Stake of precious metals in UAE’s non-oil trade is 26.5 %

The Ministry of Foreign Trade affirms that UAE has sought to diversify its economy and not to rely on oil as the main source through the promotion of investments in the sectors of tourism, and different industrial and services sectors.

The ministry noted that the share of precious metals as a non-oil trade is 26.5% percent of the total foreign trade of the State in 2008 that valued AED 209 billion.

In its new exportation bulletin, the ministry stated that UAE has taken several steps to diversify its economy. Within the framework of UAE keenness to promote the trade of gold, diamonds and natural pearls, the State established Dubai Multi Commodities Centre and launched the pearl Stock exchange with a view to making the UAE a regional financial center for gold and jewelry in addition to specialized festivals, exhibitions, auctions and forums. The bulletin also stated that the total of UAE foreign trade of precious metals in 2008 was about AED 209 billion, an increase of 63.3% from 2007.

The preliminary data for foreign trade in the first half of 2009 highlighted that the value of exports of precious metals such as gold, diamonds and platinum, and natural or cultured pearls, precious or semi-precious stones and metals clad with precious metal was about AED 14.5 billion representing 61% of the total value of these commodities exported in 2008, while the value of re-export was AED 23.2 billion and imports about AED 42.4. Consequently, the foreign trade of these items during the first half of this year reached AED 80.1 billion.