However, only 69 percent Arabs and 71 percent non-Arabs consider it to be more safe today as compared to the previous years, the poll carried out by Western Union found.

This survey was also conducted in the UAE, Kuwait, Qatar and Bahrain 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,” said Hatem Sleiman, Western Union’s regional vice president for the Near East, Saudi Arabia and Sudan.

“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,” he pointed out.

According to the survey results, 60 percent of the Arab respondents personally invested in gold with 74 percent purchasing gold up to three times a year and 74 percent investing up to 10 percent of their savings.

Conversely, of the 76 percent of non-Arab residents that invested in gold, 90 percent purchased gold up to three times a year and 69 percent invested up to 10 percent of their savings.

“Another interesting insight from our survey was that, of the total respondents in Saudi Arabia who invested in gold, over 13 percent purchased gold four or more times a year and 30 percent invested over 10 percent of their savings,” Sleiman added.

“These numbers are a clear indication of the attitude toward investment planning, something which wasn’t as prevalent previously in Saudi Arabia and the region,” he said.

“With the economy expected to gain and real GDP growth to increase in 2011, the growing trend and inclination toward saving and investing, augurs well for the stability and growth of Saudi Arabia’s economy,” Sleiman said.