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World Gold Council: Gold prices rise 26% in H1; see outlook for H2

Consensus forecasts suggest below-trend global growth and persistently high inflation in the second half, with US CPI expected to reach 2.9 per cent

Gulf Business
Gulf Business

16 July, 2025

World Gold Council: Gold prices rise 26% in H1; see outlook for H2
Image: Getty Images/ For illustrative purposes

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Gold surged 26 per cent in the first half of 2025, notching 26 all-time highs and outperforming major asset classes as investors flocked to the safe-haven metal amid a weaker US dollar, stagnant bond yields, and mounting geopolitical tensions, according to the World Gold Council’s (WGC) mid-year outlook released Tuesday.

The WGC report, titled “Downhill or Second Wind?”, explores whether gold has peaked or still has room to run in the second half of the year. It projects that gold could rise a further 0 per cent to 5 per cent under current consensus expectations.

However, deteriorating macroeconomic conditions, including stagflation or recession, could drive gold prices up another 10 per cent to 15 per cent, while widespread conflict resolution may lead to a 12 per cent to 17 per cent decline.

“Gold has continued its record-setting pace, rising across all major currencies, and showing remarkable strength in the face of a volatile global backdrop,” the WGC report stated.

Strong demand, ETF flows

H1 2025 saw average daily gold trading volumes reach a record $329bn, bolstered by robust over-the-counter activity, exchange-based trading, and renewed inflows into gold-backed ETFs. Global ETF assets under management surged 41 per cent to $383bn, with holdings rising by 397 tonnes to 3,616 tonnes – the highest since August 2022.

Central banks maintained strong buying momentum, though slightly below record levels, continuing the trend of diversification away from U.S. dollar holdings. The WGC’s attribution model indicates that opportunity cost factors, such as a weakening dollar and stagnant yields, contributed 7 per cent to gold’s return, while risk and uncertainty added 4 per cent.

Dollar falters, gold gains

The US dollar posted its worst start to a year since 1973, reflecting global concerns over US trade policies and political leadership. US Treasuries, long considered safe-haven assets, saw declining demand in April as volatility drove investors toward gold.

“Trade-related geopolitical risks played a large role, not just directly, but by fuelling moves in the dollar, interest rates, and broader market volatility – all of which fed into gold’s appeal,” the report noted.

H2 scenarios: range-bound or breakout?

Consensus forecasts suggest below-trend global growth and persistently high inflation in the second half, with US CPI expected to reach 2.9 per cent.

The Federal Reserve is anticipated to cut interest rates by 50 basis points by year-end. Under this base case, gold is expected to consolidate with potential modest gains.

The WGC warns that more severe scenarios – such as intensified stagflation, recession fears, or escalated geopolitical tensions – could prompt a stronger rally. Conversely, a return to economic stability and easing geopolitical risks could lead to reduced investment flows into gold and a steeper pullback.

Even in a bearish scenario, however, the WGC sees $3,000/oz as a natural support level, noting that lower prices could revive consumer demand and discourage recycling.

Outlook: Structurally resilient

While the report acknowledges the unpredictable nature of the global macro environment, it concludes that gold remains well-positioned as a strategic asset.

“Given the intrinsic limitations of forecasting the global economy, we believe gold – through its fundamentals – remains well positioned to support tactical and strategic investment decisions in the current macro landscape,” it said.

At the end of June, gold stood at $3,287/oz, with a record high of $3,434 reached on June 13.

How Aramex, Sprinklr are reimagining customer experience with AI

Amjad Al Sabbah, group VP for Middle East and Africa at Sprinklr, and Francoise Russo, CTO at Aramex, on enabling hyper-personalised, AI-powered customer journeys

Neesha Salian
Neesha Salian

16 July, 2025

How Aramex, Sprinklr are reimagining customer experience with AI
Image: Supplied

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In a major step toward revolutionising digital customer service, Aramex recently expanded its strategic partnership with Sprinklr, the Unified-CXM platform for modern enterprises. The collaboration is designed to deliver AI-powered, seamless customer interactions across more than 65 countries, using advanced tools like Sprinklr’s Case Management, Sprinklr Voice, and Conversational AI.

