The new policy to boost gold trade in UAE consists of 10 strategic programmes and initiatives. Reuters
The new policy to boost gold trade in UAE consists of 10 strategic programmes and initiatives. Reuters
The new policy to boost gold trade in UAE consists of 10 strategic programmes and initiatives. Reuters
The new policy to boost gold trade in UAE consists of 10 strategic programmes and initiatives. Reuters

Gold futures trading on DGCX climbs amid coronavirus concerns


Fareed Rahman
  • English
  • Arabic

Gold futures trading on the Dubai Gold and Commodities Exchange (DGCX) is spiking as investors flocked to safe-haven assets in the wake of the coronavirus outbreak that threatens to slowdown the global economy.

The year-on-year volume growth of gold futures contracts stands at 773.6 per cent so far this year, aided by a multi-year record in January, the exchange said in a statement on Monday.

Total volumes in February hit 1.49 million contracts, while year-to-date Average Open Interest (AOI) was 367,878 contracts, up 51.1 per cent during the same period in 2019.

“Unforeseen events during the first two months of this year have sent shock-waves across global markets. Investors are bearish on the global economy and increasingly turning to products that can help them manage their risk,” Les Male, chief executive of DGCX said.

“This is reflected in the trading we are seeing on the DGCX, in which a greater number of investors are recognising the value our products offer for hedging purposes.”

The novel coronavirus, which originated in China, has spread rapidly since mid-January to 60 countries, with the global death toll topping 3,000 and more than 89,000 recorded cases.

DGCX also said on Monday it is planning to start new FX (foreign exchange) products, including the launch of FX Rolling contracts – perpetual rolling FX contracts for three currency pairs. It already offers contracts on G6 currency pairs, and said trading across these grew 18.1 per cent in February, with an underlying value of $7.2bn. A futures contract on the euro and US dollar is its most actively-traded pair, with 76,595 contracts traded last month - a 41.1 per cent month-on-month increase.

The DGCX’s INR (Indian Rupee) product portfolio was another driver of trading last month, on the back of President Donald Trump’s visit to India. INR Mini Futures was the standout performer, trading 113,521 contracts, up 43 per cent month-on-month and 9.6 per cent year-on-year.

“The rest of the year promises to be particularly busy for us, as we prepare to launch new, locally-relevant products to provide our members with a wider range of tools to safely protect their investments,” added Mr Male.

DGCX is a subsidiary of Dubai Multi Commodities Centre, a government authority for trade, enterprise and commodities.

