Dubai's strategic location enhances its role in the global gold trade by connecting major gold-producing countries in Africa with high-demand markets in India and China.

Despite having no domestic gold production, Dubai relies on international partnerships and robust trade infrastructure to facilitate gold imports and exports.

Significant growth in gold mining in countries like Mali and Ghana has strengthened Dubai's trade relationships, allowing for increased gold imports.

The CEO of the Dubai Multi Commodities Centre noted that the rise in gold trading reflects substantial changes in the global market, with gold emerging as a preferred store of value.

Switzerland plays a crucial role in Dubai's gold trade, processing gold from around the world into a trade-ready form, much of which is used for jewellery manufacturing and investment-grade bullion.

In response to Western sanctions stemming from the Ukraine conflict, Russia has significantly increased its gold exports to Dubai, marking a shift in export routes and enhancing Dubai's position as a sanctions-neutral trading partner.

Geopolitical events, including the Ukraine war and Western sanctions, have altered gold trading patterns, benefiting Dubai as countries seek to diversify their reserves.

As a result of these geopolitical tensions, Russia has emerged as an increasingly important source of gold for Dubai, diversifying its trading partners.

In 2023, Dubai surpassed the UK to become the world's second-largest gold trading hub, bolstered by its strong logistics infrastructure and favorable market dynamics.

Turkey serves as a significant intermediary in the gold supply chain, refining and shipping gold from Central Asia and Africa to Dubai, reflecting its geopolitical importance.

As a refining and transshipment center, Turkey routes gold flows to Dubai, further solidifying its role in the global gold trade.