UAE Minister of Economy, Abdulla Bin Touq Al Marri said that the UAE is in a leading global position as a key center for trade in gold and precious metals, and the country now accounts for 11 percent of the total global export of gold.
This highlights the strategic approach of the UAE government to develop the gold trade sector in line with best international practices that will further improve the leadership and competitiveness of the country in this critical sector, said Mr. Al Marri.
He stressed the importance of the establishment of the Ministerial Development Council led by Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, a new policy for the gold sector, which aims to improve the governance of gold trade in the country to be in line with the best international standards.
The policy includes four major initiatives and they are setting the UAE’s standard for good gold delivery, creating a federal gold exchange forum, setting up a UAE bullion market committee, and establishing a database for companies and individuals interested in the gold trade.
“The new policy for the gold sector, which was adopted by the Ministerial Development Council and developed by the Ministry of Economy in partnership with several concerned entities, foremost among which is the Ministry of Foreign Affairs and International Cooperation, the Securities and Commodities Authority, the Federal Customs Authority and the Dubai Multi Commodities Center, Dubai Exports, represents an important milestone in the UAE’s efforts towards establishing a stable environment for gold trading in the country. The policy will enhance the UAE’s position as a leading hub in the global gold and precious metal trading landscape, in addition to maximizing the sector’s contribution to increasing the non-oil GDP and driving the national economic growth.”
The Minister further clarified that the UAE today has many advantages, including its strategic location, the economic environment that promotes investment and business, advanced infrastructure, and its adherence to international best practices in the field of gold trade and circulation.
Mr. Al Marri further added that the introduction of the four initiatives within the new gold policy of the UAE would bring about a positive change by adding more value to the activities of gold trading and the local gold market, while also improving the global competitiveness of the UAE in this sector.
“Despite the challenges imposed by the pandemic on global trade activities, the UAE’s gold trading contributed to an increase in Emirati exports by 6 percent during the period from January to August 2020 compared to the same period in 2019. During the months of July and August 2020, the gold exports’ growth in terms of value and quantity reached 84 percent and 38 percent respectively compared to the same two months of the year 2019,” concluded Mr. Al Marri