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Gold price falls: Is US dollar the culprit?

The current movement suggests that the downside for the yellow metal is still limited

Reuters
Reuters

27 January, 2025

Gold price falls: Is US dollar the culprit?
Image credit: Getty Images

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Gold dipped on Monday, January 27, pressured by a firmer dollar, while investors focussed on the Federal Reserve’s first meeting of 2025 for more guidance on the US interest rate path.

Spot gold dropped 0.6 per cent to $2,755.80 per ounce, as of 0509 GMT, after trading just below record-high levels on Friday. US gold futures fell 0.7 per cent to $2,760.70.

Read: Gold prices soar to 11-week high amid Trump jitters, dollar dip

The dollar gained 0.3 per cent, making gold expensive for other currency holders.

“The US dollar could be the main culprit for gold’s weakness… However, the current movement suggests that the downside for the yellow metal is still limited, potentially aided by safe-haven flows,” IG market strategist Yeap Jun Rong said.

Pakistan strikes gold: New reserves discovered

Gold is considered a hedge against geopolitical turmoil and inflation. It also tends to thrive in a low interest rate environment as it yields no interest.

Fed policymakers are largely expected to keep rates steady in their January 28-29 meeting, marking the first pause in the rate-cutting cycle that began in September.

“Market focus will likely be on how the Fed reacts to comments from President Trump, who has called for continued interest rate cuts,” Reliance Securities’ senior analyst Jigar Trivedi said.

Data since the Fed’s December meeting has kept intact the core view among Fed officials that inflation will continue to move steadily, if slowly, towards 2 per cent, with a low unemployment rate and continued hiring and economic growth.

Emirates Airline Festival of Literature 2025 returns with star-studded lineup

For over seventeen years, the festival, renowned as the region’s premier literary event, has welcomed a diverse array of international and regional writers, poets, thinkers, and speakers

Gulf Business
Gulf Business

25 January, 2025

Emirates Airline Festival of Literature 2025 returns with star-studded lineup

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The Emirates Airline Festival of Literature, beloved by fans across the UAE, will return for its 17th edition from January 29th to February 3rd, 2025, at the InterContinental Dubai Festival City.

The Emirates LitFest promises an eclectic mix of authors, stimulating discussions, and interactive workshops, all dedicated to celebrating the transformative power of storytelling. It will offer attendees over 150 incomparable experiences, including fan-favourites: Desert Stanzas, LitFest After Hours, Discovery Talks, and the LitFest Families programme.

Featured authors

The festival’s lineup featured an eclectic mix of renowned and emerging authors, including Abraham Verghese, author of the acclaimed novels The Covenant of Water and The Tennis Partner, Chigozie Obioma, the author of The Road to the Country, whose compelling narratives on identity and feminism have garnered international acclaim and Pip Williams, the author of the global bestseller The Diary of Lost Words.

Don’t miss acclaimed author Verghese as he is set to discuss his latest page-turner, The Covenant of Water, a captivating saga of three generations of a Malayali family in southwest India. The New York Times bestseller held its spot for an impressive 37 weeks. Catch Verghese twice during the festival: on January 31st for a captivating session on his novel and on February 2nd in a fascinating discussion with author and researcher Williams.

Similarly, acclaimed journalist and former CNN anchor Hala Gorani will grace the stage to discuss her book, which explores the complexities of identity, race and belonging. It follows her own experiences as a journalist of Arab descent living and working in the West. Gorani’s session is scheduled for February 2, and she will also join a lively panel discussion on media and the Middle East on the same day.

Literary icons such as Jeff Kinney, the creator of the wildly popular Diary of a Wimpy Kid series, and Daniel Handler (also known as Lemony Snicket), the mastermind behind A Series of Unfortunate Events, will join the impressive lineup. The festival will also welcome Nobel Prize laureate Abdulrazak Gurnah and distinguished Egyptian writer and novelist Mohammad Al Mansi Qindeel, promising a truly unforgettable experience for literary enthusiasts.

Engaging conversations & panels

The Emirates LitFest will be punctuated by a series of thought-provoking panels and discussions. Ignite your literary spirit at the awe-inspiring Desert Stanzas, the signature event that kicks off the festival. Immerse yourself in a magical night under the stars at Caravanserai, mingling with renowned international and local authors and poets as you celebrate the power of the written word. Tickets are priced at Dhs425 and can be purchased here.

For a dose of inspiration, join the Business Breakfast: Women in Leadership. Hear from esteemed guests Jessamy Hibberd (author of The Imposter Cure), Maha Abouelenein (author of 7 Rules of Self-Reliance), and Su Bridgman JD (founder of The CQ Edge) as they share their insights on the challenges and opportunities facing women leaders. The insightful session will provide valuable perspectives and a glimpse into the future of female leadership. The breakfast session takes place on January 31st.

