The United Arab Emirates is looking to take advantage of its gold trade center in order to serve the new BRICS economic corridor being formed under leadership from China and Russia.
“We have witnessed historic shifts in the precious metals market driven by Western sanctions that have forced record buying of gold by central banks and a rethink by many countries when it comes to their reliance on the U.S. dollar,” said Ahmed Bin Sulayem, executive chairman and CEO of DMCC, a geographically designated area in the UAE that permits businesses to operate with 0% corporate tax rate.
The United Arab Emirates gold trade is valued at more than $129 billion.
DMCC noted it believes sanctions against Russia have caused havoc within the global economy.
“As a result, central banks have ramped up their gold purchasing activities and repatriated US-stored bullion to diversify away from the dollar, with some even using gold in lieu of the U.S. dollar in trade transactions,” the report states.
The UAE joined BRICS, which features original members Brazil, Russia, India, China and South Africa, earlier this year, along with several other new members.
Feryal Ahmadi, chief operating officer of DMCC, said, “Our latest Future of Trade report on precious metals is a vital resource for all stakeholders involved in the industry and sets the scene perfectly for the 12th edition of our Dubai Precious Metals Conference. As the report highlights, this is a time of opportunity and challenge, and as the gold industry navigates its place in a rapidly evolving landscape, we look forward to working with our members and partners as we continue to build the world’s premier ecosystem for the global precious metals trade from Dubai.”
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