The UAE Cabinet has approved a policy to enhance the country's position as a global hub for gold and jewellery trade, along with initiatives and tools to support its implementation, a media report said.
The aim of the new policy is to enhance the competitiveness of the UAE in the gold markets regionally and globally while maintaining its position on the world map as a global hub for gold trading, reported Emirates news agency Wam.
The policy is designed to develop mechanisms and initiatives to maximise the benefit of the gold and jewellery trade, transforming the UAE from a regional hub to one of the global producing countries and leading designers. This will ensure the stability and prosperity of UAE’s gold trade, raise its competitiveness and maintain the leading position of the country as an important global hub.
Articulated around three main pillars: governance, sustainability and innovation, the new policy contains 10 strategic programmes and initiatives, which support the country's position and competitiveness.
The main strategic programmes include the governance of the gold sector at the federal and local levels, the establishment of a federal platform for gold trading and tracking its sources, international marketing of gold sector, the use of technology in the production of gold and the establishment of the UAE's international gold standard in addition to the promotion of conventions related to this sector.
The policy will develop tools and initiatives that stimulate growth in order to facilitate doing business and bring added value to this vital sector. This will help boost the knowledge-based economy and contribute to increasing non-oil GDP, strengthening UAE’s domestic industry sector and the other supporting fields.
The UAE accounts for a significant share of the world's gold trade especially in the bullion trade. The gold trade in the UAE is one of the most important economic sectors with a share of 20% of the country’s total non-oil exports.