A platform for cultural exchange

The Emirates Literature Festival 2025 is more than just a celebration of literature; it was a vibrant platform for cultural exchange.

Emirates LitFest stage: On the LitFest stage, Emirati and international authors will come together to celebrate the UAE’s cultures. The festival features a diverse range of experiences and a distinguished lineup of Emirati writers, including poet Adel Khozam, Dr Noura Alkarbi, artist Asmaa Al Remeithi, poet Ali Al Shaali, author and scholar Saleha Ghabish, author and trainer Hamdan Bin Shfayan Alameri, author Nadia Al Najjar and filmmaker Nahla Al Fahad.

Dubai-based author Graeme Wilson will give insights into his book To Be the First, an authorised biography of HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President of the UAE and Ruler of Dubai.

Fashion illustrator Megan Hess takes the stage. Hess will discuss her book Fashion in Colour, which explores the influence of colour in fashion history. She has not only penned 22 books but is also behind the wonderful and eye-catching illustrations on the pages. On the other hand, author, broadcaster, and cultural critic Emma Dabiri will help you rediscover ‘beauty’ on your terms.

Future writers: The festival offers workshops for writers of all levels, from a two-day bootcamp with ex-publisher, author, and writing instructor Harriet Griffey to a character development workshop with bestselling writer Mateo Askaripour.

Read: Legendary comedian John Cleese returns to Dubai Opera on January 25

UAE firms turn to Oracle NetSuite to drive business expansion

NetSuite offers out-of-the-box processes built on best practices from their experience with 41,000 customers

Nida Sohail
Nida Sohail

24 January, 2025

UAE firms turn to Oracle NetSuite to drive business expansion
Image credit: Supplied

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Oracle NetSuite is playing a crucial role in helping UAE businesses streamline operations, cut costs, and scale faster. The platform’s integrated solutions are enabling companies across industries to gain a competitive edge.

What does NetSuite offer

“Depending on the industry, NetSuite offers out-of-the-box processes built on best practices from our experience with 41,000 customers,” said Nicky Tozer, senior vice president, EMEA, Oracle NetSuite. She added, “We have local teams across all regions, providing support for both account management and solution identification. These solutions can also be regionally tailored.”

Read: Oracle boosts UAE cloud capacity fivefold as GCC embraces AI

How does eZhire benefit from NetSuite

One company reaping the benefits is eZhire, a B2C car rental service operating in the UAE, Qatar, Bahrain, and Saudi Arabia. The firm uses NetSuite to integrate its financial processes, consolidate operations, and improve decision-making.

Pearl of AI excellence: Minister wants UAE to be a world leader

“Previously, we relied on different software platforms for each country, leading to inefficiencies and a lack of integration,” said Hassan J. Saduzai, CEO and co-founder of eZhire. “Now, with a unified system, we can view financials and performance by country or at a group level. This integration has made managing operations much more efficient”.

Key advantages for eZhire include access to granular data, real-time dashboards, and instant insights into cash flow and financial health. With these tools, the company has enhanced profitability and streamlined its operations.

Today, eZhire boasts over 650,000 users and has recorded more than four million total rental days.

Derayah Financial plans to sell 20% stake in Riyadh IPO

The brokerage is offering 49.94 million shares, representing 20 per cent of the company’s total issued share capital

Kudakwashe Muzoriwa
Kudakwashe Muzoriwa

24 January, 2025

Derayah Financial plans to sell 20% stake in Riyadh IPO
Image credit: FAYEZ NURELDINE/ Getty Images

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Derayah Financial plans to sell a 20 per cent stake through an initial public offering (IPO) on the Saudi Exchange (Tadawul) in what is set to be the kingdom’s first listing in 2025.

The brokerage is offering 49.94 million shares, according to a regulatory filing, representing 20 per cent of the company’s total issued share capital.

The final offer price will be determined at the end of the book-building process, with the final allocation scheduled for February 27.

The company appointed HSBC’s local unit as the sole financial advisor, bookrunner, global coordinator, lead manager, and underwriter for the deal.

“With the launch of our IPO, Derayah is embarking on an exciting new chapter that will further solidify its position as a leading independent digital investment platform in Saudi Arabia. In recent years, we have achieved exponential growth by capitalising on favourable local, regional, and global capital markets,” said Mohammed Al Shammasi, the CEO of Derayah.

The proceeds from the share sale will be distributed to the selling shareholders.

