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Saudi Arabia buys 237 tonnes of gold in 5 years

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2 years ago

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Saudi Arabia buys 237 tonnes of gold in 5 years

World Gold Council data show that Saudis bought 237 tonnes of gold for more than 5 years, especially from the beginning of 2017 to the end of the first quarter of 2022.

The World Gold Council’s quarterly report, a copy of which was obtained by al-Arabia, found that consumer demand for gold in Saudi Arabia increased by 6% in the first quarter of 2022 to 11.7 tonnes, compared to 11 tonnes. Quarterly of the previous year.

Record consumer demand Precious metal About 44.2 tonnes last year, 31.1 tonnes in 2020, 46 tonnes in 2019, 49.6 tonnes in 2018 and 54.4 tonnes in 2017.

Demand for gold jewelery in Saudi Arabia increased by 16% from 9.1 tonnes in the first quarter of 2022 to 7.8 tonnes in the same quarter of 2021.

The report observed that demand for gold coins and bars in the country fell by 18% to 2.6 tonnes in the first quarter of the year, compared to 3.2 tonnes in the same period of 2021.

The per capita demand for gold in Saudi Arabia was 1.2 grams per person, 0.9 grams in 2020, and the pre-epidemic level in 2019 is approaching 1.3 grams.

Worldwide, demand for gold rose 34% to 1,234 tonnes in the first quarter of 2022, from 919.1 tonnes in the same period of 2021.

Amid geopolitical concerns related to the Russia-Ukraine war and rising record inflation around the world, gold ETFs led to demand growth in the first quarter.

The report points out that gold exchange-traded funds have recorded their strong quarterly receipts since the third quarter of 2020, supported by demand for secured assets.

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The reserves of ETFs rose by 269 tonnes in the first quarter of this year, outpacing 174 tonnes in 2021.

Investment in gold and coins was 282 tonnes in the first quarter, 20% less than in the first quarter of this year.

Central banks around the world increased their reserves by 84 tonnes in the first quarter of this year, doubling purchasing volumes from the previous quarter, but these quantities are down 29% from the same quarter in 2021.

In the first quarter of 2018, the technology sector recorded a demand of 81.7 tonnes of gold, due to increased use of the precious metal in the electronics sector.

Worldwide jewelry consumption lost its momentum in the first quarter, recording a decline of 4% to 517.8 tonnes per annum, and this decline is attributed to weak demand in China and India.

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Economy

“Tik Tok” is cutting hundreds of jobs in video games industry – UAE Breaking News

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November 28, 2023

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“Tik Tok” is cutting hundreds of jobs in video games industry – UAE Breaking News

Chinese tech giant ByteDance, which owns the TikTok app, has decided to cut hundreds of jobs at its gaming unit, an informed source told AFP on Monday, reflecting the group’s retreat from the highly competitive video game industry.

“News,” a Beijing-based video game publisher affiliated with Byte Dance, is currently conducting a round of layoffs that will affect “hundreds of people,” the source said.

A Byte Dance spokesperson said in a statement, “We continue to review our business and make changes to focus on areas of long-term strategic growth.” “Following a recent review, we have made the difficult decision to restructure our gaming division.”

The decision to exit the video games industry comes despite Byte Dance’s large investments in Newverse over the past years in an effort to catch up with video games leader Tencent.

A source told AFP that although the sector’s size would decrease significantly, the current cuts did not represent a complete shutdown of the sector.

The source indicated that the staff reductions are aimed at helping ByteDance focus on its core business and streamline its organizational structure, with games not yet launched slated to close in December.

Games with active players, including the popular action game, the source said Atlan’s CrystalThe company will continue its operations as it seeks to diversify assets.

Launched in 2019 in an attempt to challenge Tencent’s dominance, Neoverse failed to achieve the commercial success that Byte Dance had hoped for.

China-based tech giant Tencent dominates the Asian market and is the biggest player in the global video game industry by revenue, investing in game studios around the world.

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Economy

Report: Platform X could lose $75 million as advertisers quit

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10 hours ago

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November 28, 2023

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Report: Platform X could lose $75 million as advertisers quit

The “X” platform (formerly Twitter) is at risk of losing about $75 million within a year of its takeover by Elon Musk, a new report has revealed, amid a rapid withdrawal of advertisers.

According to the information published in the newspaper The New York TimesX’s ad department losses are the result of the withdrawal of more than 200 advertisers over the course of a year, including Amazon, Apple and Airbnb.

Since November 2022 Musk’s acquisition of controversial content publishers.

Anti-establishment

Advertisers’ pushback accelerated this November when Elon Musk made a comment endorsing a comment that was characterized as anti-Semitic. There he said: “I told the real truth”, “Jewish communities support hate. Of white people” and Musk tried to backtrack. Without evidence of what he wrote, he suggested he was primarily talking about his opponents in the Anti-Defamation League.

The US newspaper’s statement comes after Musk and others, as well as showing their ads next to anti-Semitic and hateful posts.

Although the platform’s CEO Linda Yaccarino acknowledged that some companies’ ads appeared with infringing content, X continued to sue.

It is reported that the public relations agency “11:11“, the star joins Paris Hilton, who has severed her partnership with X due to Musk’s position.

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Economy

Most of the Gulf markets fell as Reuters reported lower oil prices

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18 hours ago

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November 27, 2023

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Most of the Gulf markets fell as Reuters reported lower oil prices
© Reuters. A trader walks into the Dubai Stock Exchange in the Emirates in a photo from Reuters archives.

Nov 27 (Reuters) – Most Gulf stock markets fell after a decline on Monday as investors awaited an OPEC+ meeting later this week to reach a deal expected to cut supplies until 2024.

Oil prices, buoying financial markets in the Gulf region, fell midweek after the Organization of the Petroleum Exporting Countries (OPEC) and its allies postponed a ministerial meeting to Nov. 30 to resolve differences in production targets for African producers.

Brent was down 1.2 percent at 79.69 a barrel by 1230 GMT on Monday.

Qatar’s index fell for a fourth session in a row, down 1.1 percent, its biggest decline in a month, with almost all shares in the index falling.

Industries Qatar shares fell 3.4 percent, their biggest loss since Aug. 8, while Qatar Islamic Bank shares fell 1.6 percent.

Daniel Takieddine, CEO of the Middle East and North Africa region at BD Suisse, said: “Distributors continued to react to energy prices, particularly falling prices after peaking towards the end of last month.”

It fell 0.4 percent, ending two straight sessions of gains, with ADNOC Logistics and Services shares down 1.3 percent and First Abu Dhabi Bank, the emirate’s biggest bank, down 1 percent.

It fell 0.1 percent, hurt by losses in the raw materials, energy and utilities sectors, while shares of Basic Industries Corporation ( SABIC ( TADAWUL: )) and oil major Aramco ( TADAWUL: ) fell 1.6 percent and 0.5 percent, respectively. .

Continuing its gains for the second session, up 0.1 percent, shares of Emaar Properties ( DFM: ) added 0.9 percent and shares of traffic toll company Salik gained 1 percent.

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However, shares of the emirate’s biggest bank Emirates NBD Bank and Emirates Central Cooling Systems fell 2.2 percent and 2.3 percent respectively.

Outside the Gulf region, the leading stock index rose 2.4 percent, with Commercial International Bank ( EGX: ) shares up 8.1 percent and EFG Holding Group shares up 2.2 percent.

(Produced by Muhammad Ali Faraj for Arabian Bulletin – Editing by Suha Jado)

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