Latest news with #GoldSouk
Time Business News
9 hours ago
- Time Business News
Discover Dubai in 5 Hours: A Comprehensive Dubai City Tour
Dubai, a city that seamlessly blends tradition with modernity, offers a plethora of attractions that can be explored even within a limited timeframe. The Dubai city tour 5 hours provides an excellent opportunity to experience the city's highlights, from its historic neighborhoods to its futuristic landmarks. This guide, presented by Dubai City Tour, outlines a well-structured itinerary to make the most of your short visit. Historic Dubai – A Glimpse into the Past Al Fahidi Historical Neighborhood (Al Bastakiya) Begin your journey at the Al Fahidi Historical Neighborhood, commonly known as Al Bastakiya. This area offers a window into Dubai's past, featuring narrow lanes, traditional wind-tower architecture, and restored buildings that now house art galleries, museums, and cultural centers. The neighborhood reflects the city's rich heritage and provides insight into its transformation over the years. Dubai Museum at Al Fahidi Fort Located within the Al Fahidi Fort, the Dubai Museum presents the city's history and cultural evolution. Exhibits include artifacts, dioramas, and multimedia presentations that depict life in Dubai before the oil boom, showcasing traditional occupations, homes, and markets. Dubai Creek and Abra Ride Experience the charm of Dubai Creek, the city's historic waterway that played a crucial role in its development. A traditional abra ride across the creek offers picturesque views of the old trading ports and bustling souks, providing a unique perspective of the city's maritime heritage. Souks of Deira – The Traditional Markets Gold Souk Explore the renowned Gold Souk in Deira, a vibrant marketplace featuring a vast array of gold jewelry, from intricate traditional designs to contemporary pieces. The souk's glittering displays and competitive prices make it a must-visit for jewelry enthusiasts. Spice Souk Adjacent to the Gold Souk lies the Spice Souk, where the air is filled with the aromas of exotic spices, herbs, and incense. Vendors offer a colorful assortment of spices used in Middle Eastern and international cuisines, providing an authentic sensory experience. Modern Marvels – Dubai's Iconic Landmarks Burj Khalifa No visit to Dubai is complete without witnessing the Burj Khalifa, the world's tallest building. Standing at 828 meters, it dominates the city's skyline and offers observation decks with panoramic views of the urban landscape. Dubai Frame The Dubai Frame, located in Zabeel Park, is a striking architectural landmark that frames views of both old and new Dubai. Visitors can ascend to the top for a glass-floored walkway and exhibits that narrate the city's past, present, and future. Museum of the Future A testament to Dubai's forward-thinking vision, the Museum of the Future showcases innovations in science, technology, and sustainability. Its unique torus-shaped structure and interactive exhibits offer a glimpse into the possibilities of tomorrow. Coastal Attractions – Sun, Sand, and Sea Jumeirah Beach and Jumeirah Mosque Jumeirah Beach provides a serene coastal escape with its white sands and clear waters. Nearby, the Jumeirah Mosque stands as an architectural gem, open to non-Muslim visitors and offering guided tours that promote cultural understanding. Palm Jumeirah and Atlantis Hotel Drive along the Palm Jumeirah, an artificial archipelago shaped like a palm tree, home to luxury residences and resorts. At its apex stands the Atlantis Hotel, a resort known for its distinctive architecture and marine-themed attractions. Entertainment and Adventure – Family-Friendly Destinations Aquaventure Waterpark Located within the Atlantis Hotel complex, Aquaventure Waterpark offers thrilling water rides, slides, and marine encounters, making it a popular destination for families and adventure seekers. IMG Worlds of Adventure IMG Worlds of Adventure is the world's largest indoor theme park, featuring zones themed around popular characters and franchises. With a variety of rides and attractions, it caters to visitors of all ages. Extended Excursions – Exploring Beyond Dubai Abu Dhabi Highlights For those with additional time, a tour to Abu Dhabi offers insights into the UAE's capital. Key attractions include the Sheikh Zayed Grand Mosque, known for its stunning architecture; the Louvre Abu Dhabi, a cultural beacon; and the Corniche, a picturesque waterfront promenade. Theme Parks in Abu Dhabi Abu Dhabi is also home to world-class theme parks such as Ferrari World, featuring high-speed rides; Warner Bros. World, offering immersive experiences with beloved characters; and SeaWorld Abu Dhabi, focusing on marine life and conservation. Travel in Comfort – Dubai and Abu Dhabi Tour with Nissan Patrol Experience the cities in luxury and comfort with a guided tour using a Nissan Patrol. This vehicle ensures a smooth ride across various terrains, enhancing your sightseeing experience. Conclusion The Dubai city tour 5 hours offers a well-rounded glimpse into the city's diverse attractions, from its rich heritage to its modern marvels. With Dubai City Tours, you can explore iconic landmarks, vibrant markets, and cultural sites efficiently and comfortably. Whether you're a first-time visitor or returning to discover more, this tour provides an enriching experience that captures the essence of Dubai. TIME BUSINESS NEWS
