World Gold Council plans expansion of Dubai's 'City of Gold'

20/08/2010 - Dubai Investment News
World Gold Council plans expansion of Dubai's 'City of Gold'

Posted by Bob Brunskill

The World Gold Council (WGC), a representative body for the biggest gold producers in the world, is aiming to grow the trade further within the UAE and particularly in Dubai.

Ajay Mitra, managing director of the WGC for the Middle East, India and Turkey, told Gulf News that a range of opportunities currently exist to enhance Dubai's position as a "City of Gold" - a name it has been given by the WGC itself.

Indeed, it was noted that gold has played a key role in Dubai's economic expansion thanks to its location as a central route between the gold-mining regions of Africa and the Asian markets.

Such success also led to the establishment of the Dubai Gold and Jewellery Group in 1996 - a trade organisation believed to be the first in the region to promote both the gold and overall jewellery industry, Gulf News said.

Mr Mitra told the newspaper that the emirate is now well-positioned to grow its gold industry further, particularly as market prices have soared since the global financial crisis.

"There is scope for investment demand for gold to grow significantly, but for this to happen there needs to be a greater range of products and solutions made available in the UAE and the region, and this is something we are looking at," he said.