Abdulla bin Touq, the Minister of Economy and Tourism, has taken decisive action to tackle the illicit use of gold in activities such as money laundering and the financing of terrorism. This initiative highlights the UAE’s commitment to creating a secure trading environment within its vibrant gold market.

New Policies to Strengthen Gold Sector Integrity

During a recent visit to the renowned Dubai Gold Souq, bin Touq emphasized the importance of compliance among merchants with existing laws. In this context, he unveiled a new federal policy tailored for the gold sector, which includes the UAE Good Delivery Standard for Gold. Furthermore, the formation of the Emirates Bullion Market Committee was announced, a body dedicated to enhancing the regulatory framework governing gold transactions.

Regulatory Measures and Market Oversight

The UAE has made commendable progress in its oversight of the gold market, with bin Touq pointing out various regulatory measures introduced to safeguard it. These initiatives aim to strengthen legal compliance and provide a secure environment for traders and customers alike. During his tour, the minister conversed with gold merchants to gain insights into the challenges they face in adhering to legal standards and discussed ways to streamline compliance efforts.

Collaboration for a Sustainable Gold Ecosystem

“The intensity of our national efforts is on the rise as we work to unify actions among various teams and relevant stakeholders,” bin Touq stated. This collaboration aims to tackle operational obstacles that traders encounter, thereby fostering a more resilient and efficient national ecosystem. By enhancing compliance with international standards, the UAE aims to fortify its position in the global gold market.

The UAE’s Significance in Global Gold Trade

The UAE plays a pivotal role in the global gold trade landscape. The Ministry of Economy revealed that the total value of gold traded across the nation’s markets reached approximately Dh683 billion (around $186 billion) in 2024. This staggering figure exemplifies not only the scale of the gold sector but also its importance as a financial pillar in the UAE’s economy.

With these focused measures, the UAE is working to ensure that its gold market remains integral, transparent, and aligned with international standards, safeguarding its reputation as a leading hub for gold trading.