Time Out Dubai
20 hours ago
- Time Out Dubai
How to shop Dubai souks like a local: A first-timer's guide
A trip to the souks is a must. With some having offered their goods for decades, the traditional markets are packed with everything you could need, from spices and clothing to gold and perfume. Each has its own products, and if you know how to haggle, this is the place to take home a bounty of bargains. If you like this: 20 pictures that show how much Dubai has changed from the 1950s to today However, if you're heading there for the first time, it can be a little overwhelming, so we've put together a complete guide to help you know where to start. From the best route around to some top-tips while you're browsing, this is everything you need to know about the Dubai souks. The ultimate guide to the Dubai souks Where are the souks located? All of the main souks in Dubai are located in Deira, situated close by to the Dubai Creek (a route once used for trading back in the day). However, the textile souk lies on the other side of the creek, but you can travel easily between them with a quick abra ride (if you want to go all in on the culture). What is the best time to visit the souks? There's no point heading down at dawn, because most of the souks don't open until somewhere between 9am and 10am. Some stalls will be ready to trade from 9am, whereas others will still be setting up. However by 10am most will be up and running. If you like this: 10 oldest restaurants and bars in Dubai from Barasti to this 80s seafood spot The streets get very busy as the day goes on, so if you want to go when it's a little quieter, you can visit in the morning or just before closing at around 9pm. The Gold Souk (Credit: Supplied) Opening hours: 10am-10pm (approximately). Probably the most famous of all the Dubai souks, the Gold Souk was established back in the 1900s and is located right in the heart of Deira. Like with all of the souks, there really aren't any car parking spots, so your best bet is to travel by taxi or bus, or you can take the metro to the Al Ras station. Unlike other sections of the souks, the Gold Souk does not have stalls out on the street, and is instead mostly made up of small rows of shops. What can you buy at Gold Souk? The souk is renowned for its vast selection of gold and jewellery. It offers an extensive range of items, from traditional Arab designs to modern and contemporary styles, catering to all tastes. From engagement rings to Arabic name engravings, you can also find precious gemstones and stand in awe of the *gigantic* statement pieces in the window. Trading is mainly done in grams and 24-karat, it's estimated that the souk is home to as much as ten tonnes of gold at any given moment, and there are dozens of shops offering some incredible items including jewellery, diamonds, and other precious stones. Although it's called the gold souk, a lot of silver is sold here too, and if you want a piece of jewellery for a smaller price, you might want to check some of these options out. But if you're looking for gold, then make yourself aware of the daily gold rate before going on a big shop, as this will affect the price. The gold ring is on display in the Souk (Credit: Supplied) While you're here, be sure to: Check out the world's heaviest gold ring. The gigantic piece of jewellery sits proudly in a shop window. Coming in a total weight of 63.856kg, it's perhaps not for wearing, but is quite the sight. The Herb Souk (Credit: Supplied) Opening hours: 9am-9pm (approximately) If you're entering from Baniyas Road, then you'll enter at the gate opposite the Deira Old Souk Marina Transport station. Then quickly you'll step inside the spice souk (or herb souk as it's signposted), and get ready to be greeted with a real feast for the senses amongst the narrow passageways. If you've got an image in your head of a souk, the spice souk probably looks most like it, with barrels, bags and pots filled with a colourful array of spices. What can you buy at Herb Souk? (Credit: Supplied) Most stalls will have a similar selection, however this is the best time to pick up some traditional spices in bulk. As well as the likes of paprika, turmeric and saffron, the souk also stocks a range of herbs, loose leaf teas and mixes designed to help everything from migraines to congestion (give the menthol crystals a whiff). Saffron will (of course), cost more than most, however you can get around 100g of other spices for Dhs10 or less. In amongst the spices you'll also see some smaller perfume stalls dotted around, as well as traditional scarves and even a bar of kunafa chocolate or two (nowhere is safe from the Dubai chocolate craze). While you're here, be sure to: Test the saffron you're about to buy. Pop it in a little water, and if the water turns gold, it's good quality. If it turns red, it's not worth taking home. The