Collector counts down National Day with rare UAE coins

Indian businessman Ram Tolani displays his ‘hidden treasures’ for public viewing

Dubai: An Indian businessman, who boasts a coin and banknote collection worth over Dh10 million, has launched an exhibition of rare gold and silver coins of UAE Rulers and its landmarks in the run-up to the 47th National Day.

Ram Tolani, 63, founder of Goodwill Insurance Brokers, said the exhibition at the Goodwill Gallery at Bay Square is open to all, not just those who are interested in collecting coins.

Giving Gulf News a preview of the coins, Tolani said he was proud to own, among others, a 260-gram gold coin of Shaikh Zayed Bin Sultan Al Nahyan, Founding Father of the UAE.

Royal collection

“In fact, I have a complete set of Shaikh Zayed coins, including two from 1996, when the 25th anniversary of the UAE was marked. I also have a 2005 gold coin of Her Highness Shaikha Fatima Bint Mubarak, Mother of the Nation [Chairwoman of the General Women’s Union, Supreme Chairwoman of the Family Development Foundation and President of the Supreme Council for Motherhood and Childhood].”

Other treasures on display include a gold coin of Shaikh Rashid Bin Saeed Al Maktoum, gold and silver coins of the 40th Spirit of the Union and the Shaikh Zayed Grand Mosque, coins with two different Rulers on either side, a 1971 coin of the Al Ain Museum and a set of rare sovereigns.

The UAE coins are part of Tolani’s vast global collection that covers astronauts, children, religion and cherished legends.

How Tolani started collecting coins is a story in itself.

“It all began in 2009-10, when I suffered a brain stroke. I had lost my memory and speech. My family wanted me to get into something that would distract me from my illness and help me recover. Since collecting banknotes was a childhood passion, they revived it. We invested around Dh10 million to procure coveted coins from international mints. As I pursued the new passion, I started collecting notes and crisp currencies too. Many of the coins I possess are hidden treasures,” he said.

Goodwill Gallery is open from 8am to 6pm, Saturday to Thursday, till December 2.

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Comment: An investment for a strong future

Scott Shuey, Gulf News Business Editor, looks at the impact of the Dh486-billion ADNOC investment in the local economy and the world's energy market

Dubai: The UAE’s decision to announce massive investments in oil and gas on Sunday is going to have a tremendous impact on its economy.

It will allow ADNOC to attract more strategic partners in the fields of exploration, production, gas, refineries and petrochemical manufacturing; it will create jobs and boost the overall economy.

To state the obvious, investing Dh486 billion in the economy is never a bad thing.

Boosting global oil market

But the benefits of the investment will go beyond the UAE’s borders — by giving a show of support to the global oil markets at a time when it needs it most.

On Monday, US sanctions on Iran go into effect, effectively removing 3.8 million barrels a day from the global oil markets.

While a number of OPEC countries have pledged to ramp up oil production to replace it, there is concern globally that the oil industry does not have the capacity to meet demand.

Investment in oil and gas production dropped following the oil price crash of 2014 and has only recently begun to recover. This drop in investment has resulted in diminished capacity, 

which means that any spike in global demand could result in a corresponding price spike.

If prices increase too far, it could impact global growth.

Considering the current state of the global economy, which is already dealing with the rise of protectionism, an energy shortage is the last thing the world needs.

This brings us back to the UAE’s decision to invest Dh486 billion in to expanding ADNOC’s capacities.

It signals to the world that investment in product is coming back in force.

Sunday’s announcement will not mitigate the short-term effects of the Iranian sanctions, but it will go far in showing markets that energy will continue to be available as the world grows.

Increased capacity 

The increased capacity from the UAE’s investment will be substantial too.

According to market data, the UAE currently produces about 3 million barrels of oil a day. Its expansion plans will boost its capacity to 4 million barrels per day (bpd) by 2020, and add another 1 million bpd of capacity by 2030.

But the expansion of the UAE’s gas production will also have a significant impact on the country itself.

The UAE currently imports natural gas to fuel its desalination plants and generate electricity, not to mention industrial uses.

This expansion will likely ensure the UAE’s ability to be energy (and water) self-sufficient, a significant step forward for the country. If the UAE succeeds in its goal of becoming a net gas exporter, that’s just extra money in the bank.

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Man fined for Dh5,000 for taking woman’s photos

A Sharjah court orders Indian expat to pay fine for taking photo of woman involved in an accident

Sharjah: An Indian man has been slapped with Dh5,000 fine for taking pictures of woman involved in a car accident with him.

The Sharjah Appeal Court found ordered the man to pay the fine after he was found guilty of taking pictures of the woman without her permission,

Judge Abdullah Yousuf Al Shamsi also ordered him to pay the court fee.

Eman Sabt, the woman’s lawyer, said her Emirati client filed a complaint with police after she found the man taking pictures of her while she was getting out of her car.

After the woman found out that the man took pictures of her coming out of the car, she decided to file a case against him for breach of privacy and taking pictures without her permission.

The accident was reported in Abu Shagara in March this year.

The case was first referred to Sharjah Misdemeanor Court, which cleared the man from the charges but the public prosecution appealed the decision and got the verdict in their favour.

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