DUBAI // The Burj Khalifa has unveiled two gold-dispensing ATMs, the first of several such machines that will begin selling gold bars in Dubai during the next few weeks.
One of the ATMs is housed on the 124th floor of the building, the At The Top observation deck; the other is in the souvenir shop on the ground floor.
Gold fans can purchase as little as 2.5 grams of the precious metal up to as much as 1 ounce.
A 2.5 gram bar costs Dh540 while a 1 ounce bar - the equivalent of 28 grams - could be bought for D5,645.
These prices compare to Dh435 for 2.5 grams and Dh 4,874 for an ounce of gold on the international gold market.
The price of the gold sold in the machines will fluctuate to represent the spot price of gold.
Other machines could soon open at Ski Dubai in the Mall of the Emirates, the InterContinental Hotel at Festival City, and the Atlantis hotel.
The UAE is now home to six Gold to Go vending machines; five call Dubai home and one is open for business at the Emirates Palace Hotel in Abu Dhabi. The machine in the capital opened in May last year and sold out on its first day of operation.
At least 300 more of the ATMs will be rolled out in the Middle East and North Africa during the next two years, said Thomas Geissler, the chief of Ex Oriente Lux, the company that makes the machines. The firm markets it wares most heavily in the Middle East and North Africa, India and the US.
“You can buy a souvenir at market price. It’s a good deal for everybody,” he said.
In a region that has long treasured the precious metal, the company hopes to tap into its popularity.
The price of gold rose 26 per cent last year amid concerns about the US dollar and other currencies. Anagha Kulkarni, 41, a housewife visiting the Emirates from India, excitedly explained the vending machine to family members back home yesterday during a telephone call, and told them she planned to buy a bar.
At The Top offers other unique – though less pricy – keepsakes, including a water bottle adorned with Swarovski crystals and a limited-edition bolt used in the construction of the Burj Khalifa.
Most tourists, however, buy T-shirts and mugs, said an At The Top sales associate.
“I prefer things that you can use,” said Laetitia Muth, 34, a French tourist who was browsing the T-shirts in the shop.
Another popular item is a miniature model of the Burj Khalifa, available in gold and silver, said the associate. “Tourists usually prefer the silver,” she said.
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COMPANY PROFILE
Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
The biog
Date of birth: 27 May, 1995
Place of birth: Dubai, UAE
Status: Single
School: Al Ittihad private school in Al Mamzar
University: University of Sharjah
Degree: Renewable and Sustainable Energy
Hobby: I enjoy travelling a lot, not just for fun, but I like to cross things off my bucket list and the map and do something there like a 'green project'.
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Black Panther
Dir: Ryan Coogler
Starring: Chadwick Boseman, Michael B Jordan, Lupita Nyong'o
Five stars
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Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
The bio:
Favourite film:
Declan: It was The Commitments but now it’s Bohemian Rhapsody.
Heidi: The Long Kiss Goodnight.
Favourite holiday destination:
Declan: Las Vegas but I also love getting home to Ireland and seeing everyone back home.
Heidi: Australia but my dream destination would be to go to Cuba.
Favourite pastime:
Declan: I love brunching and socializing. Just basically having the craic.
Heidi: Paddleboarding and swimming.
Personal motto:
Declan: Take chances.
Heidi: Live, love, laugh and have no regrets.
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Engine: 1.5-litre 4-cylinder petrol
Power: 154bhp
Torque: 250Nm
Transmission: 7-speed automatic with 8-speed sports option
Price: From Dh79,600
On sale: Now
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Directed by:Tom Beard
Narrated by: Sir David Attenborough
Stars: 4
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