Bullion hub: Dubai’s gold trade exceeds $ 70 billion

Updated 09 April 2013

Bullion hub: Dubai’s gold trade exceeds $ 70 billion

The value of gold traded through Dubai reached $ 70 billion in 2012 from just $ 6 billion in 2003 and Dubai has risen as a major global gold and precious metals trading destination, said Ahmed bin Sulayem, executive chairman of Dubai Multi Commodities Center (DMCC).
“About 20 percent of the world’s physical gold imported and exported through Dubai,” he said.
Bin Sulayem was addressing the Dubai Precious Metals Conference 2013 hosted by the DMCC.
“Demand is still strong, whereas most new firms flock in from the emerging markets in Africa, India and China. We expect to host over 10,000 registered firms by 2015,” said Bin Sulayem
The conference explored the theme of ‘Enhancing the Global Precious Metals Supply Chain’ through presentations and panel debates from renowned industry specialists.
“By building financial and physical infrastructure and developing the right regulation in line with international standards, DMCC has established Dubai as a major bullion center and a global gateway for commodities trade,” Bin Sulayem added.
Speakers at the conference reiterated that Dubai as a progressive environment to do business, with a strong regulatory and legal framework to protect the interests of investors.
Its position as a global bullion center was also confirmed and officials revealed plans of developing Dubai’s local and regional banks into bullion banks to address the needs of suppliers in Africa and consumers in India.
“The second edition of the Dubai Precious Metals Conference brought together over 350 delegates from 28 countries, a 40 percent increase from last year’s conference.
The resounding success of the conference and caliber of industry participants in attendance is further testament to Dubai’s position as a global trading hub for precious metals, said Gautam Sashittal, chief operating officer, DMCC.

Global trade experts gather in Riyadh as virus crisis heats up

Updated 15 min 38 sec ago

Global trade experts gather in Riyadh as virus crisis heats up

  • More than 1,000 international companies set up operations in Saudi Arabia last year

RIYADH: World trade experts are gathering in Riyadh for a major conference as the coronavirus crisis casts a shadow over global commerce.

The Asia House Trade Dialogue takes place on Tuesday in the Saudi Arabian capital, with thought leaders and policymakers taking part in the first such event to be staged in the Kingdom. Around 200 delegates are expected to attend the one-day forum.

Leading thinkers will share their insights on global trade, women’s growing role in business, and the energy industry moving toward renewable technologies. There will also be a live link with a Beijing-based expert on Chinese business to discuss the economic effects of the virus.

Asia House is a London-based consultancy which is headed by the former British trade minister and chairman of the HSBC banking group, Lord Green of Hurstpierpoint. He said: “With Saudi Arabia hosting the G20 this year, we believe it is an important time to bring our trade dialogue to Riyadh to explore the economic shifts taking place in the region and beyond.”

The event is sponsored by the Saudi British Bank, whose chair Lubna Olayan will deliver the keynote speech.

She said: “Trade has historically always been important to the development of the Kingdom, and that is equally true today as the Far East and the Middle East are once again becoming increasingly connected, and we begin a year in which Saudi Arabia leads the G20, with deliberations around trade and investment being a major focus of the B20 (the business arm of G20 summit of world leaders). It is truly an exciting time, so we are pleased to be jointly hosting this important event to explore opportunities for enhancing and facilitating growing trade links between the Far East and the Middle East.”

The conference will be opened by Ibrahim Al-Omar, the governor of the Saudi Arabian General Investment Authority, the body which promotes foreign investment in the Kingdom. Arab News is the strategic media partner for the event.

Lord Green said: “The Middle East remains an extremely important region for global trade, especially as the Gulf broadens its relationships with Asian markets. Just last year, more than 1,000 international companies set up new operations in Saudi Arabia, highlighting business interest in the Kingdom.”

Victor Gao, who is vice president of the Beijing-based Center for China and Globalization, will answer questions via web link about the impact of coronavirus on the Chinese economy.

Saudi Arabia launched its G20 presidency last December with a declaration of its program, which seeks to support innovation, achieve prosperity, empower people and preserve the planet, in line with the Kingdom’s Vision 2030 reform plan.

King Salman hailed the G20 presidency as proof of the country’s key role in the global economy.