The Council of Ministers adopted the policy of strengthening the UAE's position as a global center for gold and jewelery trade and the programs to implement the policy, aiming to concentrate efforts to enhance the competitiveness of the UAE's position in the regional and global gold trading markets, and to maintain the UAE's position as a global center for gold.
The policy aims to develop mechanisms and initiatives to maximize the benefit of the gold and jewelery trade in the country, and transfer it from trade as a vital center in the region to the list of producing countries and top designers globally, and ensure the stability and prosperity of this trade and raise competitiveness and maintain the status of the country as an important international center in the international gold trade chain.
The policy comprises three main themes, under which 10 strategic programs and initiatives are held to support the enhancement of the country's position and competitiveness. The three themes are governance, sustainability and innovation. The most prominent strategic programs include the governance of the gold sector at the federal and local levels, the establishment of a federal trading platform for gold and its sources, and the international marketing of the sector. And the use of technology in production and development, the establishment of the UAE's international gold standard, as well as the strengthening of agreements for this sector.
The policy will facilitate doing business and add value to the sector locally, and promote international trade at the global level, through the development of tools and initiatives that stimulate growth in this vital sector and thus reflected on the knowledge-based economy and increase non-oil GDP, and raise the value and economic benefit of the State Relates to this trade and the strengthening of the local industry and other supporting sectors.
It is worth mentioning that the UAE accounts for a share of global gold exports, especially in the bullion trade, where the gold trade sector is one of the largest economic sectors, accounting for 20% of the total non-oil exports of the country.