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Dubai's economy demonstrated significant momentum, highlighted by a record-breaking quarter for property sales and its largest-ever mortgage deal. Concurrently, the city experienced a sharp surge in gold prices, with 24-karat gold trading above 550 dirhams per gram and nearing 600, causing a notable drop in jewelry demand. In response to this gold market activity, Dubai announced plans to launch a new 'Gold District' featuring a dedicated 'Gold Street' jewelry hub. The broader Gulf region is actively positioning itself as a leader in digital finance, with the UAE and other GCC members establishing regulatory frameworks for cryptocurrencies to attract investment. Further economic activity included a surge in regional construction projects and Dubai granting its first permit for testing fully driverless autonomous vehicles.
Key developments in regional trade and logistics unfolded. Shipping giant Maersk resumed sending its container vessels through the Red Sea and Suez Canal, citing a sustained ceasefire in Gaza that improved safety for commercial traffic. In diplomatic and economic outreach, Qatar promoted sustainable trade and resilient supply chains at the World Economic Forum, while also seeing a 55% surge in trade with Jordan. Separately, India and the United Arab Emirates solidified their strategic partnership through a series of major agreements, including a $3 billion liquefied natural gas deal and plans to enhance defense and trade cooperation. Airline operations saw disruptions, as Air France and KLM temporarily suspended some Middle Eastern flights due to the regional geopolitical situation, though Air France has since resumed service to Dubai.
2 topics | 107 sources
Gold prices in Dubai have been setting new record highs, with 24-karat gold repeatedly crossing 550 dirhams per gram and 22-karat gold trading just below 500 dirhams. The sustained high prices have led to a significant drop in gold jewellery demand and sales in the UAE. These reports describe the same core development of record gold prices impacting the local market.
Countries in the Gulf Cooperation Council (GCC), like the United Arab Emirates, are actively working on new rules for digital assets like cryptocurrency. This effort is part of a broader economic push that includes a construction boom driving demand for tools and an expected recovery in companies going public in the next few years.
7 topics | 96 sources
Jan 15
Maersk shipping company resumes Red Sea routes after ceasefire holdsThe shipping giant Maersk is sending its vessels back through the Red Sea and the Suez Canal. The company had paused these routes due to security concerns but is now restarting them because a ceasefire in Gaza has held.
Jan 27
World Bank and GLMC release report on Saudi Arabia's labor market changesThe Global Labor Market Center (GLMC) and the World Bank Group have published a new report titled 'A Decade of Progress.' The report details the significant transformation that has taken place in Saudi Arabia's labor market over the past ten years.