Dubai moves to strengthen global gold hub role as trade hits Dh1 trillion

Dubai is making strides to bolster its global gold hub status, with foreign gold trade in the emirate reaching Dh1 trillion in 2025, according to reports from Gulf News. This significant increase in trade volume, coupled with gains across financial markets and the wider financial services sector, has prompted the government to develop a strategic plan for the gold sector.

At a recent committee meeting chaired by Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, six proposed strategic directions for the gold sector were reviewed, focusing on trading, financing, storage, competitiveness, price discovery, and jewelry and retail demand. The proposed Dubai Gold Strategy aims to strengthen Dubai's position as a global hub for gold trading, financing, storage, and retail, with the first direction focusing on developing an integrated global gold trading market.

A new committee chaired by Abdulla bin Damithan has been established to oversee the implementation of the strategy and coordinate with relevant entities.

Brief written by urgent.news from Gulf News's own syndicated text. Machine-written — may contain errors; check the original before relying on it.