DMCC Report: UAE Poised to Become Global Gold Trade Hub

UAE, 19 November, 2024 : Dubai Multi Commodities Centre (DMCC) has released a special edition of its “Future of Trade 2024” report, forecasting the UAE’s rise as a major hub for the global gold trade. The report highlights the growing importance of the UAE as a gold trade center, following its leap over the UK in 2023 to become the world’s second-largest gold trading hub, with over US$129 billion in total trade, marking a 36% increase from the previous year.  

The report predicts the emergence of an "Asian Century" for gold, with a new gold economic corridor forming among BRICS nations, including the UAE. Ahmed Bin Sulayem, CEO of DMCC, emphasized Dubai’s central role in this transformation, driven by Western sanctions and the shift away from reliance on the US dollar.  

Feryal Ahmadi, DMCC COO, noted the growing technological innovation in the precious metals market, including AI-driven exploration, autonomous mining, and blockchain tracking systems. The report also presents key recommendations for governments and businesses, including enhancing transparency, supporting digital innovation, and investing in AI and blockchain solutions.  

The findings set the stage for the 12th Dubai Precious Metals Conference, bringing together global industry leaders to discuss the future of the precious metals market.  

Source : www.wam.ae