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Dubai Holding, Meraas Unveil Economic Relief Package of Over $272 Million

FILE PHOTO: General view of Dubai, United Arab Emirates, October 15, 2018. REUTERS/Ahmed Jadallah/File Photo
FILE PHOTO: General view of Dubai, United Arab Emirates, October 15, 2018. REUTERS/Ahmed Jadallah/File Photo
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Dubai Holding, Meraas Unveil Economic Relief Package of Over $272 Million

FILE PHOTO: General view of Dubai, United Arab Emirates, October 15, 2018. REUTERS/Ahmed Jadallah/File Photo
FILE PHOTO: General view of Dubai, United Arab Emirates, October 15, 2018. REUTERS/Ahmed Jadallah/File Photo

Dubai Holding, a global investment holding company, and Meraas, Dubai’s premier developer and operator of lifestyle destinations, have launched an economic relief package aimed at supporting existing business partners and customers across their portfolio of companies, Emirates News Agency (WAM) reported.

The relief package which amounts to more than AED1 billion (USD272 million) is designed to partially alleviate the burdens of certain businesses or individuals within the Dubai Holding and Meraas ecosystem, who have been impacted by the outbreak of COVID-19, WAM said.

"We have directed our teams at Dubai Holding and Meraas to ensure that we provide relief to those impacted customers whether they are companies or individuals by the outbreak of COVID-19. We believe that it is our social and economic responsibility to stand with affected partners during such unprecedented times," said Chairman of Dubai Holding and Meraas Sheikh Ahmed bin Saeed Al Maktoum.

Taskforces have been established at both Dubai Holding and Meraas to look at the specific requirements on a case-by-case basis to ensure that sufficient economic relief and support is made available, WAM said.

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Gold Jumps, on Track for Best Week in Over a Year on Safe-haven Demand

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
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Gold Jumps, on Track for Best Week in Over a Year on Safe-haven Demand

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo

Gold prices rose over 1% to hit a two-week peak on Friday, heading for the best weekly performance in more than a year, buoyed by safe-haven demand as Russia-Ukraine tensions intensified.

Spot gold jumped 1.3% to $2,703.05 per ounce as of 1245 GMT, hitting its highest since Nov. 8. US gold futures gained 1.1% to $2,705.30.

Bullion rose despite the US dollar hitting a 13-month high, while bitcoin hit a record peak and neared the $100,000 level.

"With both gold and USD (US dollar) rising, it seems that safe-haven demand is lifting both assets," said UBS analyst Giovanni Staunovo.

Ukraine's military said its drones struck four oil refineries, radar stations and other military installations in Russia, Reuters reported.

Gold has gained over 5% so far this week, its best weekly performance since October 2023. Prices have gained around $173 after slipping to a two-month low last week.

"We understand that the price setback has been used by 'Western world' investors under-allocated to gold to build exposure considering the geopolitical risks that are still around. So we continue to expect gold to rise further over the coming months," Staunovo said.

Bullion tends to shine during geopolitical tensions, economic risks, and a low interest rate environment. Markets are pricing in a 59.4% chance of a 25-basis-points cut at the Fed's December meeting, per the CME Fedwatch tool.

However, "if Fed skips or pauses its rate cut in December, that will be negative for gold prices and we could see some pullback," said Soni Kumari, a commodity strategist at ANZ.

The Chicago Federal Reserve president reiterated his support for further US interest rate cuts on Thursday.

On Friday, spot silver rose 1.8% to $31.34 per ounce, platinum eased 0.1% to $960.13 and palladium fell 0.6% to $1,023.55. All three metals were on track for a weekly rise.