Founded in 2009, Derayah offers brokerage and trading services, which account for over 60 per cent of its total revenue, as well as asset and wealth management, with $4.03bn (SAR15.1bn) in assets under management as of the end of June.

The company reported a net profit of SAR228m in the first half of 2024, up 70 per cent from the same period last year, while its operating income rose by 63 per cent year-on-year to SAR434m.

Tadawul is the GCC region’s largest bourse, with an average traded value of more than $1bn. Last year, Saudi Arabia dominated the Middle East’s robust surge in new share sales, generating a record $4.1bn from 42 listings, according to a report by The Kuwait Financial Centre (Markaz).

With the kingdom continuing its push to diversify its economies and deepen its capital markets, market participants expect the rush of listings to continue.

Saudi Arabia is likely to see a string of listings, potentially including budget carrier flynas, buy-now-pay-later firm Tabby, tech firm Ejada, and the investment banking arm of Riyad Bank.

Read: Etihad gauges investor interest as Gulf carriers race towards IPOs

Date announced: Emirates to resumes flights to Beirut, Baghdad

The flights to both the countries will commence on the same day

Nida Sohail
Nida Sohail

24 January, 2025

Date announced: Emirates to resumes flights to Beirut, Baghdad
Image credit: Emirates

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Emirates will be resuming daily flights to Beirut, Lebanon from February 1, 2025.

The airline will recommence the daily services to Baghdad, Iraq as well on the same day.

India bound: Latest Emirates aircraft to take flight

From February 1, Emirates will serve daily flights to Rafic Al Hariri International Airport by a Boeing 777-300ER, in three classes.

The airline will offer passengers more that 5,000 seats both ways each week, and will also increase the connectivity between Beirut and Dubai.

Read: Emirates to debut Premium Economy to Brisbane starting Feb

It will also be giving the passengers, a second layer of daily services to Beirut from April 1, 2025, with the addition of the EK957/958 morning service. This will be operated with a Boeing 777-300ER aircraft in three classes.

The flights schedules (following local time) to the destinations are as follows.

Beirut

(February 1, 2025)

  • Daily flights on EK953 and EK954
  • EK953 departs Dubai at 1130hrs, arriving in Beirut at 1400hrs
  • The return flight, EK954 leaves Beirut at 1530hrs, arriving in Dubai at 2120hrs

(April 1, 2025)

  • Emirates’ second daily service EK 957 takes off at 0730hrs, arriving in Beirut at 1030hrs
  • EK958 departs Beirut at 1205hrs, arriving in Dubai at 1655hrs

Baghdad

(February 1)

  • Emirates’ daily flights to Baghdad will be served by a Boeing 777 aircraft
  • On Sunday, Monday, and Wednesday, EK 941 will depart Dubai at 0805hrs, arriving in Baghdad at 0950hrs
  • EK 942 will then take-off at 1125hrs, landing in Dubai at 1435hrs
  • On Tuesday, Thursday, Friday, and Saturday, EK 943 will depart Dubai at 1300hrs, arriving in Baghdad at 1425hrs.
  • EK944 leaves Baghdad at 1555hrs, arriving in Dubai at 1910hrs

India bound: Latest Emirates aircraft to take flight

The Airbus now serves five destinations in the airline’s network

Nida Sohail
Nida Sohail

24 January, 2025

India bound: Latest Emirates aircraft to take flight
Image credit: Emirates

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The Emirates A350 is all set to make its debut in India on January 26, 2025.

Image credit: Emirates
Image credit: Emirates

The aircraft will be taking the flight to Mumbai and Ahmedabad. The Airbus A350 now serves five destinations in the airline’s network.

Photos: Emirates passenger teams get uniform ‘makeover’

The aircraft that offers unprecedented comfort and a luxurious flying experience on board, features the latest interiors and industry-first technologies and innovations.

Image credit: Emirates
Image credit: Emirates

Read: Emirates to debut Premium Economy to Brisbane starting Feb

The airbus had previously been flying to Edinburgh, Kuwait, and Bahrain, before the launch of operations to India.

The flight schedules (local time) for Mumbai and Ahmedabad are as follows:-

Mumbai

  • The Emirates A350 will operate daily on EK502 and EK503
  • EK502 departs Dubai at 1315hrs, arriving in Mumbai at 1750hrs
  • The return flight, EK503 leaves Mumbai at 1920hrs, arriving in Dubai at 2105hrs

Ahmedabad

  • The A350 aircraft will operate the route daily on EK538 and EK539
  • EK538 will depart Dubai at 2250hrs, arriving in Ahmedabad at 0255hrs (next day)
  • EK539 will depart Ahmedabad at 0425hrs to arrive back in Dubai at 0615hrs

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