Since 2022, Aramex has modernised its customer service framework with AI-driven automation and WhatsApp integration, automating 90 per centof cases and saving over a million agent hours annually.

Here, Françoise Russo, chief digital and technology officer at Aramex, and Amjad Al Sabbah, group VP for the Middle East and Africa at Sprinklr, discuss how the partnership is transforming last-mile delivery, enhancing customer satisfaction, and redefining what great service looks like in the AI era.

Amjad Al Sabbah, group VP MEA at Sprinklr

How does Sprinklr’s unified CXM platform uniquely enable global logistics players like Aramex to scale personalised, real-time customer support?

Our Unified-CXM platform brings all communication channels and customer data into a single, integrated architecture. For global logistics players like Aramex, this means no more siloed systems — agents and AI bots alike operate from a unified console that handles everything from WhatsApp messages and social media queries to voice calls.

Since partnering with Sprinklr, Aramex has automated 90 per cent of customer service cases, saving over one million agent hours per year. Routine tracking inquiries are handled by AI-powered chatbots, and customers now receive proactive delivery updates, like via WhatsApp. The result is consistent, scalable, always-on customer support—a clear competitive advantage that piecemeal platforms can’t match.

What are some of the most impactful features of Sprinklr Voice and Conversational AI for enterprise clients?

Sprinklr Voice is a cloud-based contact centre that, combined with our Conversational AI, offers smart, seamless customer engagement. For instance, our AI voice bots can carry out human-like, 24/7 conversations to answer common logistics queries — like “Where is my order?”— without needing an agent.

What sets us apart is Sprinklr AI+, which uses generative AI (powered by OpenAI’s GPT models) to build intelligent chatbots in days. These bots understand intent, ask clarifying questions, and retrieve data instantly. For live calls or chats, AI assists agents in real time—suggesting next steps or drafting responses.

Plus, features like real-time call transcription and sentiment analysis help supervisors intervene when needed, ensuring a higher level of service quality and agent productivity.

How is Sprinklr evolving its product roadmap to meet rising expectations in logistics and e-commerce, especially in the Middle East?

Today’s customers demand real-time updates, proactive communication, and hyper-personalisation, especially in logistics. That’s why we’re investing heavily in AI and automation. Our roadmap includes advanced AI alerts, proactive outreach, and deeper integration with emerging messaging platforms.

We’ve also addressed data residency concerns by launching local data hosting in the UAE and Saudi Arabia, which is critical for enterprise adoption in this region.

Sprinklr is also embedding logistics-specific use cases directly into our platform. Our partnership with Aramex shows how breaking the wall between backend logistics and customer experience leads to stronger outcomes. It’s where the industry is headed, and we’re proud to be leading that charge.

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Francoise Russo, CTO at Aramex

Aramex has automated 90 per cent of customer service cases and saved over a million agent hours. What impact has this had on customer satisfaction and delivery efficiency?

One key example is our Sprinklr WhatsApp BOT, which allows customers to schedule deliveries via a channel that’s secure, familiar, and always available. This self-service option lets customers share precise location data and preferred delivery times—dramatically improving first-time delivery success and overall satisfaction.

Those million agent hours saved come from deflecting high-volume inquiries—like tracking requests—through AI. This frees up human agents to handle more complex issues with greater care.

With AI now central to operations, how does Aramex maintain a human touch in its customer service?

AI is here to complement, not replace, human agents. We use AI to summarise cases, suggest context-specific responses, and surface solution options so that agents are more informed and effective.

But we also recognise not every case is complex. For simpler queries, the AI bot handles the interaction end-to-end. If escalation is needed, the handover is seamless, ensuring the customer feels understood and valued throughout.

As e-commerce grows, what’s next for Aramex in digital engagement and innovation?

We’re expanding AI use to streamline multi-shipment handling within a single conversation, so customers don’t need to repeat themselves. Another area of focus is onboarding new customers through conversational AI, helping them access Aramex services with zero friction.

