safe-haven assets as they avoid volatility risks in other asset classes. Such conditions could help gold record new highs,' he said. 'However, positive developments in Eastern Europe could limit gold's gains although uncertainty on that front could play in the metal's favor. Traders could continue to monitor the situation in the region and the impact of new developments on sentiment,' said Pavel.
Khaleej Times
20-03-2025
- Business
- Khaleej Times
Dubai: Gold prices jump to new all-time high; 22K crosses Dh240 per gram
The yellow metal rally is also driven by tariff jitters and tension in the Middle East By Gold prices jumped to a new all-time high at the opening of the markets in Dubai on Thursday as the precious metal crossed the $3,050 per ounce mark. At 9am, the 24K variant of the yellow metal opened at Dh367.5 per gram, up Dh2.25 from Dh365.25 per gram at the close of the markets on Wednesday. Similarly, 22K rose to Dh340.25, 21K to Dh326.25, and 18K to Dh279.75 per gram. Globally, spot gold was trading at $3,051.96 per ounce, up 0.61 per cent, as the US Federal Reserve held interest rates steady on Wednesday. The yellow metal rally is also driven by tariff jitters and tension in the Middle East. George Pavel, general manager at Middle East, said gold prices traded at record highs after surpassing the $3,000 level, as rising geopolitical tensions in the Middle East fuelled risk aversion. 'The end of the ceasefire saw a resurgence in hostilities and could drive investors toward safe-haven assets as they avoid volatility risks in other asset classes. Such conditions could help gold record new highs,' he said. 'However, positive developments in Eastern Europe could limit gold's gains although uncertainty on that front could play in the metal's favor. Traders could continue to monitor the situation in the region and the impact of new developments on sentiment,' said Pavel.
Khaleej Times
19-02-2025
- Business
- Khaleej Times
UAE: Gold hits a high of Dh353, but sales see only slight drop
The persistent surge in gold rates to record highs has triggered divergent consumer strategies with most analysts observing a deep-rooted bullish sentiment among investors amid forecasts of prices reaching over $3,200. According to bullion and jewellery trade circles in the UAE, while many retail investors are doubling down on gold, driven by FOMO (fear of missing out) and expectations of further gains, high-net-worth individuals (HNWIs) continue to boost their holdings. 'Soaring prices have not dampened the appetite of jewellery lovers. Often, as prices surge, we notice a short-term confusion among consumers until they get used to the higher price level. When prices rise sharply, we do normally experience a slight drop in sales volume albeit most outlets manage to maintain the value level," says Joy Alukkas, chairman of Alukkas Jewellery. Chirag Vora, managing director of Bafleh Jewellery, says he has observed varied responses to rising gold prices. 'Cautious buyers tend to hold off, affecting impulse purchases. However, many still view gold as a long-term investment, prompting them to buy high-value pieces.' Vora said his sales volume has seen a slight decline, particularly in spontaneous purchases, but unique, quality items continue to attract interest. 'To adapt, we are promoting more affordable options and emphasising our craftsmanship. Additionally, we're focusing on creating lightweight jewellery without compromising on design, ensuring our pieces remain desirable and accessible. While market conditions may have shifted consumer behaviour, we remain optimistic and dedicated to providing appealing choices for our clientele,' said Vora. Gold has already seen record-high prices within just six weeks since the start of 2025. In the UAE, the yellow metal saw an upward trend on Wednesday, with 24-carat gold rising by Dh2.25 to Dh353. Similarly, 22-carat gold also gained Dh2, reaching Dh328.25 as spot gold decreased 0.2 per cent to $2,928.52 an ounce, just $14 short of its all-time high of $2,942.70 achieved last week. 'Persistent uncertainty and institutional buying patterns justify gold's upward trend. Consumers view it as a lifeline against currency devaluation,' notes Kevin Shahnazari, CEO of FinlyWealth. Analysts point to deep-rooted bullish sentiment, underinvestment by investors, and strong official sector demand as key drivers for the anticipated rally in gold prices. UBS updated its gold prices forecast, projecting that the yellow metal could reach a high of over $3,200 before stabilising at elevated levels in the coming years. "It seems that so much has already happened and it is only February. While this sentiment probably applies across financial markets in 2025, gold in particular has seen unprecedented market dislocations and record-high prices in just over six weeks since the start of the year." UBS strategist Joni Teves said in a note. Gold's rally began in late 2024, driven by heightened demand from central banks, geopolitical instability, and inflation fears. By February 2025, prices hovered near $2,943, with technical indicators like the Relative Strength Index (RSI) signaling overbought conditions. However, the metal's resilience has been tested by mixed signals: the US dollar's strength, Federal Reserve rate-cut uncertainties, and former President Donald Trump's renewed tariff threats on semiconductors and pharmaceuticals "Our latest assessment of market conditions prompts us to update our gold views and revise our price forecasts higher. These changes bring forward the peak to the latter part of 2025, with gold reaching a higher level than what we had before," Teves said. Bullion experts say gold's 2025 trajectory hinges on a fragile equilibrium of inflation, policy, and geopolitics. While bullish sentiment dominates, experts caution against overexposure. As Kristalina Georgieva, IMF Managing Director, states, 'Gold's role in preserving wealth is undeniable, but its volatility demands prudence.' According to market experts, in a world where $300 trillion in global debt undermines fiat currencies, gold remains a timeless hedge. Yet, as prices flirt with $3,000, the adage 'buy low, sell high' has never been more relevant—or more contested.
Khaleej Times
10-02-2025
- Business
- Khaleej Times
UAE: Gold prices jump over Dh2 per gram, reach new record high
Gold prices jumped over Dh2 per gram at the opening of markets in Dubai on Monday, touching a new record high. At 9am UAE time, the 24K variant of the yellow metal rose Dh2.25 per gram to Dh347 per gram on Monday, up from Dh344.75 per gram at the close of the markets over the weekend. Among the other variants, 22K, 21K and 18K opened higher at Dh322.75, Dh309.5 and Dh265.25 per gram, respectively. Globally, gold was trading at $2,878.59 per ounce, up 0.58 per cent. Stay up to date with the latest news. Follow KT on WhatsApp Channels. [Editor's Note: For real-time gold rates, click widget below or visit KT's dedicated Trading News page here.] The yellow metal has been consistently on the rise due to strong demand, uncertainty around US tariff policy and geopolitical tensions. Unsurprisingly, high prices dampened demand in the jewellery sector worldwide, with annual consumption decreasing by 11 per cent to 1,877 tonnes, according to the World Gold Council. Central banks continued to buy gold at pace in 2024, with purchases exceeding 1,000 tonnes for the third year in a row. Buying ramped up significantly in the fourth quarter of last year, reaching 333 tonnes and bringing the annual total for central banks to 1,045 tonnes, said the Council. It said total gold supply increased one per cent year-on-year, reaching a new record high of 4,794 tonnes. Global investment demand jumped 25 per cent year-on-year to 1,180 tonnes – a four-year high – driven by a revival in gold ETF demand in the second half of 2024. Global gold ETFs added 19 tonnes in the last quarter of 2024, marking two consecutive quarters of inflows for the asset class. Bar and coin demand stayed largely in line with 2023 volumes at 1,186 tonnes in 2024.
