Dubai is looking to cement itself as one of the preeminent destinations for one of the most precious metals in the world, making real its nickname the City of Gold.
The emirate has, in a short amount of time, positioned itself as arguably the biggest centre for gold, and now accounts for 29 per cent of the global market share trade.
According to the Associated Press, this represents around $41 billion (approximately £25.5 billion). In 2003 that figure stood at just $6 billion (£3.7 billion), indicating quite an impressive drive to capitalise on this ever lucrative market.
“There’s no doubt the geographical location of Dubai has played an important factor,” commented Malcolm Wall Morris, chief executive officer of Dubai Multi Commodities Centre, which was set up by the state to oversee the trade.
For expats living in Dubai, when it comes to purchasing gold, they have never had it so good. In addition to the fact that the emirate is able to wield enormous financial power and buy in bulk, gold is also cheaper than it would be elsewhere because of the tax-free status.
One of the most famous places to buy this malleable metal is Dubai Gold Souk, a market that fundamentally trades exclusively in all kinds of jewellery.
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