Retail sales of gold in Dubai rose to Dh5.5 billion in 2004, helping cement the emirate's pivotal position in the region, the director-general of the Dubai Chamber of Commerce and Industry said.
The total value of Dubai's gold imports and exports also increased, underlying the emirate's position as the Middle East's largest re-export centre for gold, Abdul Rahman Al Mutaiwe'e said at the opening of the New Gold Souk Centre in Al Attar Escala Building on Port Rashid Street in Dubai on Sunday.
Retail gold sales in 2003 were about Dh4.4 billion, according to industry sources. Dubai has more than 850 jewellery retail outlets and 100 jewellery manufacturers.
Dubai's retail gold trade's growth can be attributed to the sophisticated marketing by jewellery makers and traders, sources said.
Dubai's imports of gold grew to Dh20 billion in 2004 from Dh18 billion in 2003. Exports of gold rose to Dh9 billion during the first nine months of 2004, compared with Dh5 billion during the same period in 2003.
"Dubai imports gold from more than 60 countries, and 45 per cent of Dubai's gold imports are re-exported to more than 50 countries," he said.
The New Gold Souk Centre has 54 shops and represents an investment of about Dh150 million.
Shoppers can buy gold, diamonds and gemstones at the 50,000 square foot centre, which also has a beauty saloon and a restaurant. It has parking space for more than 300 cars.
Al Mutaiwe'e toured the centre accompanied by Ahmad Abdul Rahim Al Attar, chairman of Al Attar Group, the UAE-based real estate conglomerate. The group owns the centre.
The centre is one of several gold markets in the emirate, which include the traditional Gold Souk, a magnet for tourists.
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