They call it the city of gold. It is estimated that between 20 and 40 percent of the world’s gold stocks pass through Dubai every year. For more than a century, traders have frequented the souks of Dubai in search of spices, pearls and gold. In the first nine months of 2020, 41 billion euros worth of gold was traded in the country. It is the second most profitable export category after oil.
At Al Etihad they refine and convert gold into investment bullion. They supply banks and bullion dealers, but also jewelry wholesalers. The co-owner of the company, Salah Khalaf, finds Dubai to be the ideal place for such an activity.
Like any commodity, the price can change, but at current market rates, a 10-kilo bar is worth just under 454,000 euros. The Dubai Gold and Jewelery Group, a non-profit commercial body, has more than 700 members.
Up to 40 percent of the world’s gold passes through Dubai every year, and most of it goes to the gold souk. In this area alone, there are 300 shops in half a square kilometer. Dubai gold is tax free for tourists.