DOHA: About 84 percent of Arabs in Qatar consider investment in the yellow metal safe and a useful option as compared to 93 of non-Arab expatriates, a recent survey by Western Union has found.
However, only 57 percent Arabs consider it to be safer today as compared to the past as against 94 percent non-Arabs.
This survey was also conducted in UAE, Saudi Arabia, Bahrain and Kuwait with its ongoing promotion which offers 160 Western Union customers a chance to win gold across the five countries.
According to the survey, while only 52 percent of Arab respondents personally invested in gold, 78 percent of this group purchased gold up to three times a year with 50 percent investing up to 10 percent of their savings. Conversely, a higher number -- 85 percent of non-Arab respondents invested in gold, of which 97 percent made up to three gold purchases a year and 80 percent invested up to 10 percent of their savings in it.
"For thousands of years, gold has been used as both a form of currency and an investment. However, concerns about the slowing global economy and Europe's debt crisis have created a demand for gold as an investment instrument in the recent past. This, combined with the high remittance activity in Qatar owing to the large expatriate population, has resulted in a tremendous response to our promotion which gives our customers an opportunity to win up to eight kilogrammes of gold," said Sobia Rahman, Western Union's Regional Vice-President for the Gulf, Pakistan and Afghanistan.
According to Rahman, another interesting insight from the survey was that from the total respondents in Qatar who invested in gold, 20 percent invested over 10 percent of their savings.
These numbers are a clear indication of the attitude towards investment planning, something that did not prevail in Qatar and other regions in the bygone days.
In 2010, Qatar's economy grew 19.4 percent, the fastest in the world, and the growing trend and inclination towards saving and investing augurs well for the stability and growth of the economy.
© The Peninsula 2011
