UAE: Arabian Travel Market 2021 Inaugurated

UAE: Arabian Travel Market 2021 Inaugurated
TT

UAE: Arabian Travel Market 2021 Inaugurated

UAE: Arabian Travel Market 2021 Inaugurated

Chairman of Dubai Civil Aviation Authority Sheikh Ahmed bin Saeed Al Maktoum officially inaugurated Arabian Travel Market (ATM) 2021 on Sunday, marking the start of the 28th edition of the Middle East’s largest travel and tourism exhibition, Emirates News Agency (WAM) reported.

Sheikh Ahmed is also Chairman and Chief Executive of Emirates Airline and Group, and chairman of Dubai World.

He was accompanied on Sunday by Helal Saeed Al Marri, CEO of Dubai World Trade Centre (DWTC) and Director-General of Dubai’s Department of Tourism and Commerce Marketing (DTCM), Claude Blanc, WTM & IBTM Portfolio Director; Danielle Curtis, Exhibition Director Middle East, ATM and other VIPs who embarked on a tour of the show floor as the four-day event got underway at DWTC, WAM said.

Taking place on May 16-19, this year’s event has 1,300 exhibitors from 62 countries including the UAE, Saudi Arabia, Israel, Italy, Germany, Cyprus, Egypt, Indonesia, Malaysia, South Korea, the Maldives, the Philippines, Thailand, Mexico and the US.

The event will once again play an integral role in Arabian Travel Week, a 10-day long festival of travel and tourism events taking place in Dubai and online. In addition to the in-person Arabian Travel Market event, the travel events that are part of Arabian Travel Week are: travel technology exhibition Travel Forward, ARIVAL Dubai for the tours and attractions sector, GBTA’s half day virtual business travel conference, ITIC’s Middle East Tourism Investment Summit and regionally focused buyer groups including China, and of course ATM Virtual, the online edition of the ATM exhibition.

This year, for the first time in ATM history, a new hybrid format will mean a virtual ATM running a week later, from May 24 to 26, to complement and reach a wider audience than ever before. ATM Virtual, which made its debut last year, proved to be a resounding success attracting 12,000 online attendees from 140 countries.



Gold Eyes Best Quarter in over Eight Years

A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)
A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)
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Gold Eyes Best Quarter in over Eight Years

A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)
A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)

Gold halted its record run on Friday but remained on track for its best quarter since 2016 after a rally catalysed by an outsized US Federal Reserve interest rate cut, while markets braced themselves for a crucial inflation report due later in the day.

Spot gold was down 0.1% at $2,666.50 per ounce as of 1115 GMT, below the all-time peak of $2,685.42 hit in the previous session. It is heading for its best quarter since the first three months of 2016.

US gold futures fell 0.2% to $2,688.90, Reuters reported.

"The market at this point in time has priced in all the good news and there's also some hesitancy from fresh buyers to get involved at these record high levels," said Ole Hansen, head of commodity strategy at Saxo Bank.

Bullion has risen 29% so far this year, hitting successive record peaks after last week's half-percentage-point cut by the Federal Reserve and the stimulus measures announced by China earlier this week.

Silver prices surged, tracking bullion's strong performance, though some analysts warn that the rally may fade.

"Overall, industrial demand is still supportive for silver. But we need to have a stronger economic performance in China as well as in other developed countries," said ANZ commodity strategist Soni Kumari.

The surge in silver prices is more a spillover impact from gold, Kumari said.

Spot silver eased 0.1% to $31.98 per ounce, after hitting its highest since December 2012 at $32.71 on Thursday. It is set for a third straight week of gains.

"I do believe silver will continue to outperform gold. But as we all know, wherever gold goes, silver tends to go, but faster," Hansen added.

Both gold and silver serve as safe-haven investments, but the latter has more industrial applications, so tends to underperform during recessions and outperform when economies expand.

Inflows into gold exchange-traded funds, particularly from Western investors, are set to rise in coming months, adding yet more positive stimulus for already record high bullion prices. Some banks expect gold to rise towards $3,000.

In other metals, platinum was up 0.5% at $1,012.40 but palladium fell nearly 1.5% to $1,031.75.