We’re also looking at enhancing predictive logistics—using AI to anticipate delays or issues and inform the customer proactively.

Our goal is to evolve from being a responsive service provider to a predictive and proactive logistics partner.

Dubai seventh most expensive city globally for HNWIs, reveals report

The cost of living for wealthy residents rose due to strong increases in big-ticket items, including a 13 per cent rise in car prices and a 17 per cent increase in residential property values

Neesha Salian
Neesha Salian

16 July, 2025

Dubai seventh most expensive city globally for HNWIs, reveals report
Image: Getty Images/ For illustrative purposes

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Dubai has climbed significantly to rank as the seventh most expensive city globally for high-net-worth individuals (HNWIs) in Julius Baer’s Global Wealth and Lifestyle Report 2025, marking a notable ascent from its 12th position in the previous year.

This rise, the largest within the Europe, Middle East, and Africa (EMEA) region, occurred despite only a marginal 1 per cent increase in average local currency prices, according to the report published by Julius Baer.

Global shifts in wealth and lifestyle

The report, released at a juncture of slowing global consumption and rising geopolitical tensions, indicates a shift in priorities for HNWIs towards longevity, both physical and financial.

Globally, the Julius Baer Lifestyle Index recorded an exceptional 2 per cent decline in prices in US dollar terms, with goods falling by 3.4 per cent and services modestly by 0.2 per cent.

Christian Gattiker, head of Research at Julius Baer, commented, “In light of ongoing uncertainty, trade tensions, and tariffs, our findings represent the final moment ‘before’ the current situation, and next year’s Global Wealth and Lifestyle Report will likely provide a fascinating ‘after’ perspective.”

The city ranking remains highly competitive. Singapore retained its position as the most expensive city for HNWIs globally, followed by London, which moved into second place, and Hong Kong in third.

Regional dynamics: EMEA’s strong showing

Within EMEA, cities now account for more than half of the global top ten, with London leading the region, climbing to second place globally. Monaco and Zurich both moved up one position to fourth and fifth respectively. Dubai’s five-place jump to seventh consolidates its position as a serious challenger among traditional wealth hubs.

Milan and Frankfurt held their positions, while Paris fell slightly in the rankings. Johannesburg remained at the bottom despite some price increases.

Price developments within EMEA have been moderate overall, with local currency prices remaining stable or even falling in cities such as Zurich.

The region’s most notable price increase came in Paris, where rising travel and hospitality costs led to a 5 per cent year-on-year rise. Private education costs in London also surged, driven by recent legislative changes.

Dubai’s ascent: A magnet for HNWIs

The cost of living for wealthy residents in Dubai saw notable increases in specific “big-ticket items.” Car prices rose by 13 per cent, and residential property values increased by 17 per cent. This aligns with Dubai’s real estate market experiencing exceptional growth in 2024, with property sales values rising 27 per cent year-on-year.

This surge reflects the city’s increasing appeal as a long-term residence for HNWIs and their families, many of whom have already relocated to the emirate.

The report highlights a continuing momentum of millionaires relocating to Dubai, a trend that began during the pandemic and is predicted to surpass inflows to all other countries.

According to a Henley & Partners report, the number of millionaires living in Dubai has risen by 102 per cent over the last decade due to increased residency applications.

Dubai’s attractiveness is further strengthened by its favourable tax environment, high quality of life, and forward-thinking residency programmes, including the golden and entrepreneur visas.

Its status as a leading global financial centre is also noted, with the Dubai International Financial Centre (DIFC) recording a 25 per cent increase in active companies operating there during 2024.

Read: 6,700 millionaires relocated to the UAE in 2024, report reveals

Middle East luxury and economic resilience

Middle Eastern HNWIs continue to demonstrate a strong appetite for both experiential and material luxury, particularly in premium hotels, luxury menswear, and fine dining. Business and leisure travel in the region also surged, with 53 per cent and 47 per cent of respondents, respectively, reporting increased activity.

