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Total gold demand in the Middle East in Q4-2008 was up 1 percent over Q4-2007 levels. Around 90 percent of total consumer off take in the region is in the form of jewellery, but extremely strong growth in net retail investment was recorded at 139 %. The surge in investment demand in Q4-2008 was reasonably widespread across the region, up 300 % in Saudi Arabia; 67 % in Egypt; 38 % in UAE and 2 % in the other GCC countries over corresponding Q4-2007 levels.
UAE’s gold jewellery sales increased by 17 % in 2008 to cross USD $ 3.75 billion compared to USD $ 3.12 billion in 2007. The highest recorded recovery & increase in 2008 was made by Egypt at 12 % among the countries of the Middle East.