Ritz-Carlton, DIFC Appoints New Sales, Marketing Head

 Soufiane El Allam
Soufiane El Allam
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Ritz-Carlton, DIFC Appoints New Sales, Marketing Head

 Soufiane El Allam
Soufiane El Allam

The Ritz-Carlton, Dubai International Financial Centre (DIFC) has recently appointed Soufiane El Allam as the new director of sales and marketing.

El Allam will concentrate on widening business opportunities for the hotel, strengthening existing ties with key partners, enhancing food and beverage marketing and creating breakthrough concepts to showcase the gastronomic excellence of the hotel’s dining. Under his guidance, The Ritz-Carlton, DIFC will strengthen its position as the place to be for culinary discoveries and entertainment for both the local community and beyond.

El Allam has more than 16 years of experience working in luxury hospitality and has recently returned to Dubai following five years as executive assistant manager, in charge of sales and marketing at The Ritz-Carlton, Bahrain. He is now responsible for directing and developing the overall commercial marketing and sales strategies of The Ritz- Carlton, DIFC.

El Allam brings a wealth of expertise and knowledge successfully leading multi-cultural teams. Soufiane’s experience in hospitality ranges from corporate business hotels to luxury destination resorts as well as golf hotels. He is working closely and strategically with international tourism operators, tourism boards, blue-chip companies, Mice and travel agencies. During his time with The Ritz-Carlton, Bahrain, the team under his leadership successfully sustained the hotel’s performance and position as Bahrain’s leading luxury city resort whilst reinforcing the positioning of the property as the hub for large events, conferences, and destination weddings.

El Allam commented on his appointment saying: “I am delighted to return to Dubai and to continue my career with the prestigious The Ritz-Carlton brand. I am pleased to join a very special team at The Ritz-Carlton, DIFC and to continue my journey with the very successful team of ladies and gentlemen in creating #RCMemories for all of our guests and crafting the exceptional and timeless service for which The Ritz-Carlton is globally recognized for. The DIFC is growing and we are very confident that our luxury travelers would always choose to stay with us as we pride to provide the finest and genuine service."



Gold Firms as US Rate-cut Optimism, Geopolitical Risks Lend Support

Ingots of 99.99 percent pure gold are placed in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/FILE PHOTO Purchase Licensing Rights
Ingots of 99.99 percent pure gold are placed in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/FILE PHOTO Purchase Licensing Rights
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Gold Firms as US Rate-cut Optimism, Geopolitical Risks Lend Support

Ingots of 99.99 percent pure gold are placed in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/FILE PHOTO Purchase Licensing Rights
Ingots of 99.99 percent pure gold are placed in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/FILE PHOTO Purchase Licensing Rights

Gold prices drifted higher on Wednesday driven by safe-haven demand and rising bets that the US Federal Reserve might reduce interest rates as early as September.

Spot gold rose 0.6% to $2,402.43 per ounce, as of 1242 GMT, having settled lower in the previous four sessions. US gold futures gained 0.5% to $2,442.70.

Gold is seeing some "stabilization as some interest develops in the physical gold markets in the far East; geopolitical tensions are still supportive," said StoneX analyst Rhona O'Connell, Reuters reported.

"It's possible that some distressed sellers from the weekend/Monday will be looking to re-establish their positions as gold has done its usual job by providing liquidity ahead of potential margin calls."

Prices fell as much as 3% on Monday, caught in a global sell-off driven by fears of a US recession.

Bullion is considered a hedge against geopolitical and economic uncertainties and tends to thrive in a low-interest-rate environment.

Traders have altered their rate cut expectations following the soft jobs report last week, with nearly 105 basis points of cuts anticipated by year-end and a 100% chance of a rate cut in September, according to the CME FedWatch Tool.

The outlook for looser monetary policy provides a supportive element for gold as a non-yield-bearing asset, and this factor has combined with strong central bank buying to deliver a positive performance for the yellow metal in 2024 so far, Kinesis Money said in a note.

Meanwhile, China's central bank held back on buying gold for its reserves for a third straight month in July, official data showed.

Spot silver edged 0.1% lower to $27.02 per ounce.

The expected economic slowdown will dent industrial demand and that is likely to cap the upside for silver, said Ricardo Evangelista, senior analyst at ActivTrades.

Platinum rose 1.8% to $928.25 and palladium was up 2.5% to $896.65.