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| A comprehensive guide
to current and future events and exhibitions in the UAE |
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Valuable concise reference source on the UAE,
covering political system, economy, business, history and heritage,
education, women, healthcare, tourism and environment. |
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Natural history of the UAE,
covering all animals and plants recorded in the Emirates. |
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Report by National US Arab Chamber of Commerce on the UAE. Vol XV, No 3, June 2007. Includes analysis of UAE economy. |
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THE ECONOMY - PRECIOUS METALS AND COMMODITIES
 Emarat slashes diesel prices again
Posted on 30/12/2008
Emirates General Petroleum Corporation (Emarat) announced yesterday a second cut in diesel prices within a fortnight.
From tomorrow, the diesel will cost Dh 11.35 a gallon instead of Dh 12.35 at all Emarat stations in Dubai and northern emirates, an official said on Monday. This is the 12th time Emarat reduces the diesel prices within the last few months.
Hussain Kazim, Emarat's Corporate Communications Manager, said the move was taken after Emarat reviewed the developments and changes in oil
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 Emarat to slash diesel price
Posted on 16/12/2008
Emirates General Petroleum Corporation (Emarat) will cut diesel price by Dh 1 per gallon from Thursday.
Instead of the present Dh 13.35, a gallon of diesel will be sold at Dh 12.35 at all the Emarat filling stations in Dubai and northern emirates.
Diesel will cost Dh12.35 a gallon instead of Dh13.35 at Emarat stations in Dubai and northern emirates from Thursday.
Emarat's Corporate Communications Manager Hussain Kazim said the new price is introduced in the light of the fall in oil prices
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 DME announces half a million contracts traded since launch
Posted on 04/12/2008
The Dubai Mercantile Exchange Limited (DME) announced today that more than 500,000 lots of its benchmark DME Oman Crude Oil Futures Contract have traded since the launch of the Middle East's premier energy futures and commodities exchange on 1 June 2007.
At the close of trading on 2nd December 2008, the DME Oman Crude Oil Futures Contract had traded a total of 500, 495 contracts, equivalent to 500.495 million barrels of oil.
Making the announcement, Ahmad Sharaf, Chairman of the DME said:
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 Gold sales surge 56% in the UAE on lower prices, safe haven appeal
Posted on 24/11/2008
The UAE gold sales increased by 56% in the third quarter of the year to reach Dh4.3 billion (US$1.17 billion) compared to Dh2.8 billion in the same period of the previous year, according to the quarterly Gold Demand Trends report released by the World Gold Council Regional Office in Dubai which reflects record figures for the third quarter of the year.
The same positive sales value increase was recorded in Saudi Arabia as gold sales increased by 51%, 42% in other Gulf countries and 33% in
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 Diesel prices to drop by 60 fils
Posted on 09/11/2008
Dubai-based oil retailers Emarat, Emirates National Oil Company (Enoc) and Emirates Petrochemical Products Company (Eppco) will drop their diesel prices at the pump by Dh0.60 per gallon starting tomorrow.
The new measure, which is the 10th of its kind to take place since international prices for crude oil reached around $150 per barrel in July before starting a decline, will bring the current price of diesel at the three companies' outlets in Dubai and the northern emirates to Dh13.95 from
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 Steel prices to fall 20-30%
Posted on 19/10/2008
The prices of steel in the UAE and the Gulf are likely to drop sharply by 20-30 per cent in the short term, impacting upon the overall inflation while lowering construction costs in the region.
From today, leading Gulf producer Saudi Basic Industries Corporation (Sabic) is reducing prices by 30 per cent or SR1,200 (Dh1,172) to SR2,700 per tonne bringing its cuts to a massive 43 per cent since the start of September.
Earlier this month Sabic announced a cut in steel rebar products by SR720 per
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 Steel prices drop 15% after first-half surge
Posted on 22/09/2008
Steel prices in Abu Dhabi dropped by up to 15 per cent in August after jumping by at least 90 per cent in the first half of this year because of an upsurge in the construction sector, an official report said yesterday.
Cement prices increased slightly last month but there was a decline or relative stability in the prices of wood and other building materials, said the report by the Abu Dhabi Department of Planning and Economy (DPE).
