GOLD AE trade volume exceeds USD 500 million in 2011

Dubai reaffirms ‘City of Gold’ status with gold trading volumes in H1 2011 reaching 580 tonnes

December 28, 2011
Gold Arab Emirate (GOLD AE) DMCC has announced that they had over USD 500 million total trade volume in 2011, mainly from Dubai, Turkey, Kuwait and Switzerland branches. Dubai, in particular, has generated substantial trade volume driven by the continuing surge in local demand, as local imports have reached up to 3 tonnes of gold each year, reaffirming the emirate’s growing status as the ‘City of Gold’. Further underlining the rise in Dubai’s gold consumption, official statistics from the Dubai Multi Commodities Centre (DMCC) Authority show that the total gold trading volumes in H1 (first half) of 2011 reached 580 tonnes (average price USD 1,455), with exports down from 225 to 214 tonnes highlighting a greater consumption in the local market.

GOLD AE expects trade volumes to further increase as gold remains the best investment. The UAE has traditionally been a major gold trading hub, a Ministry of Foreign Trade (MOFT) study showing the country to be among the world's top five gold traders from 2005 – 2009, ranking second globally in gold imports in 2009 alone with USD 14.5 billion worth of gold imports which is equivalent to 16.6 per cent of global imports. In the same period, the UAE ranked third globally in gold exports with a 10 per cent share of global exports at a value of USD 10.5 billion.

Mohammed Abu Al Haj, Vice-Chairman and CEO of Abu Al Haj Holding Limited and the Chairman of GOLD AE, said: “I believe that gold is the only safe-haven investment for 2012 and everyone shall have at least 20 per cent of their portfolio in physical gold. In this regard, GOLD AE therefore serves as a gateway for investors by offering a wide range of alternative solutions for gold investments. I also believe that gold price will reach over USD 2,500/ounce by the end of 2012. Nobody can deny that inflation and possibly hyper-inflation will take place in 2012, and the only thing that can protect an individual’s net worth from such inflation is gold. Money can be printed, gold not! For that reason gold always keeps its value. Moreover, I believe that Dubai will be the main gold hub in the world since it has the best logistics and investors’ supply/demand satisfaction.”

Licensed by Dubai Multi Commodities Centre (DMCC) Authority, GOLD AE primarily provides 24/7 spot trading of gold and silver bullion in a wide range of sizes and weights. GOLD AE also has an e-shop that offers collectibles in gold and silver, GOLD AE signature products, and custom-designed coins, an exclusive service that features both machine and laser-engraved sketches. Moreover, the company offers physical bullion delivery anywhere in the world. GOLD AE is a subsidiary of Abu Alhaj Holding, which has business interests in investment banking, commodities, industry, real estate and agriculture since the 1970s. GOLD AE has offices in UAE, Turkey, Kingdom of Saudi Arabia, Kuwait, Egypt, Jordan and Switzerland. Through GOLD AE Switzerland AG, the company offers alternative financial investment portfolios and asset management.

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