Business
Silver bullion shines as the latest investment trend in Kuwait
Kuwaiti investors turn to silver bullion for long-term returns amid economic uncertainty.
KUWAIT CITY, April 27: Kuwait’s metals and jewelry market is currently experiencing a growing demand for silver bullion, according to two industry specialists. The trend, driven by various factors, is attracting both investors and consumers looking for ways to preserve value and seek future returns.
The surge in silver’s popularity comes as geopolitical and economic events accelerate, coupled with record-high gold prices. Many are turning to silver as a more affordable alternative to gold, which has become out of reach for smaller investors due to its high cost. Both specialists emphasized that silver, which tends to follow gold’s price movements, offers a more gradual increase, making it a viable long-term investment. However, they noted that investing in silver requires patience, with a minimum holding period of two years to see tangible returns.
Mohammed Fadel, General Manager of Dabla Jewellery Company, highlighted the emerging trend in the Kuwaiti market, with a growing number of citizens and residents purchasing silver bullion for investment purposes. The recent record highs in gold prices—reaching 35,000 dinars per kilogram—have sparked interest in silver as a more accessible option for those looking to invest in precious metals without the need for substantial liquidity. Fadel noted that silver presents an attractive option for young people and new investors who may not have large amounts of capital.
While silver offers a less expensive alternative, Fadel cautioned that silver’s price rise is much slower than gold’s, and liquidating silver may not be as quick as selling gold. Despite this, he stressed that Kuwaitis are becoming increasingly aware of the benefits of diversifying their investment portfolios, which has led to a noticeable rise in silver demand. Silver bars, ranging from 1 kilogram to 12 kilograms, are in particular demand. The current price for a 999 purity silver bar is 360 dinars per kilogram, while a 999.9 purity bar is priced at 380 dinars per kilogram.
Fadel also revealed that Dabla Jewellery has seen a significant increase in inquiries about silver investment in recent months, with sales of silver bullion doubling compared to the previous year. To meet the rising demand, the company is expanding its selection of silver products.
Metals market analyst Nasser Al-Attar also pointed to several factors contributing to the rising popularity of silver, particularly the geopolitical and economic uncertainty that has led investors to seek safe-haven assets. Historically, gold has been the go-to refuge during times of crisis, but its high price has pushed many to look for alternative options. Al-Attar emphasized that silver provides an affordable way to preserve wealth, making it an attractive choice for individuals with more limited financial resources.
Industrial demand for silver has also played a crucial role in driving up its price. Sectors such as technology and renewable energy are increasingly relying on silver, boosting its value and further supporting its position as a promising investment. The continued industrial demand, Al-Attar noted, is a key factor in the expectation of further price increases for silver in the coming years.
Despite the growing trend, Al-Attar pointed out that investing in silver comes with its own set of challenges. Unlike gold, which experiences sharp price increases, silver’s price rises are typically slower and less dramatic. Additionally, reselling silver is more difficult than selling gold, and the silver market lacks the regulation and structure found in the gold market.
For those considering silver as an investment, Al-Attar identified three key disadvantages:
Slower Price Increases: Silver’s price appreciation is typically more gradual and less pronounced than that of gold.
Reselling Challenges: The process of selling silver is not as straightforward as gold, which may deter investors seeking quick liquidity.
Lack of Market Regulation: Unlike the gold market, silver trading is less regulated, which can pose risks for investors.
While silver offers promising long-term potential, experts agree that it is best suited for investors with a patient, long-term approach. As demand for silver continues to rise, it remains a viable option for diversifying investment portfolios, particularly in times of economic and geopolitical uncertainty.
Travelers check American Airlines flight information screens for their flight status at O’Hare International Airport in Chicago on Feb 22, 2023. (AP)
WASHINGTON, May 10, (AP): Expedia Group said Friday that reduced travel demand in the United States led to its weaker-than-expected revenue in the first quarter, and Bank of America said credit card transactions showed spending on flights and lodging kept falling last month. The two reports add to growing indications that the US travel and tourism industry may see its first slowdown since the end of the COVID-19 pandemic fueled a period of “revenge travel” that turned into sustained interest in getting away.