Perfume Souk (Credit: Supplied) Opening hours: 9am-10pm (approximately) The perfume souk is located on Sikkat al Khali Street, just a moment away from the Gold Souk. Here the stores are more enclosed shops than market stalls, and that's to keep the perfumes away from the heat and sunshine. What can you buy at the Perfume Souk? If you're in the mood to smell good, then you *need* to visit one of these stores, selling everything from dupes of popular brands, to rich Arabic perfumes and ouds. Some will also sell ornate small vials to store your perfume in at home, making a very nice addition to your dressing table. Popular scents include oud, amber, jasmine and rose, and in some stores you can even have a personal mix made up for you. A small vial can cost anywhere from Dhs40 to Dhs80, depending on how good your bargaining skills are, and the perfume you've chosen. While you're here, be sure to: Ask to try the scents on paper sticks, not on your hand, as by the end you'll be covered in too many to tell the difference. The Textile Souk Opening hours: 9am-9pm (approximately) This souk lies on the Bur Dubai side of the creek, so if you want to get there from the other souks you can take a taxi, or pay a couple of dirhams to ride over the water on an abra. If you want a new outfit made then this is the place to go, and you can not only browse and choose a fabric, but you can then stroll round to a nearby tailor to have it made into something you like. Even if you're not looking to buy, explore the stores and enjoy browsing the silks and other fabrics (some are really quite dazzling). This souk doesn't get quite as busy as the others, so it's easier to get around during peak shopping hours. While you're here, be sure to: Check out the accessories. If you want to upgrade an outfit, there are gorgeous sequins, buttons and even lace hiding in the stores too. Dubai Souk top tips (Credit: Supplied) Look down at paving symbols If you're not sure which souk you've stumbled into now, all you need to do is look down at the paving stones. Each souk has its own symbol, for example the image above is for the gold souk – it's a gold necklace. Haggle for a bargain One of the first rules you should know about the souks is that you need to be ready to bargain, never accept the first price offered. Some deals you might be able to haggle more on, for example, if you're the only customer in the store, if you're buying multiple items, or perhaps you're just a good dealmaker. If you don't ask (you definitely) don't get. Don't get drawn in at the first stall In most souks, each stall will be selling very similar items, so don't get caught out at the first stall you come across. The perfume you like might be Dhs100 in one store, but you could get it for Dhs40 in another. There's no harm in checking out your options. Looking for things to do in Dubai? 112 best things to do in Dubai in 2025 You're going to want to save this list 10 oldest restaurants and bars in Dubai from Barasti to this 80s seafood spot Legendary places that we love to visit to this day 8 top games nights and board game cafés in Dubai Gather your brainiest pals for these alternative nights out
Listly
4 days ago
- Listly
How To Experience Dubai Like A Local: A Guide To Authentic Adventures – Find The Soul Of Dubai
Dubai is known for its beautiful skyline, mega malls and record-breaking attractions. However, behind all the fancy attractions is a unique and beautiful culture waiting to be explored. If you want to go beyond the tourist locations and experience the city the way locals do, you are in for a very rewarding adventure. From heritage districts and busy souks to seaside cafes, here is how to have an authentic experience in Dubai like a local. When To Visit Dubai And What To Know The months of November to March are the cooler months in Dubai. Daytime temperature is perfect for exploring outdoor places like markets, going for a walking tour, beach days or desert excursions. Many cultural festivals and events also happen during this period, making your stay more meaningful. Make sure to respect the festivities and local customs, like avoiding public eating and drinking during the day during Ramadan. Make sure to dress modestly in public, especially when visiting mosques or old neighbourhoods. Learn a few Arabic greetings like Marhaba, which means hello, or Shukaran, which means thank you. Base Yourself Where Locals Stay Most visitors head to beach resorts or iconic skyscrapers. However, the heart of the city lies in its dynamic urban hubs like Downtown Dubai. Staying at a central hotel like Anantara Downtown Dubai will place you in a prime location for both luxury and authenticity. From here, you are just a short walk or a ride away from charming old neighbourhoods, hidden restaurants and cultural landmarks that will make you understand the Dubai culture and help you mingle with the locals. There are many things to do in Downtown Dubai, and hotels in this area give you a perfect mix of modern comfort and local flavour to make your experience authentic. Explore Old Dubai On Foot To see the soul of the city, head to the historic neighbourhoods