440 billion UAE dirhams trade in precious metals

Hossam Abdel Nabi (Dubai)

The UAE’s foreign trade in precious metals exceeded AED 440.4 billion (USD 120 billion) in the first nine months of 2022, an increase of 18% over the same period in 2021, according to His Excellency Dr. Thani bin Ahmed Al-Zeud. state for foreign trade.
Speaking at the opening of the 10th annual session of the Dubai Precious Metals Conference, organized by the Dubai Multi Commodity Center in association with the Ministry of Economy, His Highness said that the UAE has become a world center for trade. of precious metals. He emphasized that the UAE, which ranks seventh in the world in imports and fifth in exports, is committed to the highest international standards, as transparency, supervision and strict regulation are key factors in improving the leadership position, UAE’s reliability and global competitiveness. 🇧🇷 World Gold Trading Zone.
Al-Zeudi highlighted the continued efforts of the UAE Ministry of Economy and the UAE Gold Bar Market Committee to strengthen the country’s position at the center of the global gold trade, as well as ensure the adoption of the highest international standards. All key areas such as gold finance and responsible sourcing highlighted the important role of the Dubai Mercantile Centre, various projects involved in building and renovating the gold sector in the UAE.

a crucial role
For his part, Ahmed Bin Sulaiman, CEO of Dubai Multi Commodity Center and CEO of Dubai Gold and Commodity Exchange, said that the UAE is playing a crucial role in shaping the future of the precious metals industry, gold and production. Trading in precious metals is becoming more transparent, fair and traceable, encouraging market parties around the world to embrace emerging technologies such as tokenization and blockchain that have the potential to transform precious metals trading and drive sustainable growth. long term. Industry.
Ibn Sulayem explained that Dubai is now the biggest center for gold in the Middle East, accounting for nearly 25% of world trade, saying that gold is the emirate’s second biggest export after crude oil, as gold trade outweighs trade from Dubai. into refined petroleum and diamonds.
According to him, the UAE has now become the world’s number one center for the trade of rough diamonds and is on track to retain the top spot for rough and polished diamonds together. He added that the Dubai Multi Commodity Center Crypto Hub has also witnessed continued strong interest since its mid-2021 launch, with 14% of startups joining the Dubai Multi Commodity Center this year working in the Dubai Multi Commodity Center. assets, indicating that it is now a crypto hub that is home to around 40% of the total crypto companies in the UAE, making it the highest concentration of blockchain companies in the region.

dollar dominance
Peter Schiff, Chief Economist and Global Strategist at Euro Pacific Capital, discussed the end of US dollar dominance, Bitcoin virtual currency issues, the future of blockchain and cryptocurrencies, and the monetization of gold globally. He said, “While trading cryptocurrencies or Bitcoin is easier than trading gold, it is a mistake to consider Bitcoin as an alternative to gold, simply because Bitcoin lacks the tangible intrinsic value that gold provides.”
In the same context, the CEO of the World Gold Council, David Tate, said that through the Gold247 blockchain-based system, we enable and support collaboration across the entire value chain to enhance the growth of the global gold market, with a focus on ensure integrity. , accessibility and ease of exchange He highlighted the shared commitment to responsible and sustainable work and this can only be achieved through joint actions and cooperation across the sector.

Golden coins
During the conference, the Dubai Multi Commodity Center unveiled the Dubai Multi Commodity Center’s second launch of UAE gold coins and four new coins for 2022, which will be minted and available for purchase in early 2023. Inspired by the achievements of the Emirates United Arab Emirates over the past fifty years, is a reflection of its ancient past and bright future.