They call it “the city of gold”. It is estimated that between 20 and 40 percent of the world’s gold stocks pass through Dubai every year. For more than a century, traders have frequented the souks of Dubai in search of spices, pearls and gold. This is how Dubai became famous as the city of gold. In the first nine months of 2020, 41 billion euros worth of gold was traded in the country, according to customs authorities. It is the second most profitable export category after oil. The city took advantage of its geographic location by setting up vaults, jewelry manufacturing facilities and refineries.

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