of Al Fahidi and Al Seef. You can walk through the narrow alleyways lined with wind towers, art galleries and museums like the Dubai Museum in Al Fahidi Fort. For a moment, you may even feel like you have walked into a scene from Aladdin. Then you can take a traditional Abra, a wooden boat across the Dubai creek. A favourite mode of transport among the locals to reach Deira. Visit the Gold Souk to see some amazing gold jewellery and gold items or even to get some amazing souvenirs. The spice souk is famous for fragrant herbs, and you will see rare spices. You can visit the textile souk to get some colourful fabrics. A core concept among the locals visiting these souks will be to bargain. So don't be shy to bargain; it's all part of the fun. Make sure to explore this area by foot for an authentic, local-like experience. Eat Like A Local Dubai is famous for authentic Emirati dishes. The culinary scene extends from luxury buffets and celebrity chef restaurants to street food and home-run restaurants with excellent food. If you visit areas like Al Karama, Al Rigga and Satwa, which are just a ride away from downtown, you will find food places loved by the residents. You must try shawarma from corner stalls, Iranian kebabs from family-run restaurants, or some South Indian dosa with masala chai. You can also try Emirati dishes like Machboos, which is a spiced rice with meat, Harees and Luqaimat, which is a type of sweet dumplings mostly served in traditional settings. Experience The Outdoors Like A Local During the cooler months, you will see locals visiting beachside cafes, desert camps and green parks. Kite Beach is a favourite weekend spot for families and young adults, with food trucks, bike paths and volleyball nets right by the sea. If you want to enjoy a quiet evening, you can visit the Al Qudra Lake in the desert. You can enjoy a sunset picnic and do a bit of bird-watching. Other parks like Zabeel Park and Creek Park offer open spaces for kids, joggers and casual gatherings. Another must-try activity is the Desert Safari. Attend Local Events And Community Happenings Dubai's calendar is packed with many festivals. From heritage festivals in Al Shindagha to open mic nights, local film screenings and farmers' markets, there is always something going on. Check community platforms or hotel concierge desks to find out about pop-ups and festivals. You can also take some Emirati cooking classes, calligraphy workshops or yoga sessions at sunrise on the beach with the locals.
Hi Dubai
14-05-2025
- Business
- Hi Dubai
From Souks to Startups: The Evolution of Dubai's Trade Culture
Can a city born in the desert sands become a global stage for trade and innovation? Dubai answers with a resounding yes, weaving a tale of ambition that stretches from ancient souks to shimmering startup hubs. Step into a world where merchants once bartered spices under the scorching sun and now entrepreneurs pitch billion-dollar ideas in air-conditioned towers. This is Dubai's story; a vibrant tapestry of trade, woven with threads of history, vision and relentless reinvention. The city's journey began along a humble creek, where dhows carried pearls and textiles to distant lands. Today, it's a metropolis where tech startups and global corporations coexist, fueled by a culture that thrives on opportunity. Long ago, Dubai's souks buzzed with life, their narrow alleys filled with the scents of saffron and the clatter of commerce. These markets were the city's heartbeat, connecting traders from Persia to India. But Dubai's rulers dreamed bigger. They deepened ports, slashed taxes and built free zones that lured businesses from every corner of the globe. By the 21st century, the city wasn't just trading goods; it was trading ideas. Startups sprouted like desert blooms, turning Dubai into a beacon for innovators. This article traces that evolution, from the gritty charm of souks to the polished energy of startup ecosystems. It's a story of a city that never stops dreaming, and it invites you to walk its path. The Souk Era Image Source: The Guardian Imagine a time when Dubai was a quiet coastal village, its lifeblood flowing through the creek. The souks, vibrant markets like the Gold Souk and Spice Souk, were the city's soul. Merchants crowded the alleys, their stalls piled high with pearls, textiles and spices. The air carried the scent of oud and the hum of haggling, as traders from Iran, India and East Africa docked their wooden dhows along the water's edge. Pearls, harvested by divers who plunged into the Gulf's depths, were Dubai's first claim to fame. These shimmering gems traveled as far as Europe, fetching fortunes for local traders. The souks were more than markets. They were where stories were swapped over cups of cardamom-laced tea, where deals were struck with a handshake and where cultures mingled. Dubai's rulers, even in those early days, saw the power of trade. They kept taxes low and welcomed foreign merchants, fostering a spirit of openness that defined the city. The souks taught Dubai resilience and hustle, lessons that would echo through the centuries. This was where the city learned to charm the