Read: GCC luxury market has defied global slowdown, says Chalhoub Group’s Jasmina Banda

Rishabh Saksena, co-head Global Asset Class Specialists at Julius Baer, stated that GCC economies remain resilient amidst global macroeconomic uncertainty. “While oil-related growth has moderated, the broader outlook for 2025 is positive, supported by robust non-oil performance, strong fiscal buffers, and a continued commitment to economic reform,” he said.

In the UAE, non-oil economy growth remains strong, with Abu Dhabi’s non-oil economy grew by 8.6 per cent in 2024, contributing over 55 per cent of GDP. Dubai continues to lead the region’s services and tourism rebound, with visitor numbers projected to exceed 22 million in 2025.

Dubai Airports, serving 92.3 million passengers in 2024, remains the world’s busiest for international travel, with an extensive upgrade to the city’s second airport underway.

The rise of financial centres like DIFC and Abu Dhabi Global Market (ADGM) underscores the UAE’s growing role as a regional hub for investment, private capital, and global finance.

These centres are increasingly at the forefront of innovation, particularly in the fields of digital assets, fintech, and AI, serving as new building blocks for diversified, future-ready economies.

The region is also experiencing a significant inflow of global talent and capital, recognising the GCC, particularly the UAE, as a safe and stable jurisdiction for families and wealth preservation, supported by long-term residency programs, advanced healthcare, high-quality education, and a pro-business environment.

Overall, the report showed that the Middle East, led by the GCC, is set to maintain strong fiscal and current account positions, even amidst external headwinds. Inflation remains among the lowest in emerging markets, while the region’s proactive approach to innovation, infrastructure, and investor confidence positions it as a key destination for growth in an increasingly fragmented global economy.

Shifting priorities: Longevity and experiences

The Julius Baer lifestyle survey findings reveal a near-universal focus on longevity among HNWIs, with 87 per cent (North America) to 100 per cent (APAC) actively taking steps to extend their lifespan.

Financial longevity has also gained critical importance. Wealth creation remains the top priority globally, but wealth preservation has gained importance, especially in Europe and North America.

In contrast, HNWIs in APAC, the Middle East, and Latin America continue to embrace higher risk levels and diversify portfolios, with real estate (18 per cent) and equities (13 per cent) being preferred asset classes in the Middle East.

Overall, the report confirms an ongoing shift from material consumption towards experiences, with demand for fine dining, exclusive travel, and curated experiences remaining robust. This reflects a broader evolution in how HNWIs define luxury, focusing increasingly on lifestyle, wellbeing, and meaningful experiences over possessions.

ChatGPT outage hits users in India, UAE

The company added that it was “working on implementing a mitigation” to address the problems

Gulf Business
Gulf Business

16 July, 2025

ChatGPT outage hits users in India, UAE
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Users of OpenAI’s popular ChatGPT in India and the UAE reported issues early on Wednesday morning around 5am, with many experiencing difficulties accessing chat history and prolonged loading times for commands.

According to Downdetector, a platform that monitors website outages, 82 per cent of users globally reported an outage.

Users attempting to access the service were also met with an “unable to load projects” message.

OpenAI acknowledged the problem on its official status page, stating earlier, it was “investigating” the issue with the listed services.

The company also said it was “working on implementing a mitigation” to address the problems.

Services were back by 7am local time.

The chatbot also previously experienced issues on June 10.

YouGov names Emirates as ‘Most Recommended Global Brand for 2025’

The airline scored 88.4 per cent in recommendation rates, based on over one million customer surveys conducted across 28 markets

Gulf Business
Gulf Business

15 July, 2025

YouGov names Emirates as ‘Most Recommended Global Brand for 2025’
Image: Emirates

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Emirates secured the top spot in YouGov’s Most Recommended Global Brands 2025 rankings, becoming the only airline to feature in the global top 10 list.

The airline scored 88.4 per cent in recommendation rates, based on over one million customer surveys conducted across 28 markets between June 1, 2024, and May 31, 2025.

The rankings, powered by YouGov BrandIndex, measure the percentage of a brand’s customers who would recommend it to others.

