UAE among world's top five gold traders

Dubai, Jan 4: An analytical study issued by the Ministry of Foreign Trade (MOFT) has confirmed that the UAE is among the world's top five gold traders from 2005-2009, in both imports and exports of the commodity.
The MOFT study revealed that the UAE ranked third in exports and the second in imports in 2009, underscoring the continued success of the foreign trade structure of the UAE, which has become a pivotal trade hub between east and west.
The study also further confirms what was revealed in the International Competitiveness Report regarding the UAE's success in developing its international trade away from a reliance on oil into international commodity trade as a result of its adoption of a systematic strategy for constructing and developing the country's ports and airports and offering various logistics services in accordance with the latest systems and practices.
The study, which was prepared by Abdel-Hamid Radwan, an economic consultant with MOFT's Analysis and Trade Information Department, pointed out to the important role being played by the Dubai Multi Commodities Center through the numerous and diverse services that it offers to the gold trade, such as financing, offering logistical services, insurance, and initiatives for the development of the sector in the UAE.
These initiatives included the establishment of entities that offered many incentives for leading companies trading in precious metals to gather under one roof and thus encourage further exchanges.
The study also revealed that the value of UAE gold imports (including platinum-coated, raw, semi-processed or powdered gold) amounted to $14.5 Billion in 2009, registering a 10 percent increase from 2008. In terms of volume, 547 tons were imported in 2009 in comparison with 524 tons in 2008, registering a four percent increase. This increase in the trade of gold in 2009 affirms the special status of the gold trade in the foreign trade structure of the country.