From Dh6,150 per tonne in July, the price of Turkish steel
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![]() DMCCA seeds Sharia Compliant Hedge Funds
Posted on 20/06/2008
Dubai Multi Commodities Centre Authority (DMCC), an agency of the Dubai government and Barclays Capital, the investment banking division of Barclays Bank PLC, yesterday announced the first Sharia compliant hedge funds to be launched on the Al Safi Trust alternative investment platform.
DMCC has committed to seed five commodity hedge fund managers on Al Safi with USD 50 million each, a total of USD 250 million, for a Sharia compliant fund of funds product to be offered under the Dubai Sharia
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![]() Dubai Mercantile Exchange sets margins for Brent, Oman Futures
Posted on 01/06/2008
Dubai Mercantile Exchange, Dubai's venture with Nymex Holdings Inc., said it will raise the margin requirements for its Oman crude oil futures on June 2 and will introduce financially settled Oman and Brent contracts. Margins represent cash that traders must deposit to safeguard transactions. Exchanges adjust margins when they deem members and customers need to put down more or less capital to cover their trades.
The new margins for the DME's Oman contract will be US$ 7,800 for clearing
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 DMCC Energy Division registers PTT Int'l as its 100th member
Posted on 22/05/2008
Dubai Multi Commodities Centre (DMCC) announced yesterday in a Press statement that it has registered PTT International Trading (PTTT) DMCC, a subsidiary of Thailand's national oil company, as the 100th member company of its fast-growing Energy Division.
PTTT DMCC is fully owned by Singapore-based PTT International Trading Pte. Ltd., whose parent company is the PTT Group, Thailand's national oil company and a leading petroleum trading company in Southeast Asia. PTTT DMCC's core business will
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![]() DMCC plans to extend commodities receipt to Europe
Posted on 20/05/2008
State-owned Dubai Multi Commodities Centre (DMCC) plans to extend its global electronic warehouse financing instrument to Europe in the wake of the global credit crunch, a senior official said yesterday. The Global Multi Commodities Receipt (GMR), launched last November in Singapore, Malaysia and South Korea, allows businesses to access lines of credit against their inventories by pledging them in favour of member banks. It can also be used for electronic transfer of title to the goods
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![]() Value of DMCC transactions nearing billion-dirham mark
Posted on 19/05/2008
The total value of transactions done at the Dubai Multi Commodities Centre (DMCC) since it was set up in 2006 is fast approaching the billion-dirham mark after it exceeded Dh950 million recently, according to a top executive of the body.
Ashok Das, Executive Director of soft commodities and commodity trade finance at DMCC, added 110 commodities traders have registered with the centre so far and carried out a total of 1,149 transactions.
Das was speaking at the inauguration of new online
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![]() DME sets several new records in strong finish in October
Posted on 07/11/2007
The Dubai Mercantile Exchange Limited (DME) announced that it set several new records in October to mark the strongest month of trading of its benchmark Oman Crude Oil Futures Contract since the launch of the Middle East's first energy futures and commodities exchange on 1 June 2007.
The DME's Oman Crude Oil Futures Contract traded a total of 39,885 contracts during the month of October, beating the previous monthly volume record of 39,571 set during the Exchange's first month of trading in
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 Trading on DME tops 100,000 contracts
Posted on 26/09/2007
The Dubai Mercantile Exchange Limited (DME) today announced that a record 100,000 contracts, with a value of approximately US $5.25 billion, have been traded on the Exchange in less than four months since its launch on 1 June 2007.
The DME reached this key milestone for exchange-wide contracts traded following a steady increase in the trading of its benchmark Oman Crude Oil Futures Contract during the month of September. Trading on the DME has averaged 1,863 contracts per day since the start
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![]() DME announces volume records
Posted on 06/09/2007
The Dubai Mercantile Exchange Limited (DME) announced yesterday that it has set volume records for both exchange-wide trading and for its benchmark Oman Crude Oil Futures Contract for the trade date September 04, 2007.
At 5:15 PM New York time, trading volumes on the DME totalled 8,036 contracts, surpassing the previous record of 6,250 contracts set on June 05. 2007. The Exchange also recorded trades for the first time in its February 2008, March 2008 and April 2008 futures contracts
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