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Silver Prices in United Arab Emirates Dirham
Although silver is a dollar-denominated commodity, the white metal can be transacted in any currency. If you are a resident of the United Arab Emirates, for example, you might buy or sell silver in United Arab Emirates Dirham.
The United Arab Emirates, or UAE, was established in 1971 and is a federal monarchy bordering Oman and Saudi Arabia and sharing maritime borders with Iran and Qatar. This nation is a federation of seven emirates including Abu Dhabi, Ajman, Dubai, Ras al-Khaimah, Fujairah, Umm al-Quwain and Sharjah.
Each emirate is governed by an absolute monarch and these monarchs make up the Federal Supreme Council. One of these monarchs is selected to be the president of the UAE.
This region has some of the largest oil reserves on the planet, and is an exporter of oil as well as natural gas.
The UAE currency, the Dirham, is often referred to as the Emirati Dirham. The name Dirham is derived from the Greek Drachmae, which in Latin means “handful.” Although the Dirham has a long history, the UAE Dirham was introduced in 1973. The Dirham took over for the Qatar and Dubai riyal, which had been in circulation in all of the emirates except Abu Dhabi since 1966.
When the UAE Dirham was initially introduced, coinage was produced in various denominations including 1, 5, 10, 25 and 50 fils, with each Dirham consisting of 100 fils.
Silver Pricing in United Arab Emirates Dirham
If you are in the United Arab Emirates, you can find silver prices quoted in the local currency. As a major tourist destination, you may also potentially see the price of silver quoted in U.S. Dollars, euros or other key currencies. Silver is typically quoted by the ounce, gram and kilogram. One ounce coins, bars and rounds are a favorite among individual investors, while larger weight bars may be more useful for institutional investors.
Silver is bought and sold all over the world, and whether you are in the United Arab Emirates, China or the U.S., the price of silver can fluctuate based on numerous factors. Some of the primary factors that can affect the price of silver include:
- Currency markets
- Jewelry demand
- Equity markets
- Production levels
Unlike its counterpart gold, the silver market derives significant demand from industry as well as from investors and jewelry makers. Silver is used in a wide variety of industrial arenas such as nuclear power, solar energy, healthcare, chemical production, electronics and more.
As more industrial uses for silver are discovered, this source of demand could potentially increase significantly in the decades ahead.
The United Arab Emirates Economy
The economy of the United Arab Emirates is the second largest in the Arab world after Saudi Arabia. Although the UAE has taken steps to diversify its economy, it still relies heavily on the oil industry. In recent years, crude oil exports accounted for a significant portion of the state’s budget.
The area has become a hotspot for tourism, and there is widespread construction taking place.
The emirate of Dubai has taken steps in recent years to further diversify its economy. The Dubai International Financial Centre was established. This Centre came with numerous potential benefits from no withholding tax to a very interesting financial regulatory system. This regulatory system essentially combined best practices from major financial hubs such as New York, London, Zurich and Singapore. Recent activity in the region has attracted numerous major companies to set up shop in Dubai.
In addition to its growing tourism and financial industries, the UAE has a growing manufacturing sector as well.
The real estate boom in the UAE along with infrastructure improvements has turned the region into a major tourist attraction. The region’s tourism has added a significant amount the local GDP, and the nation continues to make significant ongoing investments in projects that can aid in increasing tourism such as airports and ports. The UAE has many of the world’s tallest tourist hotels, and these hotels are themselves major tourist attractions.