Latest news with #Dh355
Gulf News
02-05-2025
- Business
- Gulf News
Dubai gold price could be in for a drop - here's why
Tariff tensions cooling off could set the tone for gold prices in coming days Last updated: Dubai: The Dubai Gold Rate is up just over Dh3 early Friday (May 2) to Dh362.25 a gram for 22K – but shoppers shouldn't lose heart. There are more reasons emerging that gold could be in for a softer pricing range in the coming days, according to jewellery retailers. Shoppers, especially tourist buyers, should wait to see where the gold pricing could be headed in the morning hours. There are hopes that post-afternoon, there could be some softening from the Dh362 levels and which would then lock the price in for the weekend. 'Yesterday, it felt that Dubai gold rate could slip to Dh355/Dh356 levels from Dh359,' said a gold retailer. 'There was higher than average tourist buyers in the afternoon as a result. But I am positive that gold could, in the short term, will come back down to Dh350 a gram for 22.' (The Dh359 of last evening was the lowest local rate since April 15.) Is there reason for such optimism? Yes, the signs are there that the kind of volatility gold prices recorded for all of April might be abating. The biggest plus factor would be China's comments that it could look to negotiate its way out of the tariff crisis with the US. (Both countries have import tariffs on the other of over 100%.) The high stakes US-China trade tensions was the primary reason why gold prices shot off further into record territory in the second half of April. At one point, the Dubai gold rate for 22K even looked ripe to barge past Dh400 a gram after reaching Dh388. (A gram of 24K had already shot past Dh400.) Back to Dh340 levels? Even lower? 'A lot of April's high gold prices resulted from the tariff situation – if those ease, there is no reason why bullion can't cool down to $3,150 an ounce levels,' said an FX analyst. 'The US and China need to talk, and that's the signal global markets need – and for gold prices to settle lower.'
Gulf News
01-05-2025
- Business
- Gulf News
Dubai to open revamped Jumeirah Beach in July
Dubai: Dubai is set to reopen a revamped Jumeirah Beach in July, just in time to help beachgoers beat the peak summer heat. This was revealed during a media briefing hosted by the Government of Dubai Media Office (GDMO) as part of its 'Meet the CEO' series, featuring Marwan bin Ghalita, Acting Director General of Dubai Municipality, and various CEOs from the municipality. Bin Ghalita highlighted the municipality's priorities and the latest progress across a range of areas, including infrastructure, housing services, AI-driven technology, public health, food safety, and community spaces. As CEOs of various departments highlighted developments in their respective sectors, Bader Anwahi, CEO of the Public Facilities Agency at Dubai Municipality, provided updates on several ongoing projects aimed at enhancing Dubai's public spaces and expanding green areas. While discussing the progress on public park and beach development projects, Anwahi revealed that Jumeirah Beach, where construction is ongoing, is set to open to the public in July this year. He also provided updates on enhancements at Al Mamzar Beaches, saying the project covers the Creek and Corniche areas around Al Mamzar Beach Park. Dh355m beach development project In June 2024, Dubai announced a Dh355 million beach development project that includes the development of Al Mamzar and Jumeirah 1 public beaches. Dubai's first floating pedestrian bridge in Al Mamzar and a 24x7 night beach in Deira are also part of the initiative. At the time, the Higher Committee for Urban Planning and Well-Being stated that the projects were slated for completion within 18 months, spanning a total of 5.7 km—4.3 km at Al Mamzar and 1.4 km at Jumeirah 1. As per the latest update, Jumeirah 1 Beach is expected to reopen ahead of schedule following its facelift. These beach development initiatives align with the objectives of the Dubai 2040 Urban Master Plan, which aims to increase the length of public beaches by 400 percent. In December last year, Dubai Municipality announced that the night-swimming beaches in Jumeirah 2, Jumeirah 3, and Umm Suqeim 1 had welcomed approximately 1.5 million visitors within the first 18 months of their opening in 2013. 600 trees planted daily Meanwhile, Anwahi also noted the extensive, round-the-clock efforts required to support citywide landscaping and irrigation. 'Municipality teams plant around 600 trees daily, while its nurseries produce 90 million seedlings a year using advanced technology and robotics,' he said.
