**APN ADVANCE FOR SUNDAY JUNE 1**  A tourist checks out a bracelet at the Gold Souq in Dubai, United Arab Emirates, Tuesday, April 20, 2008. In ancient and modern gold souqs across the Arab world, businessmen and customers are feeling the pinch of record high gold prices and unlike in the West where gold jewelry is largely viewed as a luxury, gold is an intrinsic part of the Arab culture. (AP Photo/Kamran Jebreili) *** Local Caption ***  NY349_APN_MIDEAST_GOLD_.jpg
Gold hit a 13-month low of $680.80 an ounce last week but sales are up across the country.

Gold is in its retail element



DUBAI // Gold may have experienced its worst month in a quarter of a century, but this has not dampened retailer confidence in predicting continuing strong sales. Bullion fell 17 per cent last month, its biggest percentage decline since February 1983 when it finished the month down 18.2 per cent. The price of gold is now down 12 per cent this year, well below the record high of US$1,030.80 an ounce struck in March. However, dropping prices have sparked a jump in sales. Also, fears of a global recession are driving investors into less volatile assets, with gold, silver and precious stones standing out as appealing alternatives. "What we ended up seeing here in Dubai was a sort of gold rush with some of the retailers reporting 300 and 400 per cent increases in sales in just the past few weeks," said Swapna Nair, the general manager of the Dubai Gold and Jewellery Group. The third quarter is traditionally the high season for the region's gold and jewellery industry as it is a popular time for weddings. This year, however, it also coincided with Ramadan and the Indian festivals of Dhanteras and Diwali. ­Industry insiders say they expect the World Gold Council's ­third-­quarter report, due out in the coming days, to yield exceptional results. "I think the third quarter will hold steadily," said Ms Nair, citing the recent average price of Dh82 and Dh83 per gram as a catalyst for buyers. "Sales were so high during Dhanteras that there were concerns by the first day of Diwali that there might be shortages, but so far most retailers are coping with the high sales." Gold hit a 13-month low of $680.80 last week after many investors sold the precious metal to pay for margin calls. Retailers said the lower prices may lure first-time investors at a time when other assets become increasingly risky. US gold futures for December delivery fell 2.8 per cent on Friday to $718.20 an ounce on the COMEX division of the New York ­Mercantile ­Exchange. High and volatile gold prices during the second quarter of this year dampened demand across the region while driving sales revenues up, according to data released by the World Gold Council. The UAE and Saudi Arabia experienced an 11 and 15 per cent drop in sold and invested quantities respectively, while experiencing a significant increase in sales revenues on higher prices. The UAE enjoyed a 20 per cent boost in revenues, the largest increase in the GCC, bringing the sales value to Dh3.6 billion, up from Dh3bn in the same period last year. Similarly, sales in Saudi Arabia rose 14 per cent, and across the rest of the Gulf by 2 per cent. However, despite the confidence exuded by the regional industry, some are urging vigilance on the back of the global financial crisis. "Gold, silver and precious stones have value and are a counterpart of solid money, and I hope people recognise that," said Gaetano ­Cavalieri, the president of the World Jewellery Confederation. "But this industry is not out of this world, so obviously the financial crisis will have some impact on the jewellery business." vsalama@thenational.ae

Monster Hunter: World

Capcom

PlayStation 4, Xbox One

West Asia Premiership

Dubai Hurricanes 58-10 Dubai Knights Eagles

Dubai Tigers 5-39 Bahrain

Jebel Ali Dragons 16-56 Abu Dhabi Harlequins

COMPANY PROFILE

Company: Eco Way
Started: December 2023
Founder: Ivan Kroshnyi
Based: Dubai, UAE
Industry: Electric vehicles
Investors: Bootstrapped with undisclosed funding. Looking to raise funds from outside

The specs: 2018 BMW R nineT Scrambler

Price, base / as tested Dh57,000

Engine 1,170cc air/oil-cooled flat twin four-stroke engine

Transmission Six-speed gearbox

Power 110hp) @ 7,750rpm

Torque 116Nm @ 6,000rpm

Fuel economy, combined 5.3L / 100km

COMPANY PROFILE

Company name: Klipit

Started: 2022

Founders: Venkat Reddy, Mohammed Al Bulooki, Bilal Merchant, Asif Ahmed, Ovais Merchant

Based: Dubai, UAE

Industry: Digital receipts, finance, blockchain

Funding: $4 million

Investors: Privately/self-funded

UAE Tour 2020

Stage 1: The Pointe Palm Jumeirah - Dubai Silicon Oasis, 148km
Stage 2: Hatta - Hatta Dam, 168km​​​​​​​
Stage 3: Al Qudra Cycle Track - Jebel Hafeet, 184km​​​​​​​
Stage 4: Zabeel Park - Dubai City Walk, 173km​​​​​​​
Stage 5: Al Ain - Jebel Hafeet, 162km​​​​​​​
Stage 6: Al Ruwais - Al Mirfa, 158km​​​​​​​
Stage 7: Al Maryah Island - Abu Dhabi Breakwater, 127km

UAE athletes heading to Paris 2024

Equestrian
Abdullah Humaid Al Muhairi, Abdullah Al Marri, Omar Al Marzooqi, Salem Al Suwaidi, and Ali Al Karbi (four to be selected).


Judo
Men: Narmandakh Bayanmunkh (66kg), Nugzari Tatalashvili (81kg), Aram Grigorian (90kg), Dzhafar Kostoev (100kg), Magomedomar Magomedomarov (+100kg); women's Khorloodoi Bishrelt (52kg).


Cycling
Safia Al Sayegh (women's road race).

Swimming
Men: Yousef Rashid Al Matroushi (100m freestyle); women: Maha Abdullah Al Shehi (200m freestyle).