Expedia, which owns the lodging reservation platforms Hotels.com and VRBO as well as an eponymous online travel agency, was the latest American company to report slowing business with both international visitors and domestic travelers. Airbnb and Hilton noted the same trends last week in their quarterly earnings reports.
Most major US airlines pulled their full-year financial guidance in April and said they planned to reduce scheduled flights, citing an ebb in economy passengers booking leisure trips. The USTravel Association has said that economic uncertainty and anxiety over President Donald Trump’s tariffs may explain the pullback. In April, Americans’ confidence in the economy slumped for a fifth straight month to the lowest level since the onset of the pandemic.
Bank of America said Friday that its credit card holders were willing to spend on “nice to have” services like eating at restaurants in March and April, but “bigger ticket discretionary outlays on airfare and lodging continued to decline, possibly due to declining consumer confidence and worries about the economic outlook.”
Abroad, anger about the tariffs as well as concern about tourist detentions at the US border have made citizens of some other countries less interested in traveling to the US, tourism industry experts say. The US government said last month that 7.1 million visitors entered the U.S. from overseas this year as of the end of March, 3.3% fewer than during the first three months of 2024.
The numbers did not include land crossings from Mexico or travel from Canada, where citizens have expressed indignation over Trump’s remarks about making their country the 51st state. Both US and Canadian government data have shown steep declines in border crossings from Canada. Expedia Chief Financial Officer Scott Schenkel said the net value of the travel technology company’s bookings into the US fell 7% in the January-March period, but bookings to the U.S. from Canada were down nearly 30%.
Minister of Oil representative Nouf Behbehani inaugurates the 12th International Conference on Occupational Safety, Health and Cybersecurity.
KUWAIT CITY, May 8: Minister of Oil representative at the 12th International Conference on Occupational Safety, Health and Cybersecurity and acting Director General of the Environment Public Authority (EPA) Nouf Behbehani has affirmed the commitment of the ministry to provide all the necessary facilities to industrialists as part of the expansion of craft and industrial enterprises supporting the oil sector. Speaking on the sidelines of the conference organized by the American Society of Occupational Safety and Health Professionals-Kuwait Branch on May 7-8, Behbehani pointed out that EPA Law No. 42/2014 and its amendment, Law No. 99/2015, require all parties to implement health and occupational regulations in newly established industrial facilities in order to obtain professional and preventative accreditation. She stressed that the authority is striving to facilitate the process of obtaining approvals and accreditation for facilities in accordance with the regulations, indicating EPA has adopted an open-door policy for all professionals and industrialists. She explained the accreditation for entities seeking to implement quality must take into account occupational health and preventive regulations, while emphasizing the need to provide awareness opportunities for the industrial and oil sectors and all sectors involved in hazardous work.
She praised the role of the conference organizers; considering this a crucial step in keeping up with developments in the fields of security, safety, and protection from fires and disasters. Moreover, Chairman of the Board of Directors of the American Society of Safety Professionals Fadel Al-Ali revealed the conference focused on the latest developments in health and safety technology and policies, procedures and changes “that make us more determined and committed to implement them.” He said the conference workshops included stakeholders from governmental and private entities; as well as specialists in health, safety and the environment, with the aim of improving performance and keeping pace with developments. He added the oil and industrial sectors are the most impacted by security and safety operations. “Therefore, the society focuses on these entities and their participation. The Ministry of Oil and Kuwait Petroleum Corporation are the sponsors of the conference. Challenges are ongoing; hence, the need for joint action to overcome them,” he stressed.