CRICKET%20WORLD%20CUP%20LEAGUE%202
%3Cp%3EMannofield%2C%20Aberdeen%3Cbr%3E%3Cbr%3EAll%20matches%20start%20at%202pm%20UAE%20time%20and%20will%20be%20broadcast%20on%20icc.tv%3Cbr%3E%3Cbr%3E%3Cstrong%3EUAE%20fixtures%3C%2Fstrong%3E%3Cbr%3E%3Cbr%3EWednesday%2C%20Aug%2010%20%E2%80%93%20Scotland%20v%20UAE%3Cbr%3EThursday%2C%20Aug%2011%20-%20UAE%20v%20United%20States%3Cbr%3ESaturday%2C%20Aug%2014%20%E2%80%93%20Scotland%20v%20UAE%3Cbr%3EMonday%2C%20Aug%2015%20%E2%80%93%20UAE%20v%20United%20States%3Cbr%3E%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EUAE%20squad%3C%2Fstrong%3E%3Cbr%3E%3Cbr%3EAhmed%20Raza%20(captain)%2C%20Chirag%20Suri%2C%20Muhammad%20Waseem%2C%20Vriitya%20Aravind%2C%20CP%20Rizwan%2C%20Basil%20Hameed%2C%20Rohan%20Mustafa%2C%20Zawar%20Farid%2C%20Kashif%20Daud%2C%20Karthik%20Meiyappan%2C%20Zahoor%20Khan%2C%20Junaid%20Siddique%2C%20Sabir%20Ali%2C%20Alishan%20Sharafu%3Cbr%3E%3Cbr%3E%3Cstrong%3ETable%3C%2Fstrong%3E%20(top%20three%20teams%20advance%20directly%20to%20the%202023%20World%20Cup%20Qualifier)%3Cbr%3E%3Cbr%3E1.%20Oman%2036%2021%2013%201%201%2044%3Cbr%3E2.%20Scotland%2024%2016%206%200%202%2034%3Cbr%3E3.%20UAE%2022%2012%208%201%201%2026%3Cbr%3E--%3Cbr%3E4.%20Namibia%2018%209%209%200%200%2018%3Cbr%3E5.%20United%20States%2024%2011%2012%201%200%2023%3Cbr%3E6.%20Nepal%2020%208%2011%201%200%2017%3Cbr%3E7.%20Papua%20New%20Guinea%2020%201%2019%200%200%202%3C%2Fp%3E%0A
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Company%20Profile
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%E2%80%98FSO%20Safer%E2%80%99%20-%20a%20ticking%20bomb
%3Cp%3EThe%20%3Cem%3ESafer%3C%2Fem%3E%20has%20been%20moored%20off%20the%20Yemeni%20coast%20of%20Ras%20Issa%20since%201988.%3Cbr%3EThe%20Houthis%20have%20been%20blockading%20UN%20efforts%20to%20inspect%20and%20maintain%20the%20vessel%20since%202015%2C%20when%20the%20war%20between%20the%20group%20and%20the%20Yemen%20government%2C%20backed%20by%20the%20Saudi-led%20coalition%20began.%3Cbr%3ESince%20then%2C%20a%20handful%20of%20people%20acting%20as%20a%20%3Ca%20href%3D%22https%3A%2F%2Fwww.google.ae%2Furl%3Fsa%3Dt%26rct%3Dj%26q%3D%26esrc%3Ds%26source%3Dweb%26cd%3D%26ved%3D2ahUKEwiw2OfUuKr4AhVBuKQKHTTzB7cQFnoECB4QAQ%26url%3Dhttps%253A%252F%252Fwww.thenationalnews.com%252Fworld%252Fmena%252Fyemen-s-floating-bomb-tanker-millions-kept-safe-by-skeleton-crew-1.1104713%26usg%3DAOvVaw0t9FPiRsx7zK7aEYgc65Ad%22%20target%3D%22_self%22%3Eskeleton%20crew%3C%2Fa%3E%2C%20have%20performed%20rudimentary%20maintenance%20work%20to%20keep%20the%20%3Cem%3ESafer%3C%2Fem%3E%20intact.%3Cbr%3EThe%20%3Cem%3ESafer%3C%2Fem%3E%20is%20connected%20to%20a%20pipeline%20from%20the%20oil-rich%20city%20of%20Marib%2C%20and%20was%20once%20a%20hub%20for%20the%20storage%20and%20export%20of%20crude%20oil.%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3EThe%20%3Cem%3ESafer%3C%2Fem%3E%E2%80%99s%20environmental%20and%20humanitarian%20impact%20may%20extend%20well%20beyond%20Yemen%2C%20experts%20believe%2C%20into%20the%20surrounding%20waters%20of%20Saudi%20Arabia%2C%20Djibouti%20and%20Eritrea%2C%20impacting%20marine-life%20and%20vital%20infrastructure%20like%20desalination%20plans%20and%20fishing%20ports.%C2%A0%3C%2Fp%3E%0A
Stuck in a job without a pay rise? Here's what to do

Chris Greaves, the managing director of Hays Gulf Region, says those without a pay rise for an extended period must start asking questions – both of themselves and their employer.

“First, are they happy with that or do they want more?” he says. “Job-seeking is a time-consuming, frustrating and long-winded affair so are they prepared to put themselves through that rigmarole? Before they consider that, they must ask their employer what is happening.”

Most employees bring up pay rise queries at their annual performance appraisal and find out what the company has in store for them from a career perspective.

Those with no formal appraisal system, Mr Greaves says, should ask HR or their line manager for an assessment.

“You want to find out how they value your contribution and where your job could go,” he says. “You’ve got to be brave enough to ask some questions and if you don’t like the answers then you have to develop a strategy or change jobs if you are prepared to go through the job-seeking process.”

For those that do reach the salary negotiation with their current employer, Mr Greaves says there is no point in asking for less than 5 per cent.

“However, this can only really have any chance of success if you can identify where you add value to the business (preferably you can put a monetary value on it), or you can point to a sustained contribution above the call of duty or to other achievements you think your employer will value.”

 

How to apply for a drone permit
  • Individuals must register on UAE Drone app or website using their UAE Pass
  • Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
  • Upload the training certificate from a centre accredited by the GCAA
  • Submit their request
What are the regulations?
  • Fly it within visual line of sight
  • Never over populated areas
  • Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
  • Users must avoid flying over restricted areas listed on the UAE Drone app
  • Only fly the drone during the day, and never at night
  • Should have a live feed of the drone flight
  • Drones must weigh 5 kg or less
Boulder shooting victims

• Denny Strong, 20
• Neven Stanisic, 23
• Rikki Olds, 25
• Tralona Bartkowiak, 49
• Suzanne Fountain, 59
• Teri Leiker, 51
• Eric Talley, 51
• Kevin Mahoney, 61
• Lynn Murray, 62
• Jody Waters, 65

COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 
Conflict, drought, famine

Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024.
It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine.
Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages].
The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.