Athletics
Maryam Mohammed Al Farsi (women's 100 metres).

The Transfiguration

Director: Michael O’Shea

Starring: Eric Ruffin, Chloe Levine

Three stars

Company Profile

Name: HyveGeo
Started: 2023
Founders: Abdulaziz bin Redha, Dr Samsurin Welch, Eva Morales and Dr Harjit Singh
Based: Cambridge and Dubai
Number of employees: 8
Industry: Sustainability & Environment
Funding: $200,000 plus undisclosed grant
Investors: Venture capital and government

RESULTS

5pm: Handicap (PA) Dh70,000 1,400m
Winner: AF Tathoor, Tadhg O’Shea (jockey), Ernst Oertel (trainer)
5.30pm: Handicap (TB) Dh70,000 1,000m
Winner: Dahawi, Antonio Fresu, Musabah Al Muhairi
6pm: Maiden (PA) Dh70,000 2,000m
Winner: Aiz Alawda, Fernando Jara, Ahmed Al Mehairbi
6.30pm: Handicap (PA) Dh70,000 2,000m
Winner: ES Nahawand, Fernando Jara, Mohammed Daggash
7pm: Maiden (PA) Dh70,000 1,600m
Winner: Winked, Connor Beasley, Abdallah Al Hammadi
7.30pm: Al Ain Mile Group 3 (PA) Dh350,000 1,600m
Winner: Somoud, Connor Beasley, Ahmed Al Mehairbi
8pm: Handicap (PA) Dh70,000 1,600m
Winner: Al Jazi, Fabrice Veron, Eric Lemartinel

The Year Earth Changed

Directed by:Tom Beard

Narrated by: Sir David Attenborough

Stars: 4

Company Profile

Company name: Cargoz
Date started: January 2022
Founders: Premlal Pullisserry and Lijo Antony
Based: Dubai
Number of staff: 30
Investment stage: Seed

The Facility’s Versatility

Between the start of the 2020 IPL on September 20, and the end of the Pakistan Super League this coming Thursday, the Zayed Cricket Stadium has had an unprecedented amount of traffic.
Never before has a ground in this country – or perhaps anywhere in the world – had such a volume of major-match cricket.
And yet scoring has remained high, and Abu Dhabi has seen some classic encounters in every format of the game.
 
October 18, IPL, Kolkata Knight Riders tied with Sunrisers Hyderabad
The two playoff-chasing sides put on 163 apiece, before Kolkata went on to win the Super Over
 
January 8, ODI, UAE beat Ireland by six wickets
A century by CP Rizwan underpinned one of UAE’s greatest ever wins, as they chased 270 to win with an over to spare
 
February 6, T10, Northern Warriors beat Delhi Bulls by eight wickets
The final of the T10 was chiefly memorable for a ferocious over of fast bowling from Fidel Edwards to Nicholas Pooran
 
March 14, Test, Afghanistan beat Zimbabwe by six wickets
Eleven wickets for Rashid Khan, 1,305 runs scored in five days, and a last session finish
 
June 17, PSL, Islamabad United beat Peshawar Zalmi by 15 runs
Usman Khawaja scored a hundred as Islamabad posted the highest score ever by a Pakistan team in T20 cricket

ESSENTIALS

The flights

Emirates flies direct from Dubai to Rio de Janeiro from Dh7,000 return including taxes. Avianca fliles from Rio to Cusco via Lima from $399 (Dhxx) return including taxes.

The trip

From US$1,830 per deluxe cabin, twin share, for the one-night Spirit of the Water itinerary and US$4,630 per deluxe cabin for the Peruvian Highlands itinerary, inclusive of meals, and beverages. Surcharges apply for some excursions.

Company Profile

Name: Direct Debit System
Started: Sept 2017
Based: UAE with a subsidiary in the UK
Industry: FinTech
Funding: Undisclosed
Investors: Elaine Jones
Number of employees: 8

Where to buy and try:

Nutritional yeast

DesertCart

Organic Foods & Café

Bulletproof coffee

Wild & The Moon

Amasake

Comptoir 102

DesertCart

Organic Foods & Café

Charcoal drinks and dishes

Various juice bars, including Comptoir 102

Bridgewater Tavern

3 Fils

Jackfruit

Supermarkets across the UAE

The Specs

Engine: 1.6-litre 4-cylinder petrol
Power: 118hp
Torque: 149Nm
Transmission: Six-speed automatic
Price: From Dh61,500
On sale: Now

Essentials

The flights
Emirates and Etihad fly direct from the UAE to Los Angeles, from Dh4,975 return, including taxes. The flight time is 16 hours. Alaska Airlines, United Airlines, Delta Air Lines, Aeromexico and Southwest all fly direct from Los Angeles to San Jose del Cabo from Dh1,243 return, including taxes. The flight time is two-and-a-half hours.

The trip
Lindblad Expeditions National Geographic’s eight-day Whales Wilderness itinerary costs from US$6,190 (Dh22,736) per person, twin share, including meals, accommodation and excursions, with departures in March and April 2018.

 

ROUTE TO TITLE

Round 1: Beat Leolia Jeanjean 6-1, 6-2
Round 2: Beat Naomi Osaka 7-6, 1-6, 7-5
Round 3: Beat Marie Bouzkova 6-4, 6-2
Round 4: Beat Anastasia Potapova 6-0, 6-0
Quarter-final: Beat Marketa Vondrousova 6-0, 6-2
Semi-final: Beat Coco Gauff 6-2, 6-4
Final: Beat Jasmine Paolini 6-2, 6-2

CABINET OF CURIOSITIES EPISODE 1: LOT 36

Director: Guillermo del Toro
Stars: Tim Blake Nelson, Sebastian Roche, Elpidia Carrillo
Rating: 4/5