UAE – Mubasher: The UAE has accounted for 11% of the global gold exports, enabling the country to become a vital hub for gold and precious metal trade, the UAE Minister of Economy, Abdullah bin Touq Al Marri, announced.
Gold represented more than 29% of the UAE's non-oil exports, according to a press release on Monday.
Despite the coronavirus (COVID-19) economic repercussions, gold has contributed to the UAE exports' growth by 6% during the first eight months of 2020.
In July and August, the UAE's gold exports increased by 84% in terms of value and 38% in terms of quantity, when compared to the same two months in 2019.
It is noteworthy to mention that on 6 December 2020, the Ministerial Development Council has adopted four initiatives to promote the UAE's position as a global hub for gold trade, including the establishment of the UAE Good Delivery Standard and a federal platform for gold trading and tracking.
