Bin Touq: The UAE accounts for 11% of the world's gold trade
Economy Minister Abdullah bin Touq Al-Marri
The Minister of Economy, Abdullah bin Touq Al-Marri, affirmed that, thanks to the support and directives of its wise leadership, the UAE was able to occupy a leading global position as a vital center for gold and precious metals trade, as it today accounts for 11% of the total global gold exports, noting that the UAE government is taking steps A wide range of development for the gold trade sector in accordance with international best practices, in a way that guarantees more leadership and competitiveness for the UAE in this vital sector.
Bin Touq pointed to the importance of adopting the Ministerial Council for Development headed by His Highness Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, a new policy for the gold sector, which aims to develop the governance of gold trade and circulation in the country to be compatible with the best international standards applied in this regard, and includes This policy has four main initiatives: the establishment of the UAE standard for good gold delivery, and the development of a platform
Federal gold trading, establishing a committee for the UAE bullion market, and finally building a database of companies and individuals trading gold.
The Minister of Economy explained that the UAE today enjoys many advantages that make it an influential global power in the gold sector, including its strategic location, a business environment that encourages investment and doing business, advanced infrastructure and its application to the best international practices in the field of gold trade and circulation.
For his part, Dr. Thani bin Ahmed Al-Zeyoudi, Minister of State for Foreign Trade, stated that the UAE is a leading and attractive destination on the international trade map for gold and precious metals trading, and that the gold trade accounts for more than 29% of the total national non-oil exports, and that it is the focus of Major in the country's foreign trade activities.
He added, "Despite the challenges posed by the Covid-19 pandemic on global trade activities, the gold commodity in the UAE contributed to achieving a positive increase in Emirati exports by 6% during the period from January to August 2020 compared to the same period in 2019. And during the months of July and August. 2020 alone, the growth in gold exports compared to the same two months of 2019 reached 84% in terms of value and 38% in terms of quantity.
Al-Zeyoudi stressed that developing legislation and regulations governing trade and business support activities and investment in this vital sector, and launching the four initiatives within the framework of the country's new gold policy, is a very important step towards enhancing the competitiveness of this Emirati product so that the UAE is the highest quality gold standard, and opening investment opportunities. In the gold and precious metals sector, to activate its role as a vital tributary of economic diversification.
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