He urged all stakeholders in the oil, industrial and contracting industries to be updated on global requirements and policies, as well as utilize and implement best practices. He said the conference tackled more than 20 working papers, including research on regional and global security and safety issues. CEO of the American Society of Occupational Safety Professionals – Kuwait Branch Eng. Bader Al-Hadrami stated that artificial intelligence currently provides valuable opportunities to develop the occupational safety and health systems, including modern mechanisms that help implement requirements quickly. He added the 12th edition of the conference focuses on diverse experiences, with more than 200 participants, to achieve the greatest possible benefit for those who participate in the workshops and lectures. He stated that the most difficult challenge is cybersecurity, which has prompted the society to focus on it, based on emerging solutions. He said the discussions set specific standards for measuring the risk index in protection and developing optimal solutions.
Conference Director General Ahmed Ismail said that after 25 years of conference work, this year’s conference seeks to achieve the greatest possible success by discussing the latest developments in the field of health and safety, with the aim of producing the best recommendations that serve participants locally and regionally. He disclosed that the conference participants include ministries, government agencies, oil sector companies and the private sector — all of whom are interested in the fields of health, security, and safety. He added that the cost of implementing international safety standards is estimated at tens of millions of dollars annually, with the amount varying from one entity to another; depending on the region, entity and surrounding risks. He pointed out that spending on security and safety has increased over the past 10 years, given the heightened focus on these areas. Occupational Safety Consultant Mansour Fayez Al-Maghamsi explained that his participation in the exhibition stems from his membership in the American Society of Occupational Safety Professionals. He also presented a working paper on occupational safety and health management in petroleum refineries, as it is the main pillar for aircraft refueling and other industries. He said the society boasts of extensive expertise in cybersecurity and other areas needed by many sectors, in addition to providing members and others with the latest developments in the field of occupational health and safety.
By Najeh Bilal
Al-Seyassah/Arab Times Staff
An Emirates jetliner comes in for landing at the Dubai International Airport in Dubai, United Arab Emirates, Dec 11, 2019. (AP)
DUBAI, United Arab Emirates, May 8, (AP): Long-haul carrier Emirates reported on Thursday that it earned annual profits of $5.2 billion, making it one of the world’s most-profitable airlines. The Dubai-based carrier served 53.7 million passengers out of its hub of Dubai International Airport, compared to 51.9 million passengers in the fiscal year prior. It had aftertax profits of $4.7 billion that same period.
The overall Emirates Group, owned by Dubai’s sovereign wealth fund known as the Investment Corporation of Dubai, saw annual profits of $5.6 billion, compared to $5.1 billion the year before. “Our excellent financial standing enables us to continue building on and scaling up from our successful business models,” said Sheikh Ahmed bin Saeed Al Maktom, Emirates’ chairman and chief executive.
“While some markets are jittery about trade and travel restrictions, volatility is not new in our industry,” he said. “We simply adapt and navigate around these challenges.” Emirates’ financial year runs from April 1 to March 31, including revenue from both 2024 and 2025. The carrier reported to have 260 aircraft and that it’s flying to 148 locations around the world, long relying on the Boeing 777 and the double-decker Airbus A380.
However, Emirates has begun introducing the Airbus A350 as well to its schedule. Emirates serves as a crucial link in East-West travel and is the crown jewel of what experts and diplomats refer to as “Dubai Inc.” – a series of interconnected companies overseen by the sheikhdom’s ruling Al Maktoum family. The Emirates’ results track with those for its base, Dubai International Airport.
The world’s busiest airport for international travelers had a record 92.3 million passengers pass through its terminals in 2024. The airport now plans to move to the city-state’s second, sprawling airfield in its southern desert reaches in the next 10 years in a project worth nearly $35 billion. A real-estate boom and the city’s highest-ever tourism numbers have made Dubai a destination as well as a layover.
However, the city is now grappling with increasing traffic and costs pressuring both its Emirati citizens and the foreign residents who power its economy. As one of seven hereditarily ruled, autocratic sheikhdoms that make up the United Arab Emirates, Dubai provided Emirates over $4 billion in a bailout at the height of the pandemic. In its report on Thursday, Emirates said it had repaid $3.6 billion of that loan.
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