On Thursday morning, UAE gold prices maintained stability following a dip of AED2.75 per gram, which marked a two-week low on the previous Wednesday evening. According to data from the Dubai Jewellery Group, 24K gold was traded at AED247.5 on Thursday morning, in contrast to the AED250 at the market’s opening on Wednesday. Additionally, other gold variants such as 22K, 21K, and 18K were trading at AED229.25, AED221.75, and AED190.0 per gram, respectively.

The decline in gold prices on Wednesday was attributed to the strengthening of the US dollar, with spot gold slightly down at $2,042.99 per ounce on Thursday morning. Analysts, including Rania Gule, a market analyst at XS.com, noted that gold turned bearish amid a cautious market environment and faced selling pressure as investors reassessed their expectations for a Federal Reserve interest rate cut in March.

Gule highlighted that the lack of crucial information about interest rate cuts from Federal Reserve officials in the FOMC meeting minutes weakened gold’s attractiveness in the short term, supporting the strength of the US dollar and Treasury yields. She further stated that the reduced likelihood of a short-term interest rate cut might weaken gold’s attractiveness in the near term, particularly after Federal Reserve Chair Jerome Powell mentioned in the recent monetary policy statement that interest rate cuts would be a topic for future discussion, causing market mood swings and high volatility.

Vijay Valecha, Chief Investment Officer at Century Financial, added from a technical perspective, the recent setback near the all-time high closing, approximately in the $2,077-2,078 range, and the subsequent decline should alert cautiousness among bullish traders.

Ukraine and Russia recently completed their first prisoner exchange in nearly five months, with over 200 individuals released by each side. Moscow attributes the success of this “complex negotiation” to the mediation efforts of the UAE.

Russia’s defense ministry reported the handover of 248 military personnel by Ukraine, while Kyiv brought home 230 individuals, marking one of the largest documented troop swaps. The POW coordination center in Ukraine acknowledged the UAE’s role in the exchange without providing specific details.

Despite ongoing conflict, both nations have engaged in numerous prisoner swaps since Russia’s invasion in February 2022, although the frequency has decreased in 2023, with the last exchange occurring in August.

Dubai’s Global Village has set a record with the introduction of an eight-meter giant falcon sculpture at its Mini World, surrounded by 25 miniature replicas of renowned global landmarks.

Certified by Guinness, the illuminated steel falcon pays homage to the UAE’s national bird, boasting a wingspan exceeding 22 meters and adorned with 50,000 lights, creating a captivating Instagrammable spot.

As part of the Mini World attraction, the sculpture joins iconic landmarks like the Eiffel Tower, Taj Mahal, Sheikh Zayed Grand Mosque, Burj Khalifa, and the Statue of Liberty. Global Village, in its 28th season, aims to captivate visitors until April 28, following its recognition as the region’s most visited attraction in 2023.

Dubai has established a new public joint stock company, Parkin, to oversee car park operations in the emirate.

The company, created under a law issued by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, will have autonomy in creating, planning, designing, operating, and managing public parking spaces. Parkin will operate with financial, administrative, and legal autonomy for a 99-year term, with the possibility of renewal.

The law allows public or private subscription for ownership shares in Parkin, though the Dubai government must retain a minimum of 60% ownership when shares are offered.

The Roads and Transport Authority will delegate responsibilities related to parking through a franchise agreement with Parkin. The new company will handle permits, subscriptions, and management of public and private parking spaces, among other responsibilities.

The board of Parkin will be chaired by Ahmed Bahrozyan, with Ahmed Mahboub serving as vice chairman.

The Dubai Marathon, set to take place on Sunday, is still open for last-minute registrations, with online applications accepted until Saturday. The entry fee starts at $50, inclusive of an official race T-shirt, finisher’s medal, and a downloadable certificate. Participants with existing tickets can collect their race packs from the adidas store in The Dubai Mall starting Wednesday.

The 23rd edition of this major regional event caters to all levels, attracting professional athletes and champions worldwide. The marathon, starting and finishing on Umm Suqeim Road, offers a 4km fun run at 10 am, a 10km road race at 8:15 am, and a full marathon at 7 am.

The route takes runners down Jumeirah Beach Road, passing iconic landmarks like Burj Al Arab and Madinat Jumeirah. Organizers have set up water stations, toilets, and medical teams along the route, with baggage facilities available for the 10km race and marathon participants.

Participants are advised against parking along Jumeirah Beach Road and nearby areas. Instead, recommended parking areas include Mall of the Emirates, within walking distance to the starting lines, and spaces near Al Wasl Road junctions. Taxis should be booked in advance, with participants urged to arrive at least 90 minutes before the marathon to avoid delays.

This international marathon attracts top competitors, including Ethiopia’s Haven Hailu Desse and Kenya’s Betty Chepkwony. Defending women’s champion Dera Dida from Ethiopia is also set to participate. The winners of both the men’s and women’s races will receive $80,000. More details and updates are available at www.dubaimarathon.org.

