40% of the world’s gold passes through Dubai
Duncan Richardson, News Editor
7 Apr 2014, 10:52 a.m.
40% of the world’s physical gold transited through Dubai in 2013, according to Ahmed Bin Sulayem, the Executive Chairman of the Dubai Multi Commodities Centre (DMCC). In total, 2,250 tonnes of gold worth $75 billion dollars passed through the city last year.
The DMCC is a free trade zone and was established in 2002 with the aim of promoting and regulating the gold industry. The growth in trade has been attributed to Dubai’s location, transparency of trade and the ever increasing number of tourists. In 2013, 70% of all gold consumed in Dubai was by tourists visiting the city.
Sulayem is predicting that 20 million tourists will visit Dubai annually by 2020 and as a result expects the gold industry to keep expanding.