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Dubai shopping festival begins tomorrow |
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12/19/2006 9:00:45 AM |
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Dubai’s gold sales are expected to rise by almost half during a shopping festival that starts this week, the chairman of the leading industry association in the state said yesterday.
Visitors to the December 20-February 2 festival from states such as Saudi Arabia will flock to the gold souk and Dubai’s malls to snap up brands like Tiffany, Cartier and Chopard and Italian designer jewellery such as Pasquale Bruni and Roberto Coin. “This year we expect the gold sales to rise by almost 45 percent during Dubai shopping festival,” Tawhid Abdullah of the Gold and Jewellery Group said.
“Last year, the sales hit $150m and this year we are expecting gold sales to hit $220m.” Gold was back in fashion, he said. Sales by Dubai’s gold industry rose 7.4 per cent in November compared with the same period last year, but third quarter sales fell 30 per cent on higher prices. Abdullah said Dubai’s gold sales for the fourth quarter are expected to rise 15 to 17 per cent.
The UAE economy miinistry has said the country’s tourism sector is expected to grow by nearly 22 per cent in 2006. |
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