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UAE: Hub for 'black' gold

Monday, 28 December 2020 11:57 AM [ Last Update: Monday, 28 December 2020 1:00 PM ]

The United Arab Emirates has become a trade hub in the region, with strong links across West and Asia, and Europe. The country has, among other things, is trying to establish itself as a large and fast-growing marketplace for gold.

According to data collected by the Observatory for Economic Complexity, the UAEs gold imports have increased by an average of %58 to over 27-bilion dollars in 2018.

The Arab countrys fondness for gold comes amid its plummeting oil reserves, and the UAEs drive to diversify its economy.

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