world. The Port Pivot Image Source: Dubai As It Used to Be As the 20th century dawned, Dubai's leaders knew the souks couldn't carry the city forever. The world was changing and Dubai needed to keep up. Enter Sheikh Rashid bin Saeed Al Maktoum, a leader with a vision as vast as the desert. In the 1960s, he deepened Dubai Creek, allowing larger ships to dock. But he didn't stop there. Port Rashid opened in 1972, followed by Jebel Ali Port in 1979, a man-made marvel that would become one of the world's largest harbors. These ports weren't just infrastructure; they were bold statements of intent. Jebel Ali Port was a game-changer. It could handle massive cargo ships, linking Dubai to global trade routes. But the real genius was the Jebel Ali Free Zone, launched in 1985. This tax-free haven offered businesses full foreign ownership and minimal red tape. Companies from around the world flocked to set up shop, drawn by the promise of easy trade and zero taxes. The ports turned Dubai into a logistics powerhouse, moving everything from cars to containers at lightning speed. This era showed the world that Dubai wasn't just a stopover. It was a destination for business, built on ambition and opportunity. The Free Zone Boom Image Source: Arabian Business The ports gave Dubai muscle but the free zones gave it brains. The Jebel Ali Free Zone was just the beginning. By the early 2000s, Dubai was rolling out specialized zones like Dubai Internet City, Media City and the Dubai Multi Commodities Centre (DMCC). Each was a tailored ecosystem, designed to attract specific industries. Want to start a tech company? Internet City offered a home alongside giants like Google and Microsoft. Dreaming of media stardom? Media City hosted CNN and BBC. Trading gold or diamonds? The DMCC was your spot. These zones offered more than tax breaks. They created communities where ideas could thrive. Businesses enjoyed full ownership, fast licensing and a bureaucracy that didn't drag its feet. By 2025, Dubai boasted over 20 free zones, each a magnet for global talent and capital. The DMCC alone accounted for 11% of the UAE's foreign direct investment. These zones turned Dubai into a playground for ambition, where entrepreneurs could build without barriers. It was the city's way of saying, 'Bring your ideas, and we'll help them grow.' The Startup Surge Image Source: Dubai Media Office Fast forward to the 21st century and Dubai's trade culture took a futuristic leap. The souks and ports laid the foundation but the startup boom added the shine. By the 2010s, Dubai was no longer just a trading hub. It was a launchpad for innovation. The government launched initiatives like Dubai Future Accelerators and the Dubai Startup Hub, pouring resources into entrepreneurship. Co-working spaces like in5 became incubators for big ideas, offering startups affordable offices and mentorship. Dubai's startup scene is a vibrant mix. Fintech firms like Telr are redefining wealth management, while e-commerce platforms like Noon challenge global giants. Careem, a homegrown ride-hailing app, sold to Uber for $3.1 billion, proving Dubai's startups could play with the big dogs. The city's global connections, diverse workforce and government backing make it a startup paradise. Expats from India, Europe and the Middle East work alongside Emirati founders, creating a melting pot of ideas. The souks' hustle lives on but now it's about coding apps and pitching to venture capitalists. The Cultural Blend Dubai's trade culture thrives because it blends old and new. The souks still hum with activity: gold glitters in Deira and spices pile high in Bur Dubai. They're a living link to the past where traders once bartered under the stars. But walk a few miles and you're in DIFC, where fintech startups crunch data in glass towers. This duality is Dubai's magic. It honors its history while chasing the future. The city's diversity fuels its trade culture. Over 200 nationalities call Dubai home, each bringing ideas and energy. In the souks, you hear Arabic, Hindi and Swahili. In startup hubs, it's English, Mandarin and French. This mix creates a unique ecosystem where innovation feels natural. Government policies, like the UAE's Golden Visa for entrepreneurs, keep the talent flowing. Dubai's trade culture isn't just about money. It's about people connecting, creating and dreaming together. The Future Image Source: WAM Where does Dubai go from here? The city's trade culture is always evolving and the future looks bold. Dubai aims to lead in AI, blockchain and smart cities by 2030. The Dubai Blockchain Strategy is already streamlining trade with secure, transparent systems. The AI Roadmap funds startups tackling everything from healthcare to logistics. Meanwhile, the souks remain, their charm undimmed by time. The Gold Souk still draws crowds and the Spice Souk smells like history. Sustainability is the next frontier. Dubai's ports are adopting green tech, like smart logistics to cut emissions. Free zones are wooing eco-friendly startups, from solar energy firms to sustainable fashion brands. The Dubai Clean Energy Strategy aims for 75% clean energy by 2050 and trade