Friday, 26th January 2007 (2419 views)

Gold sales have risen in the Middle East off the back of major celebrations over the winter period and the Dubai Shopping Festival (DSF) is expected to further boost the economy of Dubai.

According to Moaz Barakat, managing director of the World Gold Council in the Middle East, Turkey and Pakistan, the DSF has witnessed a growth in sales of almost 50 per cent.

One factor attributing to this phenomenon is the increase in demand of gold coupons at the DSF with 387,487 being sold so far compared with the figure of 291,000 in 2005.

Mr Barazat remarked: "Gold sales in the Middle East accelerated and shot up during December as there were three very important events, Christmas and Eid Al Adha followed by New Year.

"Also due to DSF, gold sales were prolonged thereby sustaining strong demand for the yellow metal particularly in the premium-end segment during the year-end."

The DSF - established in 1996 - is designed to showcase goods along with entertainment to provide a unique concept.

 

« Back to the stories

 

The news feeds on this site are independently provided by Adfero Limited © and do not represent the views or opinions of the World Gold Council.