Emirates outperformed all other brands globally, reinforcing the reach and resonance of its “Fly Better” brand promise.

“This recognition underscores the deep connection and loyalty we’ve built with passengers all over the world,” said Sir Tim Clark, president of Emirates Airline. “We will continue to evolve our already exceptional experience and set new benchmarks in travel.”

Emirates: Key highlights this year

This year, Emirates expanded its network, introduced the A350 to 10 destinations, launched nine reimagined retail stores, and became the world’s first Autism Certified Airline.

By year-end, Emirates plans to serve over 70 cities with next-generation cabin interiors across its Boeing 777, A380, and A350 fleet, and offer more than two million Premium Economy seats.

The airline previously topped YouGov’s UAE Recommend 2024 rankings and was named the most satisfying airline among US travellers in YouGov’s US airlines report.

YouGov, a global analytics firm, bases its rankings on aggregated and weighted scores that reflect actual brand perception and loyalty across diverse demographics.

Read: Emirates soars to further success: CCO Adnan Kazim on its growth and global reach

IHC rebrands eFunder as Zelo following acquisition

Fully licensed and regulated by ADGM’s FSRA, Zelo has been operating since August 2020, delivering receivables-based funding to address the region’s SME working capital gap

Gulf Business
Gulf Business

15 July, 2025

IHC rebrands eFunder as Zelo following acquisition
Image: IHC/ X

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International Holding Company (IHC) has acquired eFunder, the UAE’s private financing platform for small and medium-sized enterprises (SMEs).

The platform has also been rebranded as Zelo, signalling a new chapter for the company.

Fully licensed and regulated by ADGM’s Financial Services Regulatory Authority (FSRA), Zelo has been operating since August 2020, delivering receivables-based funding to address the region’s SME working capital gap.

It provides fast, digital-first access to liquidity by converting approved invoices into working capital within 24 to 48 hours.

Following the acquisition by IHC, Zelo now enters a new chapter as part of the holding company‘s broader commitment to enabling future-ready economies through responsible investment and fintech innovation.

The platform addresses one of the region’s most pressing challenges: a nearly$250bn SME credit gap across the Middle East and North Africa.

While SMEs account for over 95 per cent of the UAE’s registered businesses and generate more than half of national GDP, many face delays of 60 to 120 days in receiving payment for approved invoices, restricting growth and operational agility.

Zelo bridges this gap by offering a seamless, technology-driven platform for invoice financing across priority industries, including construction, logistics, healthcare, industrial services, and oil and gas.

IHC aims to build smart, scalable solutions and value networks that deliver impact

Syed Basar Shueb, CEO of IHC, said: “SMEs are the backbone of a diversified and future-ready economy. Through our strategic acquisition of Zelo, we are proud to support a platform that solves one of the most fundamental barriers facing SMEs, access to timely working capital.

“This rebrand signals a confident new chapter, one that is fully aligned with IHC’s long-term vision of building smart, scalable solutions and dynamic value networks that deliver real and lasting economic impact.”

Dhanush Arjun, CEO of Zelo, said: “Zelo exists to eliminate the wait. The wait for payments, the wait for growth, the wait for opportunity. Our rebrand signals not just a new name, but a renewed commitment to SMEs in the UAE who deserve faster, smarter access to capital. With IHC’s strategic backing, we’re accelerating that future.”

Zelo has deployed more than $200m in funding

Zelo’s platform is purpose-built for speed and simplicity, offering a fully digital onboarding experience, automated funding decisions, and near-instant access to capital, eliminating cash flow delays and accelerating reinvestment into growth.

The platform also scales financing limits in line with business performance, creating a responsive and frictionless funding experience.

Zelo’s operations continue to be led by the co-founders of eFunder – Dhanush Arjun (CEO) and Deepak Sekar (COO), supported by a seasoned group of professionals with deep expertise in fintech, SME lending, and digital infrastructure.

To date, the platform has facilitated over 9,000 transactions and deployed more than $200m in funding, a testament to its impact and scalability within the region’s SME ecosystem.

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