Dubai moves to strengthen global gold hub role as trade hits Dh1 trillion

Dubai: Dubai is moving to strengthen its position as a global gold hub after foreign gold trade in the emirate reached about Dh1 trillion in 2025, as the government also reported gains across financial markets and the wider financial services sector.

Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, Minister of Finance and Chairman of the Higher Committee for the Development of the Economic and Financial Sector, chaired a committee meeting on Thursday to review Dubai’s economic and financial performance indicators and discuss the emirate’s gold strategy.

The meeting reviewed six proposed strategic directions for the gold sector, covering trading, financing, storage, competitiveness, price discovery and jewellery and retail demand.

Sheikh Maktoum said Dubai would continue to develop its economic and financial sectors under the direction of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.

“Guided by the vision and directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, we continue Dubai’s journey of economic diversification, competitiveness and sustainability,” Sheikh Maktoum said.

“We continue to reinforce the emirate’s standing as a global hub for business, finance and trade by developing more competitive economic and financial sectors that are better capable of attracting investments, talent and global companies,” he added.

Dubai’s foreign gold trade rose 60 per cent year-on-year to about Dh1 trillion in 2025, according to figures reviewed by the committee.

Physical gold traded in the UAE reached around 2,750 tonnes, putting the country second globally among physical gold trading hubs, according to the figures presented at the meeting. The government said an estimated 13-15 per cent of globally traded gold passes through Dubai annually.

The proposed Dubai Gold Strategy covers the gold value chain from supply and refining to trading, storage, financing, pricing, digital tokenisation and retail.

The first of the six proposed directions focuses on developing an integrated global gold trading market by expanding market depth and connecting producers, refineries and buyers across Africa, the Middle East and Asia.

The strategy also proposes strengthening Dubai as a centre for gold financing, including opportunities in clearing, collateralisation, hedging and institutional trading.

Other priorities include expanding secure gold storage, improving traceability and transparency, developing platforms and financial instruments for price discovery, and strengthening Dubai’s position as a global jewellery and retail destination.

The meeting approved the establishment of a committee chaired by Abdulla bin Damithan, Chairman of the Ports, Customs and Free Zone Corporation, to oversee implementation of the Dubai Gold Strategy.

The committee will develop and refine initiatives, coordinate with relevant entities and establish an implementation roadmap.

Its responsibilities will include identifying specific initiatives, defining roles and partners, proposing a governance model and setting execution timelines.

The government said the approach is intended to move the strategy from broad directions towards initiatives that can be implemented, while encouraging public-private sector partnerships.

The meeting also reviewed Dubai’s performance in global financial competitiveness indicators. Dubai ranked first globally in FinTech in the Global Financial Centres Index published in September 2026, up from fifth place in March.

The emirate also rose to second globally in Professional Services from fourth and to sixth in reputation from eighth.

Dubai retained its position for the fourth consecutive time as the global financial centre expected to become more significant over the next two to three years, according to the figures reviewed at the meeting.

The number of licensed Virtual Asset Service Providers under the Virtual Assets Regulatory Authority rose to 52, while assets under management reached Dh28 billion.

Trading volumes among licensed VASPs reached about Dh7.43 trillion over the past 12 months, according to the government.

The Dubai Financial Market's market capitalisation reached Dh993.1 billion at the end of the third quarter of 2026.

Average daily trading values increased 24.5 per cent, while institutional investors accounted for 71 per cent of total trading value.

The exchange attracted 55,462 new investors during the first nine months of the year. International investors accounted for 72.1 per cent of new entrants, according to the figures presented to the committee.

The Dubai International Financial Centre, meanwhile, has more than 10,000 active registered companies, including 592 wealth and asset management firms and 1,933 FinTech and innovation firms.

Dubai’s role in the gold trade is supported by a wider precious metals ecosystem.

The precious metals, gemstones and diamonds ecosystem at the Dubai Multi Commodities Centre comprises more than 1,500 member companies, while the Dubai Gold District, launched in 2026, has more than 1,000 retail gold and jewellery traders, according to the government.

The UAE Good Delivery Standard and UAE Bullion Market Committee were established in 2021, followed by the launch of the Dubai Gold District in 2026.