Band Aid

Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts.
With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians.
Following the single’s success, the idea to stage a rock concert evolved.
Live Aid was a series of simultaneous concerts that took place at Wembley Stadium in London, John F Kennedy Stadium in Philadelphia, the US, and at various other venues across the world.
The combined event was broadcast to an estimated worldwide audience of 1.5 billion.

What is graphene?

Graphene is a single layer of carbon atoms arranged like honeycomb.

It was discovered in 2004, when Russian-born Manchester scientists Andrei Geim and Kostya Novoselov were "playing about" with sticky tape and graphite - the material used as "lead" in pencils.

Placing the tape on the graphite and peeling it, they managed to rip off thin flakes of carbon. In the beginning they got flakes consisting of many layers of graphene. But as they repeated the process many times, the flakes got thinner.

By separating the graphite fragments repeatedly, they managed to create flakes that were just one atom thick. Their experiment had led to graphene being isolated for the very first time.

At the time, many believed it was impossible for such thin crystalline materials to be stable. But examined under a microscope, the material remained stable, and when tested was found to have incredible properties.

It is many times times stronger than steel, yet incredibly lightweight and flexible. It is electrically and thermally conductive but also transparent. The world's first 2D material, it is one million times thinner than the diameter of a single human hair.

But the 'sticky tape' method would not work on an industrial scale. Since then, scientists have been working on manufacturing graphene, to make use of its incredible properties.

In 2010, Geim and Novoselov were awarded the Nobel Prize for Physics. Their discovery meant physicists could study a new class of two-dimensional materials with unique properties. 

 

The biog

Mission to Seafarers is one of the largest port-based welfare operators in the world.

It provided services to around 200 ports across 50 countries.

They also provide port chaplains to help them deliver professional welfare services.

The specs

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Torque: 859Nm

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Lexus LX700h specs

Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor

Power: 464hp at 5,200rpm

Torque: 790Nm from 2,000-3,600rpm

Transmission: 10-speed auto

Fuel consumption: 11.7L/100km

On sale: Now

Price: From Dh590,000

Ms Yang's top tips for parents new to the UAE
  1. Join parent networks
  2. Look beyond school fees
  3. Keep an open mind
Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
The Buckingham Murders

Starring: Kareena Kapoor Khan, Ash Tandon, Prabhleen Sandhu

Director: Hansal Mehta

Rating: 4 / 5

While you're here
The%20Roundup%20%3A%20No%20Way%20Out
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Lee%20Sang-yong%3Cbr%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Don%20Lee%2C%20Lee%20Jun-hyuk%2C%20Munetaka%20Aoki%3Cbr%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E3%2F5%3Cbr%3E%3Cbr%3E%3C%2Fp%3E%0A

Engine: 80 kWh four-wheel-drive

Transmission: eight-speed automatic

Power: 402bhp

Torque: 760Nm

Price: From Dh280,000

Tips to stay safe during hot weather
  • Stay hydrated: Drink plenty of fluids, especially water. Avoid alcohol and caffeine, which can increase dehydration.
  • Seek cool environments: Use air conditioning, fans, or visit community spaces with climate control.
  • Limit outdoor activities: Avoid strenuous activity during peak heat. If outside, seek shade and wear a wide-brimmed hat.
  • Dress appropriately: Wear lightweight, loose and light-coloured clothing to facilitate heat loss.
  • Check on vulnerable people: Regularly check in on elderly neighbours, young children and those with health conditions.
  • Home adaptations: Use blinds or curtains to block sunlight, avoid using ovens or stoves, and ventilate living spaces during cooler hours.
  • Recognise heat illness: Learn the signs of heat exhaustion and heat stroke (dizziness, confusion, rapid pulse, nausea), and seek medical attention if symptoms occur.
ARSENAL IN 1977

Feb 05 Arsenal 0-0 Sunderland

Feb 12 Manchester City 1-0 Arsenal

Feb 15 Middlesbrough 3-0 Arsenal

Feb 19 Arsenal 2-3 West Ham

Feb 26 Middlesbrough 4-1 Arsenal (FA Cup)

Mar 01 Everton 2-1 Arsenal

Mar 05  Arsenal 1-4 ipswich

March 08 Arsenal 1-2 West Brom

Mar 12 QPR 2-1 Arsenal

Mar 23 Stoke 1-1 Arsenal

Apr 02  Arsenal 3-0 Leicester