Yesterday, the Dubai Multi Commodities Center concluded the 12th session of the Dubai Precious Metals Conference, and the event, which was held in partnership with the Ministry of Economy, brought together more than 800 sector leaders and stakeholders from various parts of the world, to chart the features of the next stage of the metals sector’s growth path. Precious.
The Minister of Economy, Abdullah bin Touq Al Marri, said during his keynote speech: “Today, the UAE has become a vital center for international trade in the precious metals sector, attracting companies and investments from all over the world.”
He added: “This success is based on the country’s modern infrastructure and future-proof regulations, as well as its firm commitment to best practices (source traceability), which makes it a reliable destination for players in this vital sector, and through what the Dubai Multi Commodities Center provides. With world-class facilities and exceptional support, gold companies operating in the country have unparalleled opportunities to prosper and succeed,” he said, pointing out that as we look to the future, the gold industry is preparing to enter a transformative era whose features are shaped by sustainability, innovation and advanced technology.
For his part, the first CEO and CEO of the Dubai Multi Commodities Center, Ahmed bin Sulayem, said: “Dubai continues to strengthen its position as a leading center for precious metals trade, amid the transformative changes the sector is witnessing.”
He added: “This year’s edition of the Dubai Precious Metals Conference represents the best evidence of our continued growth, as the event succeeded in bringing together more than 800 elite global pioneers and experts, to stimulate constructive dialogue, important discussions, and address the most pressing topics related to our sector.”
Bin Sulayem continued: “As we pass this pivotal moment, Dubai will continue to provide the precious metals industry with the necessary infrastructure and world-class specialized work environments, and provide everything necessary to facilitate doing business in a way that drives innovation, cooperation and growth, and thus benefit from the current momentum to move to the next chapter of The process of development and prosperity of the sector.”
In addition, Bin Sulayem said, in statements to “Emirates Today”, on the sidelines of the conference, that “the comprehensive economic partnership agreements that the state expanded in completing in various regions of the world were among the important factors that supported the rise in the status of the state and Dubai, to rise to second place in the world as the largest A gold trading center with a value exceeding $129 billion, with a growth rate of 36% annually, after the UAE surpassed the United Kingdom.
He revealed that Dubai has recently attracted, through the center, new investments for companies of Asian nationalities, most notably India, in addition to companies from the Eastern European region, which in turn contributed to the growth and strengthening of Dubai’s position in gold trade at global levels, especially in light of the attractive investment climate and privileges. “What Dubai provides for gold trade and the laws that protect investors.”
He said, “The UAE was able to achieve a major record achievement in the gold trade sector, ranking second on the global level, after Switzerland, which has been ranked first in the trade and circulation of gold products for a long time.”
He continued: “The expansion of comprehensive economic partnership agreements is one of the factors that support Dubai’s position in diamond trade as well,” pointing out that Dubai leads the world markets in diamond trade.
He explained that “the total number of companies operating in the center exceeds 25 thousand, while the number of companies operating in the diamond sector is about 1,400, and the number of companies operating in the (crypto) sector, or digital currency mining, is now more than 600 companies.”
He stressed that Dubai, through the companies operating in the center, is at the forefront of the digital currency (crypto) sector in the Gulf, as it accounts for more than 60% of the total (crypto) market in the Gulf.
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