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The number of candidates contesting for the 14 board of directors positions in the Dubai Gold and Jewellery Group. The voting will take place on July 10. (EB FILE)
The World Gold Council (WGC) has more than doubled the estimated gold holdings of the central bank of Saudi Arabia – the Saudi Arabian Monetary Agency (Sama) – with retrospective effect from the first quarter of 2008, according to a report released yesterday.
The WGC data showed the kingdom's Central Bank holding 322.9 tonnes of gold, up from 144.3 tonnes reported by the WGC in March this year. As per the latest estimates, about 2.8 per cent of the kingdom's reserves are in gold, as opposed to 1.2 per cent stated in the last WGC report.
The WGC had to update its current and historical data because of a new report from Sama. "Sama reported in the last quarter that old data have been modified from the first quarter of 2008 as a result of the adjustment of Sama's gold accounts, meaning Sama's gold reserves are now reported to be 322.9 tonnes or 2.8 per cent of reserves, from 143 tonnes or 1.2 per cent previously," the WGC said.
"Gold data have been modified from the first quarter of 2008 as a result of adjustment of Sama's gold accounts," the WGC explained.
The UAE has ceased to maintain its official reserves in gold and therefore, the WGC list makes no mention of the country. "The UAE reduced its (gold) holdings by 12 tonnes to 12 tonnes in 1999 with a further reduction to zero in 2003," WGC said.
Kuwait, with 79 tonnes or 13.2 per cent of its reserves in gold, comes second among the GCC nations in the WGC official holdings 2010 list. Qatar with 12.4 tonnes or 2.3 per cent of its reserves in gold, is the next important country in terms of gold holdings in the GCC.
Aram Shishmanian, CEO, WGC, earlier told this paper that GCC central banks were looking forward to improving their gold reserves.
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