Dubai: Future hub for gold trading

2010-03-10 | Published 07:54

Dubai recorded a $29 billion gold trade in the year 2009. Ahmed bin Sulayem, Execuitve chairman of Dubai Multi Commodities Centre Authority (DMCCA) was very impressed by the $29 billion gold trade in Dubai given the current economic conditions.

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He also said that the past year had been very volatile, yet Dubai managed to float through and sustained the all time high value of gold trade which is a strong sign for future success.

More than 130 countries serve as gold importers into Dubai in 2009, India being the major contributor. The value of gold trade in the emirate of Dubai has increased by more than 6 times since 2001; the same for 2009 is more than double the average trade in the past nine years, says Sulayem. These figures demonstrate the emirate’s increasingly important role as centre for regional and global gold trade. With growing stability in global economic conditions Dubai seems to strengthen its status as a global hub for gold trade.

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