As the price of gold reached an all-time high yesterday, few people were as pleased as the Dubai-based writer and investor Peter Cooper. In March, Mr Cooper published Dubai Sabbatical: The Road to $5,000 Gold in which he predicted the price of gold would more than quadruple in coming years. Some people felt his argument was unrealistic - at least until gold started to hit new heights. It closed at US$1,244 an ounce yesterday.
"Sometimes you are lucky in these things," he said. "It seems to be getting exciting." Mr Cooper's book is a memoir of sorts in which he relates how he and his wife travelled the world after he sold his Dubai-based company AME Info for $27 million (Dh99.1m) in July 2006. He pocketed a modest share of that amount and resolved to spend some of it searching for the next place to settle. Everywhere he went - from the UK to Russia to South Africa - he saw consumers and governments spending money hand over fist.
"You would expect after selling the company that we would feel a bit wealthy but we didn't really. We could barely keep up," he said. Mr Cooper ended up coming back to Dubai and sinking about a quarter of his investible assets into gold. While he concedes that $5,000 an ounce is likely to be years away at the earliest, he thinks governments will soon be forced to raise interest rates from their current low levels. "That hits real estate, equities, bonds - what's left? It's precious metals," he said.
He attributed the rise in recent days to unease among investors that "something nasty is out there", a reference to fears about a European debt contagion and the still unexplained tumble in the US stock market last week. Here in the Gulf, investors have always had a fondness for gold and Mr Cooper said there were whispers that some of the region's wealthiest families had been making large purchases. He noted that the price of gold was historically linked to the price of oil, as both were dollar-denominated commodities. If gold does continue to climb, that could be a boon for local economies.
"You could see an oil price boom as well, which would be great for us - and terrible for the rest of the world." @Email:breagan@thenational.ae
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The five pillars of Islam
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
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Joker: Folie a Deux
Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
Rating: 2/5
if you go
The flights
Etihad and Emirates fly direct to Kolkata from Dh1,504 and Dh1,450 return including taxes, respectively. The flight takes four hours 30 minutes outbound and 5 hours 30 minute returning.
The trains
Numerous trains link Kolkata and Murshidabad but the daily early morning Hazarduari Express (3’ 52”) is the fastest and most convenient; this service also stops in Plassey. The return train departs Murshidabad late afternoon. Though just about feasible as a day trip, staying overnight is recommended.
The hotels
Mursidabad’s hotels are less than modest but Berhampore, 11km south, offers more accommodation and facilities (and the Hazarduari Express also pauses here). Try Hotel The Fame, with an array of rooms from doubles at Rs1,596/Dh90 to a ‘grand presidential suite’ at Rs7,854/Dh443.
MATCH INFO
Sheffield United 3
Fleck 19, Mousset 52, McBurnie 90
Manchester United 3
Williams 72, Greenwood 77, Rashford 79
Turkish Ladies
Various artists, Sony Music Turkey
The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
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TRAP
Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue
Director: M Night Shyamalan
Rating: 3/5
Surianah's top five jazz artists
Billie Holliday: for the burn and also the way she told stories.
Thelonius Monk: for his earnestness.
Duke Ellington: for his edge and spirituality.
Louis Armstrong: his legacy is undeniable. He is considered as one of the most revolutionary and influential musicians.
Terence Blanchard: very political - a lot of jazz musicians are making protest music right now.
Bio
Age: 25
Town: Al Diqdaqah – Ras Al Khaimah
Education: Bachelors degree in mechanical engineering
Favourite colour: White
Favourite place in the UAE: Downtown Dubai
Favourite book: A Life in Administration by Ghazi Al Gosaibi.
First owned baking book: How to Be a Domestic Goddess by Nigella Lawson.
The bio
Favourite food: Japanese
Favourite car: Lamborghini
Favourite hobby: Football
Favourite quote: If your dreams don’t scare you, they are not big enough
Favourite country: UAE
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
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UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
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COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
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The specs
Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now
The bio:
Favourite film:
Declan: It was The Commitments but now it’s Bohemian Rhapsody.
Heidi: The Long Kiss Goodnight.
Favourite holiday destination:
Declan: Las Vegas but I also love getting home to Ireland and seeing everyone back home.
Heidi: Australia but my dream destination would be to go to Cuba.
Favourite pastime:
Declan: I love brunching and socializing. Just basically having the craic.
Heidi: Paddleboarding and swimming.
Personal motto:
Declan: Take chances.
Heidi: Live, love, laugh and have no regrets.