is a big part of that. This green shift echoes the past, when traders worked in harmony with the land and sea. It's Dubai's way of ensuring its trade culture thrives for generations. Dubai's trade culture is a story of transformation. The souks taught it to hustle. The ports taught it to scale. The free zones taught it to innovate. And the startups? They're teaching the world that Dubai can be anything. From pearl divers to tech pioneers, the city's spirit is about seizing opportunities. It's a place where you can haggle for spices in the morning and pitch a startup in the afternoon. This blend of grit and glamour makes Dubai's trade culture unique. It's a city that invites everyone, merchants, dreamers, coders, to write their chapter in its story. And that's a story worth telling. Also Read: The Evolution of Souqs: Dubai's Blend of Tradition and Modern Retail This article explores the transformation of Dubai's souqs, delving into their history, their role in shaping culture, and how they've adapted to modern life. Dubai's Property Market Poised for Continued Growth Through 2033 Dubai's real estate sector is set to sustain steady growth over the next eight years, with property prices expected to rise by 3 to 7 percent annually, according to a leading developer. DMCC Launches New Licenses to Boost Business Flexibility in Dubai DMCC has unveiled two new license categories — the Special Purpose Vehicle (SPV) and Holding Company licenses — aimed at offering businesses greater agility in managing assets, structuring investments, and overseeing regional operations from Dubai. Dubai Leads Global Cities in Attracting Creative Industry Investments in 2024 Dubai has once again claimed the top spot globally for attracting foreign direct investment (FDI) in cultural and creative industries (CCI), according to the Financial Times' fDi Markets report. UAE Fintech Market Set to Hit $6.43 Billion by 2030, Among Fastest Growing Globally: Forbes The UAE's financial technology (fintech) market is on a sharp upward trajectory, projected to reach $3.56 billion by 2025 and $6.43 billion by 2030, according to a recent Forbes report.
Khaleej Times
24-04-2025
- Business
- Khaleej Times
'Dh39,000 profit': Dubai residents sell gold to fund Haj, weddings as prices hit record high
Many residents are flocking to Dubai's Gold Souk these days — not to buy gold, but to sell — taking advantage of the record-high prices that have pushed the value of the yellow metal to Dh400 per gram. For some, it is to meet a necessity; for others it's a smart financial decision that they had made over the years. Absar Ahmed, a long-time Dubai resident living in Al Jaddaf, has sold gold for a larger purpose. He plans to go for Haj this year, and a significant portion of the expenses will be covered by gold he had quietly collected over the years. 'Every six months, I would buy one tola gold bar. By the end of 2024, I had 8 bars in total, which I had purchased at an average price of around Dh2,750 each. Today, the same bar is selling for Dh4,668. I am making a profit of over Dh15,000.' His wife and children had also saved gold coins over the years from their Eidya and pocket money. 'Together, their collection is worth over Dh50,000 now. We never imagined it would grow this much. So we decided to use this money for something meaningful, and that is for our Haj pilgrimage.' Amit, a 27-year-old Indian expat from Gujarat, has a similar story. After saving gold for over a decade, he's now using the profits to pay for his upcoming wedding. 'I used to buy gold coins every Diwali and whenever I could save a little extra,' said Harshad. Over ten years, he collected 154 grams, spending around Dh22,000 in total. 'Now, at Dh400 per gram, the value of that gold has shot up to over Dh61,600. I am walking away with a profit of over Dh39,000. This will cover many expenses of my wedding next month.' While some residents have been saving for years. Momina Azam, a Pakistani expat living in Al Nahda, got into buying gold recently, especially after the Covid 19 pandemic. 'I started four years ago, buying gold coins whenever I had leftover cash,' said Azam. 'I ended up with 69 grams in total. Now, I am selling it for nearly Dh400 per gram, more than doubling my investment.' For Azam, the sale is but to bring some financial stability. 'I will be clearing off my credit card debt and putting the rest into savings.' According to traders, this trend is more than just a blip. Affan Sada, a long-time gold trader at Dubai Gold Souk, said they have seen many residents coming in to sell their gold as prices soared. 'Gold has touched the highest rate in history, and many residents who had been quietly investing over the last few years are now cashing in,' said Affan. 'We have seen people selling gold to fund Hajj trips, vacations, weddings, and paying off loans. For many, this is the moment they were waiting for.' He added that the pandemic years saw a shift in mindset. 'People started seeing gold not just as jewellery, but as an asset. A lot of them used to buy small amounts during festive seasons, and now those small coins and bars are bringing in big money.'
