“However only 54% Arabs consider it to be safer today as compared to the previous years in comparison to 85% non-Arabs,” the survey conducted in UAE, Saudi Arabia, Qatar and Kuwait in conjunction with its ongoing promotion which offers 160 Western Union customers a chance to win gold across the five countries.
“For thousands of years, gold has been utilized as both a form of currency and an investment. However, concerns about the slowing economic growth 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 Bahrain 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 kilograms of gold,” Sobia Rahman, Western Union’s Regional Vice President for the Gulf, Pakistan and Afghanistan, said.
According to the survey results, while only 32% of the Arab respondents personally invested in gold, 70% of this group purchased gold up to three times a year with 47% investing up to 10% of their savings. Conversely, all the non-Arab residents surveyed invested in gold, of which 80% made up to three gold purchases a year and 76% invested up to 10% of their savings.
“Another interesting insight from our survey was that, of the total respondents in Bahrain who invested in gold, over 17% purchased gold four or more times a year and over 26% invested more than 10% of their savings. These numbers are a clear indication of the attitude towards investment planning, something which wasn’t as prevalent previously in Bahrain and the region. The growing trend and inclination towards saving and investing, augurs well for the stability of the economy,” she said.