In a heartbreaking incident, a family from the United Arab Emirates faced immense tragedy as five members, including a couple, their two daughters, and a niece, lost their lives in a car accident in Ajman.

The fatal collision occurred in the early hours of January 1 as the family was returning from Hatta in Dubai, colliding with a truck in the Masfoot area of Ajman. Despite the prompt arrival of police and paramedics, the family members succumbed to their injuries.

Amidst the sorrow, there is a small relief as two other girls involved in the crash survived and are currently recovering in a city hospital, reported to be in stable condition. Authorities have determined that distracted driving was the cause of the accident, highlighting the importance of road safety and vigilance on the streets.

The UAE is gearing up for a celestial event as the Quadrantids meteor shower, the first of 2024, reaches its peak on January 4. Named after the obsolete constellation Quadrans Muralis, this annual meteor shower is known for its brief but intense bursts of activity. Originating from the asteroid 2003 EH1, the Quadrantids are expected to produce over 60 meteors per hour at their peak, providing a mesmerizing display of shooting stars and fireballs.

Considered one of the best annual meteor showers by NASA, the Quadrantids are famous for their bright fireball meteors, creating extended explosions of light and color in the night sky. Stargazers are encouraged to find a dark spot away from city lights, with the peak offering a limited window of opportunity that requires precise timing.

For those eager to witness this natural spectacle, the Dubai Astronomy Group (DAG) is organizing a viewing event in Dubai’s Al Qudra Desert from 11 pm to 4 am, with tickets priced between Dh80-140. No special equipment is needed, and enthusiasts can simply lie back and enjoy the breathtaking display of celestial fireworks.

This event follows previous successful stargazing ventures in the UAE, including the Geminids meteor shower in December, where events by the Mleiha Archaeological Centre and DAG drew hundreds of spectators to witness the luminous trails created by space rocks burning up in the atmosphere.

Abu Dhabi Customs has introduced advanced Artificial Intelligence (AI) scanners at Al Ain, a city bordering Oman, aiming to streamline border inspections effectively.

The General Administration of Abu Dhabi Customs recently completed a project to equip the Khatm Al Shiklah and Mezyad customs centres, crucial checkpoints for travel between the UAE and Oman, with seven cutting-edge X-ray scanning devices.

These globally advanced scanners, supported by two central control and operation rooms, are designed to enhance the efficiency of customs processing, benefiting tourists and facilitating trade routes. The new technology allows for rapid non-stop scanning, with a remarkable capacity to handle up to 100 trucks, 150 tourist vehicles, and 150 buses per hour.

This marks a significant technological advancement in the UAE’s customs infrastructure, aimed at expediting border crossings and ensuring smoother travel experiences.

One of Dubai’s largest private penthouses, the Super Penthouse R1 at Raffles The Palm Dubai Residences, is up for sale for Dh600 million ($163 million). Spanning 77,707 square feet across three levels and the rooftop, this eight-bedroom property boasts luxurious amenities, including an indoor and outdoor cinema, gym, basketball court, cryogenic spa, outdoor swimming pool, mini golf course, and a 360-degree view bar overlooking the Arabian Gulf.

The property, owned by Emerald Palace Group, also features a private lift, Teppanyaki kitchen, and a central terrace for hosting large gatherings.

The super-penthouse, characterized by its substantial size in a building over 305 meters high, offers customization options. The handover term for the penthouse is 15 months from the booking date. Described as an “embodiment of architectural grandeur and exclusivity” by Seran Gheorghe, Vice President of EPG and Director of Sales for Raffles The Palm Dubai Residences, the sale of this property is expected to set a record as the most expensive in Dubai, surpassing the AED500 million sale of a five-bedroom penthouse on Palm Jumeirah in November. Amidst a surge in demand from markets like China and India, Dubai’s prime property market is predicted to experience a 5% price rise in 2024.

His Highness Sheikh Mohammed bin Rashid Al Maktoum, the Vice-President and Prime Minister of the UAE, asserted the enduring significance of the Palestinian issue, emphasizing its place in the conscience of Arabs, Muslims, and individuals with moral standards. Sheikh Mohammed expressed unwavering support for the cause, affirming the UAE’s commitment to seeking peace and continuing assistance to the Palestinian people. His comments were shared on the social media platform X.

The Vice-President’s statement followed his participation in the Arab Strategic Forum (ASF) in Dubai, where he underscored the event’s importance in anticipating the economic and political future of the region. Sheikh Mohammed emphasized the need for regional cooperation, crisis resolution, and independent decision-making.

The ASF, established 23 years ago, serves as a platform for decision-makers to address regional trends and pressing issues. During the forum, speakers discussed topics such as the Israel-Gaza war’s economic costs, highlighting a $2 trillion global loss over the past 70 years due to the absence of peace. Emphasis was placed on the potential $1.7 trillion savings in the next decade if peace is achieved. The forum also examined the broader repercussions of the invasion of Iraq, offering insights and lessons learned from the region’s experiences.