Indians top Dubai's gold sector
Dubai Investing

Indian citizens lead the top ten investors in Dubai’s gold sector

The Business Registration and Licensing, BRL, Sector of the Department of Economic Development, DED, reported that there are 4,085 companies operate in Dubai’s gold business sector.

The report highlighted the distribution of companies according to sub-regions, with the leading sub-regions, which are Al DhagayaAl Ras, Ayal Nasir, Burj Khalifa, Warqa Al BateenAl Muraqqabat, Port Said, Al RiggaTrade Centre 1 and Al Barsha 1, accounting for more than 45 percent of the total number of companies.

It presented that Indians are the leading investors in the gold sector, followed by the citizens of Pakistan, the United Kingdom, Saudi Arabia, Switzerland, Oman, Jordan, Belgium, Yemen, and Canada.

The total value of sales in gold, jewellery, and diamonds reached for about AED273 billion last year, it jumped off about 3 percent compared to 2017, according to the Dubai Gold and Jewellery Group. The UAE’s trade in gold and precious stones increased significantly in recent years, and the sector’s annual foreign trade value is estimated at some AED400 billion. UAE’s import of gold was valued at AED142.4 billion, while its exports amounted to AED75.9 billion, and its re-exports at AED26 billion, according to the Federal Customs Authority.

The industry gives residents of Dubai with gold imports from about 30 countries, while also meeting the demand of tourists.

SOURCE

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