Slowly declining prices of yellow metal and rise in tourists has pushed gold sale in Dubai during the Dubai Shopping Festival. Gold and jewellery sales raised as much as 25-30 per cent according to the local gold dealers of Dubai. The DSF gold promotion lured a large number of customers as they made beeline for taking huge advantage of various offers and draws.

Gold prices fell down sharply setting aside the record-setting spree breaking the record spree that had been going on for so long. The price of gold fell down by Rs 281 to Rs 19,896 per ten gram in the futures trading on Monday.

And the reason for this decline in the weak overseas trends, that have appeared and also because the speculators have started booking profits.

As the European debt crisis boosted up demand and some investors buy the Gold after its hunch from a record, it may gain a little in London. Since other commodities and equities stumbled, Gold dropped this week.

Metalloinvest, a steel and iron producer based in Russia has started hot trials at its UAE-based rebar producing subsidiary Hamriyah Steel which are likely to get completed in next three weeks. Hamriyah Steel is a joint venture of Metalloinvest and the ruler and emir of Abu -Dr. Sheikh Sultan Bin Khalifa Bin Zayed Al Nahyan.

Abu Dhabi Basic Industries Corporation (ADBIC) has decided to put up an aluminium facility with an approximated cost of Dh368 million in the forthcoming Sheikh Khalifa Port and Industrial Zone in Taweelah.

The upcoming facility will create aluminium extrusion products for the local as well as overseas markets. The corporation will construct the Aluminium Extrusion Facility in a JV with Dubai-based Gulf Extrusions Company (Gulfex).

Alumco Group, the aluminium contractor, has announced that it has bagged a major contract in order to provide aluminium facades to Meena Plaza Project in Abu Dhabi.

The sources informed that the project is situated in Port Zayed and is developed by Tamouh.

The project has been designed by KDI Architects and Zelan Holding of Malaysia is the main contractor.

Emirates Ship Investment Company (Eships) has informed that it has bagged a contract in order to ship a million tonnes of alumina ever year to a $5.7 billion (Dh20.9bn) aluminium smelter being set up in Abu Dhabi.

The sources informed that the proposed facility is a major diversification project in the UAE as well as largest single-site aluminium smelter around the globe which is being build up by Emirates Aluminium (Emal).

Sources added that the period of contract is three years.